<p>在我看來，推動人工智能（AI）發展的最關鍵基礎設施是半導體。從存儲到內存、量子計算、機器學習以及其他許多生成式 AI 應用，半導體代表了支撐更廣泛 AI 理論的骨幹。</p>
<p>如果你在過去幾年關注芯片製造商，那麼你會發現 <strong>Nvidia</strong>（NVDA 4.89%）已經成為 AI 領域最具影響力的公司並不奇怪。然而，儘管其股價在過去兩年中上漲了 752%，著名投資者軟銀的孫正義最近宣稱 Nvidia 的股票被低估了。</p>
<p>孫正義的邏輯是，生成式 AI 的總可尋址市場（TAM）預計在未來幾年將經歷強勁增長。這不僅是 Nvidia 的明顯利好，而且該公司在圖形處理單元（GPU）架構方面的行業領先地位使其在競爭中顯著脱穎而出；因此，Nvidia 實際上可能能夠獲得孫正義所預測的大部分增量市場份額。如果真是這樣，Nvidia 的股票看起來就是一個毫無疑問的選擇。</p>
<p>雖然孫正義可能是正確的，但我並不允許 Nvidia 的主導地位掩蓋芯片領域的其他機會。接下來，我將詳細説明為什麼我認為 <strong>Qualcomm</strong>（QCOM 0.13%）是投資 Nvidia 的替代選擇，並且我認為現在是一個更好的機會。</p>
<h2>Qualcomm 正在悄然崛起為 AI 明星</h2>
<p>儘管 Qualcomm 是一家半導體公司，但其基礎業務與 Nvidia 大相徑庭。Nvidia 專注於製造用於生成式 AI 開發的 GPU。相比之下，Qualcomm 的 Snapdragon 架構主要集中在為手機甚至物聯網（IoT）設備提供動力。</p>
<p>在公司的財年（截至 9 月 29 日），Qualcomm 的收入為 389 億美元，同比增長僅為 9%。雖然這個增長水平看起來並不令人振奮，但請記住，Qualcomm 在過去幾個季度一直處於轉型模式——通過削減成本和重新點燃其核心手機業務的增長來實現。</p>
<p>在我看來，Qualcomm 的努力開始見到成效。儘管在 2024 財年的上半年，收入僅增長了低個位數，但 Qualcomm 在下半年表現出令人印象深刻的反彈，第三季度銷售增長了 11%，第四季度增長了 19%。</p>
<p>更重要的是，Qualcomm 的淨收入和每股收益（EPS）在 2024 財年同比增長了 40%。我願意為這種盈利增長水平換取平淡的收入增長。而更好的消息是 Qualcomm 將如何分配這些新獲得的利潤。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwMjQvZ2V0dHlpbWFnZXMtMTEyNTg5NDQ3NS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwMjQvZ2V0dHlpbWFnZXMtMTEyNTg5NDQ3NS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>現在愛上 Qualcomm 股票的 15 億個理由</h2>
<p>作為其最近財報的一部分，Qualcomm 的管理層宣佈公司的董事會批准了一項 150 億美元的股票回購計劃。我喜歡這個想法，我認為這一舉措是利用公司多餘現金流的一種誘人方式，以回報股東。</p>
<h2>現在 Qualcomm 股票值得買嗎？</h2>
<p>在下面的圖表中，我將 Qualcomm 與其他半導體股票的同行進行基準比較，使用前瞻市盈率（P/E）倍數。我認為前瞻市盈率是一個有用的基準，因為它可以幫助指示公司前景相對於同行的看法。以僅 14.3 的前瞻市盈率來看，投資者似乎對 Qualcomm 的增長前景給予了相當大的折扣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5b1e112536045073c67a3dce0f34cd67.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5b1e112536045073c67a3dce0f34cd67.png"/></p>
<p>QCOM 市盈率（前瞻）數據來源於 YCharts</p>
<p>從基本面來看，圖表中所示的估值趨勢表明，Qualcomm 可能被視為更廣泛半導體股票市場中的一個被低估的機會。當你將新的 150 億美元股票回購計劃與這些趨勢結合起來時，我傾向於認為 Qualcomm 的管理層看到了這種動態，並相信該股票被低估。</p>
<p>雖然孫正義對 Nvidia 潛力的評估可能是準確的，但考慮到與同行相比的估值差異，我認為 Qualcomm 股票現在是一個更具吸引力的機會。在我看來，Qualcomm 的交易價格非常划算，我認為對於有長期投資視野的投資者來説，這隻股票是一個毫無疑問的選擇。</p>

高通

<p>軟銀的孫正義認為，鑑於生成性人工智能市場的預期增長，英偉達的股票被低估。然而，文章指出高通是一個更好的投資機會，強調其近期的扭虧為盈和盈利增長。高通的股票回購計劃和較低的未來市盈率表明，與同行相比，它可能被低估。作者總結認為，高通是一個引人注目的長期投資選擇</p>

