<p>大約 30 年前，互聯網的出現改變了全球企業的增長軌跡。儘管互聯網作為一項技術成熟並且企業完全理解如何利用其潛力花費了幾年時間，但它對長期增長趨勢產生了顯著的積極影響。</p>
<p>自 1990 年代中期以來，華爾街一直在耐心等待美國企業的下一個飛躍。在過去兩年中，人工智能（AI）似乎回應了這一呼喚。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktZmFjZS1jbG91ZC1jb25uZWN0aW9uLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktZmFjZS1jbG91ZC1jb25uZWN0aW9uLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>人工智能驅動的軟件和系統能夠在分配的任務上變得更加高效，並且在沒有人類干預的情況下學習新的技能。這種隨着時間推移而學習和發展的能力賦予了這項技術在全球大多數行業中看似無限的潛力和實用性。</p>
<p>儘管人工智能生態系統龐大，這應該允許眾多企業蓬勃發展，但沒有哪家公司比前沿半導體股票 <strong>Nvidia</strong>（NVDA -3.22%）更直接受益於人工智能的崛起。自 2023 年開始，Nvidia 的市場價值從 3600 億美元飆升至超過 3.6 萬億美元，使其成為截至目前最大的上市公司。</p>
<h2>Nvidia 的運營擴張幾乎是教科書式的</h2>
<p>不到兩年前，當 Nvidia 揭開 2023 財年的面紗（Nvidia 的財年在 1 月底結束）時，該公司報告全年銷售額為 270 億美元。在當前的財年（2025 年），其全年收入接近 1290 億美元，華爾街預計明年的銷售額將接近 1920 億美元。</p>
<p>這種超凡的增長是由於 Nvidia 的人工智能圖形處理單元（GPU）成為運行高計算數據中心的企業的首選。TechInsights 的分析師估計，Nvidia 在數據中心 GPU 出貨量中的市場份額在 2022 年和 2023 年達到了 98%。根據該公司兩年的銷售增長，合理的假設是 Nvidia 的 H100 GPU（通常稱為 “Hopper”）及其後續的 Blackwell GPU 架構在尋找買家時沒有遇到任何問題。</p>
<p>Nvidia 還能夠利用供需法則。由於 Hopper 和下一代 Blackwell 芯片的訂單積壓，它能夠顯著提高其硬件的價格。Hopper 的價格大約在 3 萬美元到 4 萬美元之間，代表了 <strong>Advanced Micro Devices</strong>（AMD 0.63%）的 MI300X 芯片在人工智能加速數據中心中所獲得價格的 100% 到 300% 的溢價。</p>
<p>Nvidia 的 CUDA 軟件平台也應獲得讚譽，因為它的運營擴張幾乎是教科書式的。CUDA 是開發者用來最大化 Nvidia GPU 潛力的工具包，包括構建大型語言模型。這個平台幫助保持了客户對 Nvidia 產品和服務的忠誠。</p>
<p>儘管一切看起來對 Nvidia 來説都很完美，正如其股票表現所暗示的那樣，但公司最近發佈的第三季度運營結果（截至 10 月 27 日的季度）中的一個指標卻講述了不同的故事。</p>
<h2>這個孤立的指標強烈暗示 Nvidia 股票已經達到頂峯</h2>
<p>正如預期的那樣，Nvidia 的頭條數字看起來與宣傳的一樣好。季度銷售額同比增長 94%，達到 350.8 億美元，而淨收入激增 109%，達到 193 億美元。這兩個數字都遠超華爾街的共識預測。</p>
<p>但有一個異常重要的數字顯示出疲軟的跡象，這預示着 Nvidia 股票可能已經達到頂峯。</p>
<p>當 Nvidia 在 5 月揭開其第一季度運營結果時，報告了 78.4% 的驚人毛利率。公司在毛利率上享有的顯著增長是由於人工智能 GPU 的稀缺性及其前述的卓越定價能力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e8ae2cefbb4921d6927575b9b76166e9.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/e8ae2cefbb4921d6927575b9b76166e9.png"/></p>
<p>NVDA 毛利率（季度）數據來自 YCharts。上述圖表尚未反映 Nvidia 財務第三季度的毛利率為 74.6%。</p>
<p>然而，潮流正在轉變。在 2025 年第一季度交出 78.4% 的毛利率後，Nvidia 在 2025 年第二季度報告的毛利率為 75.1%，在最新季度為 74.6%。對於財務第四季度，預計毛利率在 73% 到 73.5% 之間，波動幅度為 50 個基點。</p>
<p>儘管 Nvidia 的毛利率現在顯著高於人工智能革命形成之前的水平，但我們所見的這種穩定下降證明了人工智能 GPU 的稀缺性正在減弱，競爭正在加劇。</p>
<p>華爾街大多數人關注的是 Nvidia 將面臨的外部競爭。AMD 一直在穩步增加其 MI300X 人工智能 GPU 的生產，並最近推出了其下一代 MI325X 芯片，計劃在年底前投入生產。AMD 是一家知名品牌，擁有豐富的歷史，其人工智能 GPU 的價格遠低於 Nvidia 的 Hopper 和 Blackwell 芯片。希望獲得先發優勢的企業可能會被迫跳過等待 Nvidia 硬件的漫長過程，選擇 AMD。</p>
<p>但對 Nvidia 來説，更大的問題可能是來自內部的競爭。許多公司的主要客户按淨銷售額排名，都是 “七大傑出企業” 的成員，他們都在內部開發人工智能 GPU 以部署在其數據中心。即使這些芯片在計算能力上不及 Nvidia 的硬件，它們仍然明顯更便宜且更易於獲取。</p>
<p>任何減少人工智能 GPU 稀缺性的因素都將對 Nvidia 的定價能力和毛利率產生不利影響。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvc3RvY2stbWFya2V0LWNyYXNoLXBsdW5nZS1jaXJjbGUtYm90dG9tLWludmVzdC1kb3ctc3A1MDAtbmFzZGFxLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvc3RvY2stbWFya2V0LWNyYXNoLXBsdW5nZS1jaXJjbGUtYm90dG9tLWludmVzdC1kb3ctc3A1MDAtbmFzZGFxLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>歷史也想説幾句話。</h2>
<p>根據我們從英偉達的毛利率趨勢來看，其股價可能已經見頂。但歷史也有話要説。</p>
