<p>作者：Britney Nguyen</p>
<p>一位分析师建议投资者利用持续低迷带来的 “增强” 买入机会</p>
<p>在首席执行官黄仁勋的领导下，英伟达的股票在今年迄今为止落后于更广泛的芯片行业。</p>
<p>根据美国银行的说法，投资者对英伟达的评价过于苛刻，错过了其股票的 “增强” 买入机会。</p>
<p>尽管在人工智能芯片市场占据主导地位，但英伟达（NVDA）的股票在截至周一的这一年中仅上涨了约 3%，而费城半导体指数 SOX 在此期间上涨了超过 80%，美国银行分析师 Vivek Arya 在周二指出。</p>
<p>他承认投资者有各种担忧，尽管他认为市场反应过于严厉。</p>
<p>Arya 表示，内存组件成本上升让投资者担心英伟达的毛利率，但他认为他们对高带宽内存带来的成本压力夸大了，同时没有给予英伟达足够的定价能力、规模和 1190 亿美元的供应链承诺的认可。</p>
<p>根据 Arya 的说法，英伟达可以通过其下一代 Rubin 平台的价格远高于当前 Blackwell 产品的价格，来弥补每个机架上 HBM 芯片成本的增加。他预计英伟达将能够保持中期 70% 的毛利率。</p>
<p>投资者还担心英伟达在与定制芯片项目（如谷歌与博通共同设计的张量处理单元）之间的竞争力。</p>
<p>但 Arya 指出，谷歌的 TPU 已经存在超过十年，在此期间，英伟达的图形处理单元收入增长了 700 倍。Arya 表示，他预计英伟达将在长期内能够维持 65% 到 70% 的超大规模 AI 基础设施支出市场份额。</p>
<p>与此同时，英伟达的交易价格低于微软（MSFT）和苹果（AAPL）等同行，尽管面临类似的 AI 机会和内存成本压力，Arya 表示。</p>
<p>根据道琼斯市场数据，英伟达未来 12 个月的市盈率为 18.69，几乎是其 10 年平均值 36.90 的一半。该倍数也接近 11 年来的低点。</p>
<p>Arya 预计，英伟达在 8 月份的财报将向投资者展示该公司在产品、定价和供应链方面仍然拥有 “护城河”。</p>
<p>英伟达的股票在周三下午上涨了约 3.7%。</p>
<p>-Britney Nguyen</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>07-08-26 1537ET</p>

英伟达

2 倍做空 NVDA ETF - T-Rex

2 倍做多 NVDA ETF - T-Rex

<p>美国银行分析师 Vivek Arya 建议投资者将英伟达最近的表现不佳视为一个 “增强” 的买入机会。尽管英伟达在整体半导体行业中表现落后，但在人工智能芯片领域仍然保持主导地位。Arya 认为，关于内存成本和竞争的担忧被夸大了，并指出英伟达拥有强大的定价能力和供应链优势。他预计毛利率将保持高位，市场份额稳定，并指出英伟达的估值相较于微软和苹果等同行有显著折扣</p>