<p>In my eyes, the most critical piece of infrastructure powering artificial intelligence (AI) is semiconductors. From storage to memory, quantum computing, machine learning, and a host of other generative AI applications, semiconductors represent the backbone supporting the broader AI thesis.</p>
<div class="lb-trans"><p>在我看來，推動人工智能（AI）發展的最關鍵基礎設施是半導體。從存儲到內存、量子計算、機器學習以及其他許多生成式 AI 應用，半導體代表了支撐更廣泛 AI 理論的骨幹。</p>
</div><p>If you've been following chipmakers over the last couple of years, then you will find it no surprise that <strong>Nvidia</strong>(NVDA 4.89%) has emerged as the most influential company in the AI realm. And yet despite its shares gaining 752% in just the last two years, famed investor Masayoshi Son of SoftBank recently proclaimed that Nvidia stock is undervalued.</p>
<div class="lb-trans"><p>如果你在過去幾年關注芯片製造商，那麼你會發現 <strong>Nvidia</strong>（NVDA 4.89%）已經成為 AI 領域最具影響力的公司並不奇怪。然而，儘管其股價在過去兩年中上漲了 752%，著名投資者軟銀的孫正義最近宣稱 Nvidia 的股票被低估了。</p>
</div><p>Son's logic was that the total addressable market (TAM) for generative AI is expected to witness robust growth over the next several years. Not only is this an obvious tailwind for Nvidia, but the company's industry-leading roster of graphics processing units (GPU) architecture separates it from the competition in a considerable way; therefore, Nvidia may actually be able to acquire the majority of incremental market share that Son is projecting. Should this be the case, Nvidia stock looks like a no-brainer.</p>
<div class="lb-trans"><p>孫正義的邏輯是，生成式 AI 的總可尋址市場（TAM）預計在未來幾年將經歷強勁增長。這不僅是 Nvidia 的明顯利好，而且該公司在圖形處理單元（GPU）架構方面的行業領先地位使其在競爭中顯著脱穎而出；因此，Nvidia 實際上可能能夠獲得孫正義所預測的大部分增量市場份額。如果真是這樣，Nvidia 的股票看起來就是一個毫無疑問的選擇。</p>
</div><p>While Son could be correct, I'm not allowing Nvidia's dominance to overshadow other opportunities in the chip space. Below, I'm going to detail why I see <strong>Qualcomm</strong>(QCOM 0.13%) as an alternative to investing in Nvidia, and one that I think is a better opportunity right now.</p>
<div class="lb-trans"><p>雖然孫正義可能是正確的，但我並不允許 Nvidia 的主導地位掩蓋芯片領域的其他機會。接下來，我將詳細説明為什麼我認為 <strong>Qualcomm</strong>（QCOM 0.13%）是投資 Nvidia 的替代選擇，並且我認為現在是一個更好的機會。</p>
</div><h2>Qualcomm is quietly emerging as an AI star</h2>
<div class="lb-trans"><h2>Qualcomm 正在悄然崛起為 AI 明星</h2>
</div><p>Although Qualcomm is a semiconductor company, its underlying business is quite different to that of Nvidia. Nvidia specializes in making GPUs that are used for generative AI development. By contrast, Qualcomm's Snapdragon architecture is primarily focused on powering mobile phones or even Internet of Things (IoT) devices.</p>
<div class="lb-trans"><p>儘管 Qualcomm 是一家半導體公司，但其基礎業務與 Nvidia 大相徑庭。Nvidia 專注於製造用於生成式 AI 開發的 GPU。相比之下，Qualcomm 的 Snapdragon 架構主要集中在為手機甚至物聯網（IoT）設備提供動力。</p>
</div><p>For the company's fiscal year (ended Sept. 29), Qualcomm generated $38.9 billion in revenue -- up just 9% year over year. While this level of growth might seem uninspiring, keep in mind that Qualcomm has spent the last several quarters in turnaround mode -- underscored by cost-cutting efforts and reigniting growth in its core handsets (phone) business.</p>
<div class="lb-trans"><p>在公司的財年（截至 9 月 29 日），Qualcomm 的收入為 389 億美元，同比增長僅為 9%。雖然這個增長水平看起來並不令人振奮，但請記住，Qualcomm 在過去幾個季度一直處於轉型模式——通過削減成本和重新點燃其核心手機業務的增長來實現。</p>
</div><p>In my eyes, Qualcomm's efforts are starting to bear fruit. While revenue only grew in the low single digits during the first half of fiscal 2024, Qualcomm demonstrated an impressive turnaround in the second half as sales rose by 11% during the third quarter and by 19% in the fourth quarter.</p>