<p>儘管互聯網在三十年前改變了商業世界，但技術的成熟和企業正確利用它以產生投資回報仍需要時間。在過去的三十年中，包括互聯網在內的每一個下一個重大創新，都經歷了早期泡沫破裂的事件。</p>
<p>這告訴我們，投資者一貫高估了新技術被消費者和/或企業廣泛採用的速度。這也表明，投資者對尖端技術的實用性過於樂觀。儘管人工智能可能完全是華爾街所期待的遊戲規則改變者，但企業需要時間來弄清楚如何最好地利用人工智能。這就是導致高期望最終落空的原因。</p>
<p>投資者正在眼睜睜地看到這一動態的發生。即使一些華爾街最知名的公司在人工智能數據中心進行了大量投資，但這些企業大多數缺乏明確的計劃來在短期內產生積極的投資回報。人工智能的實用性目前並不被充分理解——對於一家毛利率明顯下降的公司來説，這是一件令人擔憂的事情。</p>

英偉達

<p>英偉達的股票因人工智能的崛起而顯著增長，其市值從 10 億美元增加到 2023 年的超過 1.6 萬億美元。該公司報告季度銷售額增長了 94%，淨收入增長了 109%。然而，一個令人擔憂的趨勢正在出現，因為英偉達的毛利率從第一季度的 78.4% 下降到第三季度的 74.6%，這表明隨着 AMD 競爭的加劇，未來可能面臨挑戰。分析師建議，這可能意味着英偉達的股票已經達到頂峯</p>

<p>Roughly 30 years ago, the advent of the internet changed the growth trajectory for businesses across the globe. Although it took a few years for the internet to mature as a technology and for businesses to fully understand how to harness its potential, it's had a notably positive impact on long-term growth trends.</p>
<div class="lb-trans"><p>大約 30 年前，互聯網的出現改變了全球企業的增長軌跡。儘管互聯網作為一項技術成熟並且企業完全理解如何利用其潛力花費了幾年時間，但它對長期增長趨勢產生了顯著的積極影響。</p>
</div><p>Since the mid-1990s, Wall Street has been waiting patiently for the next leap forward for corporate America. Over the last two years, artificial intelligence (AI) appears to have answered the call.</p>
<div class="lb-trans"><p>自 1990 年代中期以來，華爾街一直在耐心等待美國企業的下一個飛躍。在過去兩年中，人工智能（AI）似乎回應了這一呼喚。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktZmFjZS1jbG91ZC1jb25uZWN0aW9uLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798706%2Fartificial-intelligence-ai-face-cloud-connection-getty.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><p>AI-driven software and systems have the ability to become more proficient at their assigned tasks, as well as learn new skill sets without human intervention. This capacity to learn and evolve over time is what gives this technology seemingly limitless potential and utility in most industries around the globe.</p>
<div class="lb-trans"><p>人工智能驅動的軟件和系統能夠在分配的任務上變得更加高效，並且在沒有人類干預的情況下學習新的技能。這種隨着時間推移而學習和發展的能力賦予了這項技術在全球大多數行業中看似無限的潛力和實用性。</p>
</div><p>While the AI ecosystem is vast, which should allow numerous businesses to thrive, no company been a more direct beneficiary of the rise of AI than cutting-edge semiconductor stock <strong>Nvidia</strong>(NVDA -3.22%). Since 2023 began, Nvidia's market value skyrocketed from $360 billion to north of $3.6 trillion, which makes it the largest publicly traded company, as of this writing.</p>
<div class="lb-trans"><p>儘管人工智能生態系統龐大，這應該允許眾多企業蓬勃發展，但沒有哪家公司比前沿半導體股票 <strong>Nvidia</strong>（NVDA -3.22%）更直接受益於人工智能的崛起。自 2023 年開始，Nvidia 的市場價值從 3600 億美元飆升至超過 3.6 萬億美元，使其成為截至目前最大的上市公司。</p>
</div><h2>Nvidia's operating expansion has been virtually textbook</h2>
<div class="lb-trans"><h2>Nvidia 的運營擴張幾乎是教科書式的</h2>
</div><p>Less than two years ago, when Nvidia lifted the hood on fiscal 2023 (Nvidia's fiscal year ends in late January), the company reported $27 billion in full-year sales. In the current fiscal year (2025), it's pacing closer to $129 billion in full-year revenue, with Wall Street calling for almost $192 billion in sales next year.</p>