<p>By Britney Nguyen</p>
<div class="lb-trans"><p>作者：Britney Nguyen</p>
</div><p>An analyst recommends investors take advantage of the 'enhanced' buying opportunity brought upon by sustained underperformance</p>
<div class="lb-trans"><p>一位分析师建议投资者利用持续低迷带来的 “增强” 买入机会</p>
</div><p>Nvidia, led by CEO Jensen Huang, has seen its stock lag behind the broader chip sector so far this year.</p>
<div class="lb-trans"><p>在首席执行官黄仁勋的领导下，英伟达的股票在今年迄今为止落后于更广泛的芯片行业。</p>
</div><p>Investors are being too hard on Nvidia and passing up an &#34;enhanced&#34; buying opportunity for its stock, according to Bank of America.</p>
<div class="lb-trans"><p>根据美国银行的说法，投资者对英伟达的评价过于苛刻，错过了其股票的 “增强” 买入机会。</p>
</div><p>Despite dominating the market for artificial-intelligence chips, Nvidia (NVDA) saw its stock rise only about 3% in the year through Monday, while the PHLX Semiconductor Index SOX jumped more than 80% in that time, Bank of America analyst Vivek Arya noted on Tuesday.</p>
<div class="lb-trans"><p>尽管在人工智能芯片市场占据主导地位，但英伟达（NVDA）的股票在截至周一的这一年中仅上涨了约 3%，而费城半导体指数 SOX 在此期间上涨了超过 80%，美国银行分析师 Vivek Arya 在周二指出。</p>
</div><p>He acknowledged various areas of investor concern, although he thinks the market reaction has been overly harsh.</p>
<div class="lb-trans"><p>他承认投资者有各种担忧，尽管他认为市场反应过于严厉。</p>
</div><p>The rising cost of memory components has investors worried about Nvidia's gross margins, Arya said, but he thinks they are exaggerating the cost pressure stemming from high-bandwidth memory, while not giving enough credit to Nvidia for its pricing power, size and $119 billion worth of supply-chain commitments.</p>
<div class="lb-trans"><p>Arya 表示，内存组件成本上升让投资者担心英伟达的毛利率，但他认为他们对高带宽内存带来的成本压力夸大了，同时没有给予英伟达足够的定价能力、规模和 1190 亿美元的供应链承诺的认可。</p>
</div><p>Nvidia could more than make up for the increased cost of HBM chips per rack, because the price of its next-generation Rubin platform could be vastly higher than the price of its current Blackwell offering, according to Arya. He expects Nvidia will be able to keep its gross margin in the mid-70% range.</p>
<div class="lb-trans"><p>根据 Arya 的说法，英伟达可以通过其下一代 Rubin 平台的价格远高于当前 Blackwell 产品的价格，来弥补每个机架上 HBM 芯片成本的增加。他预计英伟达将能够保持中期 70% 的毛利率。</p>
</div><p>Investors have also worried about Nvidia's competitiveness versus custom chip programs, such as the tensor processing units that Google co-designs with Broadcom (AVGO).</p>
<div class="lb-trans"><p>投资者还担心英伟达在与定制芯片项目（如谷歌与博通共同设计的张量处理单元）之间的竞争力。</p>
</div><p>But Arya noted that Google's TPUs have been around for more than a decade, during which time Nvidia's revenue from its graphics processing units has risen 700 times. Arya said he expects Nvidia will be able to maintain between 65% and 70% share of the market for hyperscaler spending on AI infrastructure in the long term.</p>
<div class="lb-trans"><p>但 Arya 指出，谷歌的 TPU 已经存在超过十年，在此期间，英伟达的图形处理单元收入增长了 700 倍。Arya 表示，他预计英伟达将在长期内能够维持 65% 到 70% 的超大规模 AI 基础设施支出市场份额。</p>
</div><p>Meanwhile, Nvidia is trading at a discount to peers such as Microsoft (MSFT) and Apple (AAPL), &#34;despite similar AI opportunities and memory-cost pressures,&#34; Arya said.</p>
<div class="lb-trans"><p>与此同时，英伟达的交易价格低于微软（MSFT）和苹果（AAPL）等同行，尽管面临类似的 AI 机会和内存成本压力，Arya 表示。</p>
</div><p>Nvidia's price-to-earnings ratio on a next-12-months basis is 18.69 - almost half its 10-year average of 36.90, according to Dow Jones Market Data. That multiple is also hovering near an 11-year low.</p>
<div class="lb-trans"><p>根据道琼斯市场数据，英伟达未来 12 个月的市盈率为 18.69，几乎是其 10 年平均值 36.90 的一半。该倍数也接近 11 年来的低点。</p>
</div><p>Arya expects that Nvidia's earnings report in August will show investors that the company still has &#34;its moats in products, pricing and supply chain,&#34; he said.</p>
<div class="lb-trans"><p>Arya 预计，英伟达在 8 月份的财报将向投资者展示该公司在产品、定价和供应链方面仍然拥有 “护城河”。</p>
</div><p>Nvidia's stock was up about 3.7% on Wednesday afternoon.</p>
<div class="lb-trans"><p>英伟达的股票在周三下午上涨了约 3.7%。</p>
</div><p>-Britney Nguyen</p>
<div class="lb-trans"><p>-Britney Nguyen</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>07-08-26 1537ET</p>
<div class="lb-trans"><p>07-08-26 1537ET</p>
</div>

Nvidia's stock trades at a juicy discount, according to BofA

- 分析师建议投资者利用 Nvidia 当前的 “增强” 买入机会。  
- 尽管 Nvidia 在人工智能芯片市场占主导地位，其股价仅上涨 3%。  
- Nvidia 的市盈率大幅低于历史平均水平，股票交易处于折扣状态。

Dow Jones

ProShares Ultra NVDA

2 倍做多英伟达 ETF - GraniteShares

2 倍做空 NVDA ETF - GraniteShares

1.5 倍做空英伟达 ETF - Tradr

2 倍做多英伟达 ETF - Leverage Shares

南方两倍做空英伟达

南方两倍做多英伟达

1 倍做空英伟达 ETF - Direxion

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

2 倍做多英伟达 ETF - Direxion

NVDA 周配息 ETF - Roundhill

英伟达期权收益策略 ETF - YieldMax

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

NVDA 期权收益策略 ETF - YieldMax

XI二南英伟-U

2 倍做多 MAG7 指数 ETF - Roundhill

半导体 ETF - VanEck Vectors

费城交易所 半导体 ETF - iShares

半导体 3 倍做多 - Direxion

Invesco PHLX Semiconductor ETF

标普半导体 ETF - SPDR

动态半导体 ETF - Invesco

纳斯达克半导体 ETF - First Trust

美国银行

谷歌-A

谷歌-C

博通

微软

苹果

新闻集团-A

新闻集团-B

NVIDIA Corporation

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

News Corporation Shs B Chess Depository Interests repr 1 Sh

News Corporation Shs A Chess Depository Interests repr 1 Sh

根据美国银行的说法，英伟达的股票目前以颇具吸引力的折扣价进行交易