<div class="lb-trans"><p>在我看來，Qualcomm 的努力開始見到成效。儘管在 2024 財年的上半年，收入僅增長了低個位數，但 Qualcomm 在下半年表現出令人印象深刻的反彈，第三季度銷售增長了 11%，第四季度增長了 19%。</p>
</div><p>On top of that, Qualcomm's net income and earnings per share (EPS) both increased by 40% year over year in fiscal 2024. I'll take mundane revenue growth in exchange for this level of profitability growth any day. And what's even better is <em>how</em> Qualcomm will be allocating some of this newfound profit.</p>
<div class="lb-trans"><p>更重要的是，Qualcomm 的淨收入和每股收益（EPS）在 2024 財年同比增長了 40%。我願意為這種盈利增長水平換取平淡的收入增長。而更好的消息是 Qualcomm 將如何分配這些新獲得的利潤。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwMjQvZ2V0dHlpbWFnZXMtMTEyNTg5NDQ3NS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798024%2Fgettyimages-1125894475.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>15 billion reasons to love Qualcomm stock right now</h2>
<div class="lb-trans"><h2>現在愛上 Qualcomm 股票的 15 億個理由</h2>
</div><p>As part of its recent earnings report, Qualcomm's management announced that the company's board of directors approved a $15 billion stock buyback program. I like this idea, and I find this move as an enticing way to deploy some of the company's excess cash flow in a way that rewards shareholders.</p>
<div class="lb-trans"><p>作為其最近財報的一部分，Qualcomm 的管理層宣佈公司的董事會批准了一項 150 億美元的股票回購計劃。我喜歡這個想法，我認為這一舉措是利用公司多餘現金流的一種誘人方式，以回報股東。</p>
</div><h2>Is Qualcomm stock a buy right now?</h2>
<div class="lb-trans"><h2>現在 Qualcomm 股票值得買嗎？</h2>
</div><p>In the chart below, I've benchmarked Qualcomm against a peer set of other semiconductor stocks using the forward price-to-earnings (P/E) multiple. I see the forward P/E as a useful benchmark because it can help indicate how a company's outlook is perceived relative to its peers. With a forward P/E of just 14.3, investors appear to be placing a considerable discount on Qualcomm's growth prospects when compared to many of its cohorts.</p>
<div class="lb-trans"><p>在下面的圖表中，我將 Qualcomm 與其他半導體股票的同行進行基準比較，使用前瞻市盈率（P/E）倍數。我認為前瞻市盈率是一個有用的基準，因為它可以幫助指示公司前景相對於同行的看法。以僅 14.3 的前瞻市盈率來看，投資者似乎對 Qualcomm 的增長前景給予了相當大的折扣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5b1e112536045073c67a3dce0f34cd67.png" alt="" original-src="https://media.ycharts.com/charts/5b1e112536045073c67a3dce0f34cd67.png"/></p>
<p>QCOM PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>QCOM 市盈率（前瞻）數據來源於 YCharts</p>
</div><p>Fundamentally speaking, the valuation trends illustrated in the chart would suggest that Qualcomm could be seen as an undervalued opportunity among the broader semiconductor stock landscape. When you combine the new $15 billion share repurchase program on top of these trends, I tend to think that Qualcomm's management sees this dynamic and believes the stock is undervalued.</p>
<div class="lb-trans"><p>從基本面來看，圖表中所示的估值趨勢表明，Qualcomm 可能被視為更廣泛半導體股票市場中的一個被低估的機會。當你將新的 150 億美元股票回購計劃與這些趨勢結合起來時，我傾向於認為 Qualcomm 的管理層看到了這種動態，並相信該股票被低估。</p>
</div><p>While Son's assessment of Nvidia's potential could be accurate, I see Qualcomm stock as a more compelling opportunity right now given its valuation disparity compared to peers. To me, Qualcomm is trading at a bargain and I think the stock is a no-brainer right now for investors with a long-term time horizon.</p>
<div class="lb-trans"><p>雖然孫正義對 Nvidia 潛力的評估可能是準確的，但考慮到與同行相比的估值差異，我認為 Qualcomm 股票現在是一個更具吸引力的機會。在我看來，Qualcomm 的交易價格非常划算，我認為對於有長期投資視野的投資者來説，這隻股票是一個毫無疑問的選擇。</p>
</div>

SoftBank's Masayoshi Son Says Nvidia Stock Is Undervalued. Here's Another Artificial Intelligence (AI) Stock I Think Is a Better Bargain.

- 半導體是推動人工智能的關鍵基礎設施，Nvidia 在該領域佔據主導地位。  
- Qualcomm 在轉型中實現了收入和盈利的顯著增長，且股東回購計劃增強了吸引力。  
- 相較於同行，Qualcomm 的估值被低估，適合長期投資者。  

軟銀的孫正義表示英偉達的股票被低估了。這裏有另一隻我認為更具投資價值的人工智能（AI）股票