<div class="lb-trans"><p>不到兩年前，當 Nvidia 揭開 2023 財年的面紗（Nvidia 的財年在 1 月底結束）時，該公司報告全年銷售額為 270 億美元。在當前的財年（2025 年），其全年收入接近 1290 億美元，華爾街預計明年的銷售額將接近 1920 億美元。</p>
</div><p>This otherworldly growth is a function Nvidia's AI-graphics processing units (GPUs) being the preferred choice for businesses running high-compute data centers. The analysts at TechInsights pegged Nvidia's share of GPU shipments to data centers at 98% in 2022 and 2023. Based on the company's two-year sales ramp, it'd be a fair assumption that Nvidia's H100 GPU (commonly known as the &#34;Hopper&#34;) and successor Blackwell GPU architecture aren't having any issues finding buyers.</p>
<div class="lb-trans"><p>這種超凡的增長是由於 Nvidia 的人工智能圖形處理單元（GPU）成為運行高計算數據中心的企業的首選。TechInsights 的分析師估計，Nvidia 在數據中心 GPU 出貨量中的市場份額在 2022 年和 2023 年達到了 98%。根據該公司兩年的銷售增長，合理的假設是 Nvidia 的 H100 GPU（通常稱為 “Hopper”）及其後續的 Blackwell GPU 架構在尋找買家時沒有遇到任何問題。</p>
</div><p>Nvidia has also been able to take advantage of the law of supply and demand. With orders for the Hopper and next-generation Blackwell chip backlogged, it's been able to meaningfully increase the price for its hardware. The roughly $30,000 to $40,000 price tag for the Hopper represents a 100% to 300% premium to what <strong>Advanced Micro Devices</strong>(AMD 0.63%) is netting for its MI300X chips for AI-accelerated data centers.</p>
<div class="lb-trans"><p>Nvidia 還能夠利用供需法則。由於 Hopper 和下一代 Blackwell 芯片的訂單積壓，它能夠顯著提高其硬件的價格。Hopper 的價格大約在 3 萬美元到 4 萬美元之間，代表了 <strong>Advanced Micro Devices</strong>（AMD 0.63%）的 MI300X 芯片在人工智能加速數據中心中所獲得價格的 100% 到 300% 的溢價。</p>
</div><p>Credit also needs to be given to Nvidia's CUDA software platform for its virtually textbook operating expansion. CUDA is the toolkit developers use to maximize the potential of their Nvidia GPUs, including building large language models. This platform has helped keep clients loyal to Nvidia's umbrella of products and services.</p>
<div class="lb-trans"><p>Nvidia 的 CUDA 軟件平台也應獲得讚譽，因為它的運營擴張幾乎是教科書式的。CUDA 是開發者用來最大化 Nvidia GPU 潛力的工具包，包括構建大型語言模型。這個平台幫助保持了客户對 Nvidia 產品和服務的忠誠。</p>
</div><p>Although everything seems to be going perfect for Nvidia, as its stock performance would suggest, one metric in the company's recently released third-quarter operating results (for the quarter ended Oct. 27) tells a different story.</p>
<div class="lb-trans"><p>儘管一切看起來對 Nvidia 來説都很完美，正如其股票表現所暗示的那樣，但公司最近發佈的第三季度運營結果（截至 10 月 27 日的季度）中的一個指標卻講述了不同的故事。</p>
</div><h2>This lone metric strongly suggests Nvidia stock has hit its peak</h2>
<div class="lb-trans"><h2>這個孤立的指標強烈暗示 Nvidia 股票已經達到頂峯</h2>
</div><p>As expected, Nvidia's headline figures look as good as advertised. Quarterly sales jumped 94% from the year-ago quarter to $35.08 billion, while net income surged 109% to $19.3 billion. Both were well ahead of Wall Street's consensus forecast.</p>
<div class="lb-trans"><p>正如預期的那樣，Nvidia 的頭條數字看起來與宣傳的一樣好。季度銷售額同比增長 94%，達到 350.8 億美元，而淨收入激增 109%，達到 193 億美元。這兩個數字都遠超華爾街的共識預測。</p>
