<p>市場對 <strong>Nvidia</strong> 的熱情已經持續了幾年。以至於本月，它再次成為全球市值最大的公司，淨資產超過 3.5 萬億美元。人工智能（AI）熱潮對該業務帶來了巨大的好處，股票在短短几年內上漲了超過 10 倍，因此對於那些沒有早早入場的投資者來説，可能會覺得自己錯過了機會。</p>
<p>那麼，如果投資者想要開設一個新頭寸以乘坐 AI 浪潮，現在該怎麼辦呢？一個在今年遭遇下跌的有前景的 AI 股票是 <strong>應用材料</strong>（AMAT -0.49%）。這家半導體設備製造商因對中國的銷售放緩而受到衝擊，但聰明的投資者會知道，這只是對一家擁有廣泛護城河的企業的暫時逆風。以下是現在是購買應用材料的低谷時機的原因。</p>
<h2>應用材料：製造機器的機器</h2>
<p>許多投資者現在已經知道，Nvidia——像許多其他公司一樣——設計的計算機芯片在現代生活中被廣泛使用。從數據中心到智能手機再到虛擬現實眼鏡，世界由半導體驅動。</p>
<p>製造先進的半導體需要大量的創新，而使它們逐漸變得更小、更強大則需要複雜且先進的機器。這正是應用材料發揮作用的地方。簡單來説，該公司生產半導體制造商用來包裝、刻蝕和成型芯片的設備和軟件。其技術使製造商能夠生產出性能更高、耗電更低、佔地面積更小的芯片——這些特性在半導體行業中備受推崇。</p>
<p>考慮到這些因素在製造芯片中的重要性，應用材料能夠對其機器及其附帶的服務合同收取高額費用。在過去四個報告季度中，它從全球客户那裏創造了 270 億美元的收入。</p>
<h2>自由現金流增長，流通股減少</h2>
<p>應用材料的財務表現長期以來一直非常出色。過去四個季度的自由現金流為 75 億美元，並且在 21 世紀的每個 12 個月期間都保持了現金流為正。儘管應用材料處於一個週期性行業，但由於其機器對製造商的重要性，它能夠持續產生正現金流。</p>
<p>隨着大量現金流入企業，該公司能夠回購大量股票。自 2003 年以來，它的流通股數量減少了超過 50%，這幫助其每股收益（EPS）和每股自由現金流增長。對於投資者來説，這兩個指標是長期創造股東價值的最重要指標。過去 10 年，每股自由現金流增長了近 800%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/796ce38bf48ab4e895a66fbbb724b849.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/796ce38bf48ab4e895a66fbbb724b849.png"/></p>
<p>ACHR 營業收入（TTM）數據來自 YCharts。</p>
<h2>為什麼你應該在應用材料股票下跌時買入</h2>
<p>由於在最新的財年季度中中國收入急劇下降，投資者拋售了應用材料的股票。在其截至 10 月 27 日的財年第四季度中，中國收入降至 21 億美元，而去年同期為 30 億美元。由於美國的出口限制威脅或已存在，中國的半導體制造商正在訂購大量機器。投資者將這些貿易限制視為對上個季度佔應用材料收入 30% 的一個主要逆風。</p>
<p>雖然這在短期內是一個擔憂，但無論在哪裏製造，世界都需要更多的計算機芯片。如果製造這些芯片的工具對在中國運營的公司來説變得不那麼可用，那麼它們的生產將會轉移到其他國家。但應用材料仍然會找到對其備受追捧的機器的需求。</p>
<p>在最近的拋售之後，應用材料的股票現在交易價格比歷史最高點低超過 33%。其股票的市盈率（P/E）為 20，基於分析師的估計，前瞻市盈率為 17.7，遠低於 <strong>S&amp;P 500</strong> 指數的平均市盈率 30。對於一家應該隨着蓬勃發展的半導體市場而增長的公司來説，這些收益比率似乎過於便宜。因此，在這個低谷時機買入一些應用材料的股票，並長期持有。</p>

應用材料

<p>這篇文章討論了在應用材料（Applied Materials，AMAT）這家半導體設備製造商中的潛在投資機會，因為英偉達（Nvidia）的股票大幅上漲。儘管最近來自中國的收入有所下降，但應用材料有望受益於持續增長的半導體需求。該公司展現出強勁的財務表現，擁有可觀的自由現金流和股票回購的歷史。目前，應用材料的股價比歷史最高點低超過 33%，對於希望利用人工智能和半導體熱潮的投資者來説，這是一個具有吸引力的買入機會</p>

