<p><strong>蘋果</strong>(AAPL -0.52%) 和 <strong>英偉達</strong>(NVDA 3.14%) 是全球最有價值的兩家公司。它們的市值均超過 3 萬億美元，可能在不久的將來會有一家公司的市值達到 4 萬億美元。這可能會在明年內發生。</p>
<p>首個達到這一巔峯的股票很可能是這兩家科技巨頭中的一家。但會是蘋果還是英偉達呢？從現在開始，哪一家公司看起來更值得投資？</p>
<h2>支持蘋果的理由</h2>
<p>蘋果在首先達到 4 萬億美元方面的優勢在於，截至上週，它的市值高於英偉達——接近 3.7 萬億美元，而芯片製造商英偉達的市值為 3.4 萬億美元。但這並不是蘋果可能首先達到這一目標的唯一原因。</p>
<p>目前，英偉達因人工智能（AI）而經歷了巨大的增長，因為許多科技公司依賴其高性能芯片進行與 AI 相關的開發。但其他公司也在開發自己的芯片，這可能在未來對英偉達構成競爭。</p>
<p>例如，蘋果一直在使用 <strong>亞馬遜</strong> 的芯片來幫助開發其 AI 模型。同時，中國最近對英偉達展開了反壟斷調查，這可能會影響其在該市場的長期增長機會。儘管英偉達最近表現良好，但未來可能會面臨一些挑戰。</p>
<p>另一方面，蘋果可能很快會因將 AI 添加到其手機的更多功能中而獲得顯著提升。該公司已宣佈推出蘋果智能，但許多新功能，包括增強的 Siri 功能（如編輯照片、從電子郵件中提取 PDF），要到明年才能推出。</p>
<p>隨着這些功能的推出，它們可能會在社交媒體上引發關注，並導致更多手機升級和業務收入增長。如果發生這種情況，可能足以將股票推向 4 萬億美元的市值。</p>
<h2>支持英偉達的理由</h2>
<p>英偉達的股票在過去三年中上漲了超過 330%，這讓許多投資者擔心它是否接近峯值。但考慮到該公司所取得的令人印象深刻的業績，其估值並不算過分。</p>
<p>根據分析師的預測，英偉達的前瞻市盈率（P/E）為 33，僅比蘋果的溢價略高。但儘管蘋果的銷售增長僅為個位數百分比，英偉達在最近一個季度的收入卻飆升了 94%，該季度於 10 月 27 日結束。</p>
<p>對於投資者來説，為一家快速增長的企業支付溢價要比為像蘋果這樣並未經歷銷售和利潤激增的公司支付溢價更為合理。</p>
<p>而且，隨着對 AI 芯片的需求仍然很高，英偉達作為該領域的市場領導者，能夠繼續受益於這一趨勢。儘管投資者在最近幾周對該股票持謹慎態度，但強勁的季度業績或明年的上調指引可能是提醒投資者該公司仍具備驚人增長潛力的催化劑。</p>
<h2>哪隻股票將首先達到 4 萬億美元？</h2>
<p>這兩隻股票很可能在明年都能達到 4 萬億美元的市值。但我認為蘋果目前可能更具優勢，因為對該公司的預期可能沒有那麼高。由於需要達到的標準較低，蘋果可能更有可能以比英偉達更快的速度上漲。</p>
<p>如果英偉達未能因其最近的業績而大幅上漲，而該業績顯示出近 100% 的收入增長，這可能表明投資者的預期已經增長到一個程度，使得股票的價值上漲不再像過去那樣容易，尤其是在未來幾個季度面臨更強勁的盈利數字時。</p>
<p>如果你打算長期投資，這兩隻科技股票都可以是值得持有的好投資。但在短期內，蘋果可能具有更大的上行空間。</p>

英偉達

蘋果

<p>蘋果和英偉達正在爭奪首個達到一萬億美元市值的頭銜。目前，蘋果以近 2.7 萬億美元的市值領先，而英偉達的市值為 1.4 萬億美元。儘管英偉達因人工智能需求而實現了顯著增長，但競爭和監管審查等挑戰可能會影響其未來。相反，蘋果計劃增強其人工智能能力，這可能會推動其收入增長。分析師認為，兩隻股票都有可能達到一萬億美元的市值，但由於預期較低和即將推出的產品特性，蘋果可能略佔優勢</p>