</div><p>But there is one exceptionally important figure that's showing signs of weakness, and it foreshadows the very real possibility of the top being in for Nvidia stock.</p>
<div class="lb-trans"><p>但有一個異常重要的數字顯示出疲軟的跡象，這預示着 Nvidia 股票可能已經達到頂峯。</p>
</div><p>When Nvidia lifted the hood on its first-quarter operating results in May, it reported a scorching-hot gross margin of 78.4%. The dramatic increase the company has enjoyed in its gross margin is a function of AI-GPU scarcity and its aforementioned exceptional pricing power.</p>
<div class="lb-trans"><p>當 Nvidia 在 5 月揭開其第一季度運營結果時，報告了 78.4% 的驚人毛利率。公司在毛利率上享有的顯著增長是由於人工智能 GPU 的稀缺性及其前述的卓越定價能力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e8ae2cefbb4921d6927575b9b76166e9.png" alt="" original-src="https://media.ycharts.com/charts/e8ae2cefbb4921d6927575b9b76166e9.png"/></p>
<p>NVDA Gross Profit Margin (Quarterly) data by YCharts. The above chart isn't yet reflective of Nvidia's fiscal third-quarter gross margin of 74.6%.</p>
<div class="lb-trans"><p>NVDA 毛利率（季度）數據來自 YCharts。上述圖表尚未反映 Nvidia 財務第三季度的毛利率為 74.6%。</p>
</div><p>However, the tide is turning. After delivering a 78.4% gross margin in Q1 2025, Nvidia reported a gross margin of 75.1% in Q2 2025 and 74.6% in the latest quarter. For the fiscal fourth quarter, it's forecasting a gross margin of 73% to 73.5%, +/- 50 basis points.</p>
<div class="lb-trans"><p>然而，潮流正在轉變。在 2025 年第一季度交出 78.4% 的毛利率後，Nvidia 在 2025 年第二季度報告的毛利率為 75.1%，在最新季度為 74.6%。對於財務第四季度，預計毛利率在 73% 到 73.5% 之間，波動幅度為 50 個基點。</p>
</div><p>Although Nvidia's gross margin is notably higher now than it was prior to the AI revolution taking shape, this steady decline we're witnessing is evidence that AI-GPU scarcity is waning and competition is picking up.</p>
<div class="lb-trans"><p>儘管 Nvidia 的毛利率現在顯著高於人工智能革命形成之前的水平，但我們所見的這種穩定下降證明了人工智能 GPU 的稀缺性正在減弱，競爭正在加劇。</p>
</div><p>Most of Wall Street is focused on the external competition Nvidia is going to have to contend with. AMD has been steadily ramping up production of its MI300X AI-GPUs and recently unveiled its next-gen MI325X chip, which it intends to put into production before the end of the year. AMD is a brand-name company with a rich history and a considerably cheaper AI-GPU than Nvidia's Hopper and Blackwell chips. Businesses wanting to gain first-mover advantages may be compelled to skip the potentially long wait for Nvidia's hardware and choose AMD.</p>
<div class="lb-trans"><p>華爾街大多數人關注的是 Nvidia 將面臨的外部競爭。AMD 一直在穩步增加其 MI300X 人工智能 GPU 的生產，並最近推出了其下一代 MI325X 芯片，計劃在年底前投入生產。AMD 是一家知名品牌，擁有豐富的歷史，其人工智能 GPU 的價格遠低於 Nvidia 的 Hopper 和 Blackwell 芯片。希望獲得先發優勢的企業可能會被迫跳過等待 Nvidia 硬件的漫長過程，選擇 AMD。</p>
</div><p>But the bigger issue for Nvidia may very well be the competition it's facing from within. Many of the company's top customers by net sales are members of the &#34;Magnificent Seven,&#34; and they're all internally developing AI-GPUs to deploy in their data centers. Even if these chips come up short to Nvidia's hardware in terms of computing capabilities, they're still markedly cheaper and more easily accessible.</p>