<p>The market has been infatuated with <strong>Nvidia</strong> for a few years now. So much so that this month, it has once again become the largest company in the world by market capitalization, with a net worth of more than $3.5 trillion. The artificial intelligence (AI) boom has been a huge benefit to the business, and with the stock up more than 10x in just a few short years, it would be understandable for investors who didn't get in earlier to think they missed the boat.</p>
<div class="lb-trans"><p>市場對 <strong>Nvidia</strong> 的熱情已經持續了幾年。以至於本月，它再次成為全球市值最大的公司，淨資產超過 3.5 萬億美元。人工智能（AI）熱潮對該業務帶來了巨大的好處，股票在短短几年內上漲了超過 10 倍，因此對於那些沒有早早入場的投資者來説，可能會覺得自己錯過了機會。</p>
</div><p>So what's an investor to do now if they want to open a new position that will let them ride the AI wave? One promising AI stock that has taken a tumble this year is <strong>Applied Materials</strong>(AMAT -0.49%). The semiconductor equipment maker is getting hit due to a slowdown in sales to China, but smart investors will know that this is just a temporary headwind for a business with a wide moat. Here's why now is the time to buy the dip on Applied Materials.</p>
<div class="lb-trans"><p>那麼，如果投資者想要開設一個新頭寸以乘坐 AI 浪潮，現在該怎麼辦呢？一個在今年遭遇下跌的有前景的 AI 股票是 <strong>應用材料</strong>（AMAT -0.49%）。這家半導體設備製造商因對中國的銷售放緩而受到衝擊，但聰明的投資者會知道，這只是對一家擁有廣泛護城河的企業的暫時逆風。以下是現在是購買應用材料的低谷時機的原因。</p>
</div><h2>Applied Materials: The machines that make the machines</h2>
<div class="lb-trans"><h2>應用材料：製造機器的機器</h2>
</div><p>Many investors know by now that Nvidia -- like numerous other companies -- designs computer chips that are used extensively in modern life. From data centers to smartphones to virtual reality glasses, the world is powered by semiconductors.</p>
<div class="lb-trans"><p>許多投資者現在已經知道，Nvidia——像許多其他公司一樣——設計的計算機芯片在現代生活中被廣泛使用。從數據中心到智能手機再到虛擬現實眼鏡，世界由半導體驅動。</p>
</div><p>Building advanced semiconductors takes a lot of innovation, and making them progressively smaller and more powerful requires intricate and advanced machines. This is where Applied Materials steps in. Without getting into the nitty-gritty details, the company produces the equipment and software that semiconductor manufacturers use to package, etch, and form their chips. Its technology allows fabricators to produce chips with higher performance, lower electricity consumption, and a smaller surface area -- attributes prized in the semiconductor industry.</p>
<div class="lb-trans"><p>製造先進的半導體需要大量的創新，而使它們逐漸變得更小、更強大則需要複雜且先進的機器。這正是應用材料發揮作用的地方。簡單來説，該公司生產半導體制造商用來包裝、刻蝕和成型芯片的設備和軟件。其技術使製造商能夠生產出性能更高、耗電更低、佔地面積更小的芯片——這些特性在半導體行業中備受推崇。</p>
</div><p>Given how important these factors are in building chips, Applied Materials is able to charge a lot for its machines and the service contracts that come with them. Over the last four reported quarters, it has generated $27 billion in revenue from customers around the globe.</p>
<div class="lb-trans"><p>考慮到這些因素在製造芯片中的重要性，應用材料能夠對其機器及其附帶的服務合同收取高額費用。在過去四個報告季度中，它從全球客户那裏創造了 270 億美元的收入。</p>
</div><h2>Free cash flow growth, falling shares outstanding</h2>
<div class="lb-trans"><h2>自由現金流增長，流通股減少</h2>
</div><p>Applied Materials' financial performance has been phenomenal over the long term. Its free cash flow over the last four quarters was $7.5 billion, and it has been cash-flow positive over every 12-month period in the 21st century. Even though Applied Materials operates in a cyclical industry, it has been able to consistently generate positive cash flow due to how important its machines are to manufacturers.</p>