<p><strong>Apple</strong>(AAPL -0.52%) and <strong>Nvidia</strong>(NVDA 3.14%) are the two most valuable companies in the world. Their market caps are each well over $3 trillion, and it may only be a matter of time before there's one worth $4 trillion. It could potentially happen within the next year.</p>
<div class="lb-trans"><p><strong>蘋果</strong>(AAPL -0.52%) 和 <strong>英偉達</strong>(NVDA 3.14%) 是全球最有價值的兩家公司。它們的市值均超過 3 萬億美元，可能在不久的將來會有一家公司的市值達到 4 萬億美元。這可能會在明年內發生。</p>
</div><p>The likelihood is high that the first stock to reach that pinnacle will be one of these two tech giants. But will it be Apple or Nvidia? Which looks to be the better buy from here on out?</p>
<div class="lb-trans"><p>首個達到這一巔峯的股票很可能是這兩家科技巨頭中的一家。但會是蘋果還是英偉達呢？從現在開始，哪一家公司看起來更值得投資？</p>
</div><h2>The case for Apple</h2>
<div class="lb-trans"><h2>支持蘋果的理由</h2>
</div><p>The advantage Apple has in reaching $4 trillion first is that as of last week, it had a higher market cap than Nvidia -- nearly $3.7 trillion versus $3.4 trillion for the chipmaker. But that's not the only reason Apple might get there first.</p>
<div class="lb-trans"><p>蘋果在首先達到 4 萬億美元方面的優勢在於，截至上週，它的市值高於英偉達——接近 3.7 萬億美元，而芯片製造商英偉達的市值為 3.4 萬億美元。但這並不是蘋果可能首先達到這一目標的唯一原因。</p>
</div><p>Right now, Nvidia has been experiencing mammoth growth due to artificial intelligence (AI) because many tech companies rely on its high-performance chips for AI-related development. But other companies are developing their own chips, which could provide competition for Nvidia down the road.</p>
<div class="lb-trans"><p>目前，英偉達因人工智能（AI）而經歷了巨大的增長，因為許多科技公司依賴其高性能芯片進行與 AI 相關的開發。但其他公司也在開發自己的芯片，這可能在未來對英偉達構成競爭。</p>
</div><p>Apple, for instance, has been using chips from <strong>Amazon</strong> to help develop its AI models. Meanwhile, China has recently launched an antitrust probe into Nvidia, which could affect its long-run growth opportunities in that market. As well as Nvidia has been performing of late, there could be challenges that weigh on the business in the not-too-distant future.</p>
<div class="lb-trans"><p>例如，蘋果一直在使用 <strong>亞馬遜</strong> 的芯片來幫助開發其 AI 模型。同時，中國最近對英偉達展開了反壟斷調查，這可能會影響其在該市場的長期增長機會。儘管英偉達最近表現良好，但未來可能會面臨一些挑戰。</p>
</div><p>Apple, on the other hand, may soon get a significant boost from AI as it adds it to more features on its phones. The company has announced Apple Intelligence, but many new features, including enhanced Siri capabilities (like editing a photo, extracting a PDF from an email), won't be available until the new year.</p>
<div class="lb-trans"><p>另一方面，蘋果可能很快會因將 AI 添加到其手機的更多功能中而獲得顯著提升。該公司已宣佈推出蘋果智能，但許多新功能，包括增強的 Siri 功能（如編輯照片、從電子郵件中提取 PDF），要到明年才能推出。</p>
</div><p>As those features roll out, they could generate interest on social media and result in more phone upgrades and revenue growth for the business. If that happens, that may be enough to send the stock to a $4 trillion market cap.</p>
<div class="lb-trans"><p>隨着這些功能的推出，它們可能會在社交媒體上引發關注，並導致更多手機升級和業務收入增長。如果發生這種情況，可能足以將股票推向 4 萬億美元的市值。</p>
</div><h2>The case for Nvidia</h2>
<div class="lb-trans"><h2>支持英偉達的理由</h2>