<div class="lb-trans"><p>但對 Nvidia 來説，更大的問題可能是來自內部的競爭。許多公司的主要客户按淨銷售額排名，都是 “七大傑出企業” 的成員，他們都在內部開發人工智能 GPU 以部署在其數據中心。即使這些芯片在計算能力上不及 Nvidia 的硬件，它們仍然明顯更便宜且更易於獲取。</p>
</div><p>Anything that reduces AI-GPU scarcity is going to adversely impact Nvidia's pricing power and its gross margin.</p>
<div class="lb-trans"><p>任何減少人工智能 GPU 稀缺性的因素都將對 Nvidia 的定價能力和毛利率產生不利影響。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvc3RvY2stbWFya2V0LWNyYXNoLXBsdW5nZS1jaXJjbGUtYm90dG9tLWludmVzdC1kb3ctc3A1MDAtbmFzZGFxLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798706%2Fstock-market-crash-plunge-circle-bottom-invest-dow-sp500-nasdaq-getty.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>History would like a word, too</h2>
<div class="lb-trans"><h2>歷史也想説幾句話。</h2>
</div><p>Based on the trend we're seeing from Nvidia's gross margin, its shares have likely topped. But history would like a word, as well.</p>
<div class="lb-trans"><p>根據我們從英偉達的毛利率趨勢來看，其股價可能已經見頂。但歷史也有話要説。</p>
</div><p>Even though the internet transformed the business world three decades ago, it took time for the technology to mature and for businesses to properly utilize it to generate a positive return on their investment. Every next-big-thing innovation for 30 years, including the internet, has worked its way through an early innings bubble-bursting event.</p>
<div class="lb-trans"><p>儘管互聯網在三十年前改變了商業世界，但技術的成熟和企業正確利用它以產生投資回報仍需要時間。在過去的三十年中，包括互聯網在內的每一個下一個重大創新，都經歷了早期泡沫破裂的事件。</p>
</div><p>What this tells us is that investors consistently overestimate how quickly a new technology will be adopted by consumers and/or businesses on a broad basis. It also suggests investors are overly optimistic about the utility of cutting-edge technologies. Though artificial intelligence can be every bit the gamechanger that Wall Street expects it to be, it's going to take time for businesses to figure out how best to utilize AI. This is what leads to lofty expectations eventually falling short.</p>
<div class="lb-trans"><p>這告訴我們，投資者一貫高估了新技術被消費者和/或企業廣泛採用的速度。這也表明，投資者對尖端技術的實用性過於樂觀。儘管人工智能可能完全是華爾街所期待的遊戲規則改變者，但企業需要時間來弄清楚如何最好地利用人工智能。這就是導致高期望最終落空的原因。</p>
</div><p>Investors are seeing this dynamic play out right in front of their eyes. Even with sizable investments in AI data centers from some of Wall Street's most-prominent companies, most of these businesses lack a clear game plan to generate a positive return on their AI investments any time soon. The utility aspect of AI isn't well understood at the moment -- and that's a scary thing for a company whose gross margin is in a decisive decline.</p>
<div class="lb-trans"><p>投資者正在眼睜睜地看到這一動態的發生。即使一些華爾街最知名的公司在人工智能數據中心進行了大量投資，但這些企業大多數缺乏明確的計劃來在短期內產生積極的投資回報。人工智能的實用性目前並不被充分理解——對於一家毛利率明顯下降的公司來説，這是一件令人擔憂的事情。</p>
</div>

Has Nvidia Stock Topped? A Single Metric Offers a Very Clear Answer.

- 人工智能推動了 Nvidia 的市場價值從 2023 年的數十億美元飆升至超過 1.6 萬億美元。  
- 儘管 Nvidia 的銷售和淨收入大幅增長，但其毛利率已從 78.4% 下降至 74.6%。  
- 競爭加劇和 AI-GPU 稀缺性減弱可能影響 Nvidia 的定價能力和未來增長。  

英偉達的股票是否已經見頂？一個單一指標給出了非常明確的答案