<div class="lb-trans"><p>應用材料的財務表現長期以來一直非常出色。過去四個季度的自由現金流為 75 億美元，並且在 21 世紀的每個 12 個月期間都保持了現金流為正。儘管應用材料處於一個週期性行業，但由於其機器對製造商的重要性，它能夠持續產生正現金流。</p>
</div><p>With all the cash coming into the business, the company has been able to repurchase a lot of stock. Since 2003, it has reduced its outstanding share count by more than 50%, which helped it grow its earnings per share (EPS) and free cash flow per share. For investors, these are two of the most important metrics to track as they are what create shareholder value over the long term. Free cash flow per share is up by almost 800% over the last 10 years.</p>
<div class="lb-trans"><p>隨着大量現金流入企業，該公司能夠回購大量股票。自 2003 年以來，它的流通股數量減少了超過 50%，這幫助其每股收益（EPS）和每股自由現金流增長。對於投資者來説，這兩個指標是長期創造股東價值的最重要指標。過去 10 年，每股自由現金流增長了近 800%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/796ce38bf48ab4e895a66fbbb724b849.png" alt="" original-src="https://media.ycharts.com/charts/796ce38bf48ab4e895a66fbbb724b849.png"/></p>
<p>ACHR Operating Income (TTM) data by YCharts.</p>
<div class="lb-trans"><p>ACHR 營業收入（TTM）數據來自 YCharts。</p>
</div><h2>Why you should buy the dip on Applied Materials stock</h2>
<div class="lb-trans"><h2>為什麼你應該在應用材料股票下跌時買入</h2>
</div><p>Investors have sold off Applied Materials stock due to its sharply declining China revenue in its latest fiscal quarter. During its fiscal Q4, which ended Oct. 27, its China revenue fell to $2.1 billion compared to $3 billion in the same period a year ago. Semiconductor manufacturers in China are ordering a lot of machines due to threatened or existing export restrictions from the United States. Investors see those trade restrictions as a major headwind for a segment that accounted for 30% of Applied Materials revenue last quarter.</p>
<div class="lb-trans"><p>由於在最新的財年季度中中國收入急劇下降，投資者拋售了應用材料的股票。在其截至 10 月 27 日的財年第四季度中，中國收入降至 21 億美元，而去年同期為 30 億美元。由於美國的出口限制威脅或已存在，中國的半導體制造商正在訂購大量機器。投資者將這些貿易限制視為對上個季度佔應用材料收入 30% 的一個主要逆風。</p>
</div><p>While this is a concern in the short term, the world will need more computer chips regardless of where they are manufactured. If the tools to make them are less available to companies operating in China, then their production will happen in other nations. But Applied Materials will still find demand for its highly sought-after machines.</p>
<div class="lb-trans"><p>雖然這在短期內是一個擔憂，但無論在哪裏製造，世界都需要更多的計算機芯片。如果製造這些芯片的工具對在中國運營的公司來説變得不那麼可用，那麼它們的生產將會轉移到其他國家。但應用材料仍然會找到對其備受追捧的機器的需求。</p>
</div><p>After the recent sell-off, Applied Materials is now trading more than 33% below its all-time high. Its stock trades at a trailing price-to-earnings ratio (P/E) of 20 and a forward P/E of 17.7, based on analyst estimates -- well below the <strong>S&amp;P 500</strong> index's average P/E of 30. For a company that should grow along with the booming semiconductor market, these earnings ratios seem far too cheap. So buy up some shares of Applied Materials stock on this dip, and hold onto them for the long haul.</p>
<div class="lb-trans"><p>在最近的拋售之後，應用材料的股票現在交易價格比歷史最高點低超過 33%。其股票的市盈率（P/E）為 20，基於分析師的估計，前瞻市盈率為 17.7，遠低於 <strong>S&amp;P 500</strong> 指數的平均市盈率 30。對於一家應該隨着蓬勃發展的半導體市場而增長的公司來説，這些收益比率似乎過於便宜。因此，在這個低谷時機買入一些應用材料的股票，並長期持有。</p>
</div>

Missed Out on Investing in Nvidia? Here's 1 Artificial Intelligence (AI) Chip Stock to Buy on the Dip

- Nvidia 近期成為全球市值最高公司，受益於人工智能熱潮。  
- Applied Materials 由於對中國銷售放緩而股價下跌，短期內面臨挑戰。  
- 該公司長期現金流表現優異，當前股價低於歷史高點，適合投資者買入。

錯過了投資 Nvidia？這裏有一隻可以在下跌時買入的人工智能（AI）芯片股票