</div><p>Nvidia's stock has rallied more than 330% over the past three years, prompting many investors to worry about whether it may be approaching a peak. But when you consider the impressive results the company has generated, its valuation isn't all that outlandish.</p>
<div class="lb-trans"><p>英偉達的股票在過去三年中上漲了超過 330%，這讓許多投資者擔心它是否接近峯值。但考慮到該公司所取得的令人印象深刻的業績，其估值並不算過分。</p>
</div><p>Based on analyst projections, Nvidia is trading at a forward price-to-earnings multiple (P/E) of 33, which is only slightly higher than Apple's premium. But while the iPhone maker has been growing its sales by single-digit percentages, Nvidia's top line soared by 94% in its most recent quarter, which ended on Oct. 27.</p>
<div class="lb-trans"><p>根據分析師的預測，英偉達的前瞻市盈率（P/E）為 33，僅比蘋果的溢價略高。但儘管蘋果的銷售增長僅為個位數百分比，英偉達在最近一個季度的收入卻飆升了 94%，該季度於 10 月 27 日結束。</p>
</div><p>It's much more tenable for investors to pay a premium for a fast-growing business than it is to pay one for a company such as Apple, which isn't exactly experiencing a surge in sales and profits.</p>
<div class="lb-trans"><p>對於投資者來説，為一家快速增長的企業支付溢價要比為像蘋果這樣並未經歷銷售和利潤激增的公司支付溢價更為合理。</p>
</div><p>And with demand for AI chips still remaining high and Nvidia being a market leader in the space, it can continue to benefit from that trend. Investors have been cautious with the stock in recent weeks, but a strong quarter or upgraded guidance next year could be the catalyst that's needed to remind investors of the phenomenal growth potential that the company still possesses.</p>
<div class="lb-trans"><p>而且，隨着對 AI 芯片的需求仍然很高，英偉達作為該領域的市場領導者，能夠繼續受益於這一趨勢。儘管投資者在最近幾周對該股票持謹慎態度，但強勁的季度業績或明年的上調指引可能是提醒投資者該公司仍具備驚人增長潛力的催化劑。</p>
</div><h2>Which stock will hit $4 trillion first?</h2>
<div class="lb-trans"><h2>哪隻股票將首先達到 4 萬億美元？</h2>
</div><p>Both stocks could very well end up reaching the $4 trillion mark next year. But I believe Apple may have the inside track right now because expectations may not be as high for the business. And by having a lower bar to hit in order to impress investors, it looks more probable that Apple may be able to rise at a faster rate than Nvidia.</p>
<div class="lb-trans"><p>這兩隻股票很可能在明年都能達到 4 萬億美元的市值。但我認為蘋果目前可能更具優勢，因為對該公司的預期可能沒有那麼高。由於需要達到的標準較低，蘋果可能更有可能以比英偉達更快的速度上漲。</p>
</div><p>If Nvidia failed to surge on its recent results, which demonstrated nearly 100% revenue growth, that may be a cause for concern that investor expectations have grown to the point where it may not be as easy for the stock to surge in value as it has in the past, especially as it laps stronger earnings numbers in the quarters ahead.</p>
<div class="lb-trans"><p>如果英偉達未能因其最近的業績而大幅上漲，而該業績顯示出近 100% 的收入增長，這可能表明投資者的預期已經增長到一個程度，使得股票的價值上漲不再像過去那樣容易，尤其是在未來幾個季度面臨更強勁的盈利數字時。</p>
</div><p>If you're investing in the long haul, both of these tech stocks can be good investments to hang on to. But in the near term, Apple may possess a bit more upside.</p>
<div class="lb-trans"><p>如果你打算長期投資，這兩隻科技股票都可以是值得持有的好投資。但在短期內，蘋果可能具有更大的上行空間。</p>
</div>

Apple vs. Nvidia: Which Will Hit a $4 Trillion Market Cap First?

- 蘋果和英偉達是全球最有價值的公司，市值均超過 1 萬億美元。  
- 蘋果在市值上領先英偉達，且即將推出更多 AI 功能，可能推動股價上漲。  
- 英偉達雖然增長迅速，但面臨競爭和市場預期壓力，短期內蘋果或更具上漲潛力。

蘋果與英偉達：誰將首先達到 4 萬億美元的市值？