<p>毫無疑問，科技巨頭 <strong>英偉達</strong>(NVDA -2.25%) 迄今為止一直是人工智能 (AI) 運動的核心。</p>
<p>它的處理器是大多數數據中心的核心。自 2023 年初人工智能革命全面展開以來，其股票的表現遠超整體市場。在這兩年間，股價上漲超過 800%，而 <strong>標準普爾 500 指數</strong> 在同一時期僅上漲 58%。</p>
<p>然而，正如往常一樣，情況總是會變化。競爭逐漸出現。技術不斷演變。客户開始考慮更具體的解決方案來應對他們獨特的挑戰，而投資者對行業領導者股票的狂熱興趣也逐漸減退。</p>
<p>任何考慮投資或持有 <strong>英偉達</strong> 股票的人，可能更應該考慮科技行業的其他頂級增長潛力股： <strong>邁威爾科技</strong>(MRVL 10.79%)。</p>
<h2>邁威爾科技，近距離了解</h2>
<p>不熟悉它？你並不孤單。其市值不足 1000 億美元，尤其與英偉達的 3 萬億美元市值相比，確實不太引人注目。邁威爾也並沒有引起許多對 “下一個大事件” 保持敏感的對沖基金和資金經理的注意。在《傻瓜投資網》最近對 16 位億萬富翁的對沖基金持倉的調查中，該公司並不是他們的主要持倉之一——但也許它應該是。</p>
<p>邁威爾並不是投資者在尋找新方式參與人工智能運動時首先想到的名字。儘管如此，它一直默默存在。該公司生產從數據中心交換機到硬盤控制器，再到你不常聽説但如果不存在就會注意到的計算機處理器。它的技術廣泛應用於 5G 連接設備、汽車，以及或許最顯著的，越來越需要整面主板協同工作的人工智能數據中心，這些主板共同構成一個龐大的數字大腦。</p>
<p>例如，本週早些時候，該公司推出了新的 Aquila DSP（數字信號處理器），能夠每秒處理 1.6 萬億比特的數字數據。這種高效能的技術可以用於連接線長達 20 公里的密集數據中心。因此，市場研究機構 Dell'Oro Group 認為，這種新型數據中心處理器的市場將在未來五年內以平均每年 200% 的速度增長。</p>
<p>這只是邁威爾所製造的眾多技術之一。本週早些時候，該公司還宣佈了高帶寬內存（HBM）模塊的設計突破。這一解決方案應能為人工智能平台提供比當前可比系統多 25% 的計算能力，而不佔用額外空間。Mordor Intelligence 認為，全球 HBM 市場的更好發展預計將在 2029 年前以近 26% 的年化速度增長。</p>
<p>毫無疑問，英偉達的處理器是工作馬。如果人工智能要開始其下一個篇章，那麼這些人工智能處理器所連接的技術也需要是下一代的產品。邁威爾科技正在引領這一低調的潮流。</p>
<h2>儘管近期漲幅仍然看好</h2>
<p>無論好壞，邁威爾的增長前景越來越體現在股票價格上。自 2022 年底以來，股價上漲超過 200%，其中大約一半的漲幅是在今年年中之後實現的，因為其研發工作及其需求成為了焦點。</p>
<p>如此大的漲幅似乎很難繼續，導致股票的估值達到未來財年的每股預期利潤 2.76 美元的 40 倍。這無疑是一個典型的例子，任何合理的回調都是一個買入機會。</p>
<p>雖然這樣的估值與整體市場相比似乎高得離譜，但這並不是如今傳奇成長股的交易方式。這些股票可以維持甚至增加高額溢價，而不是基於明年的預期收益，而是基於公司在未來五年甚至十年內的合理利潤。</p>
<p>毫無疑問，邁威爾科技在捕捉人工智能技術市場可預見的增長方面處於良好位置。Benchmark 分析師 Cody Acree 解釋了他最近提高該股目標價的原因：“邁威爾是僅有的兩家為三家行業最大超大規模數據中心公司提供英偉達 GPU 競爭加速器的定製硅供應商之一，<strong>亞馬遜</strong> 和谷歌已與邁威爾簽約，共同開發專門針對其特定人工智能工作負載的定製加速器。”</p>
<p>Acree 補充了他的看漲論點：“經過多年的接觸、開發和認證，這些處理器目前正在大規模生產，結合其在光連接方面的強勁增長，邁威爾預計將 ‘遠超’ 其 2025 財年和 2026 財年的人工智能目標，分別達到 15 億美元和 25 億美元。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA3MzEvMTIxMTI0LW1hcnZlbGwtcmVzdWx0cy1vdXRsb29rLnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA3MzEvMTIxMTI0LW1hcnZlbGwtcmVzdWx0cy1vdXRsb29rLnBuZyZ3PTcwMA"/></p>
<p>數據來源：StockAnalysis.com。圖表由作者提供。</p>
<p>他並不是唯一的看漲者。儘管近期漲幅巨大，絕大多數分析師仍將邁威爾股票評為強烈買入。</p>
<h2>如果你喜歡，就趕緊買入吧</h2>
<p>億萬富翁、對沖基金和其他機構投資者會不會最終加入並將邁威爾科技納入他們的投資組合？也許會，也許不會。沒有人能確定。</p>
<p>不要因為邁威爾目前不是所謂 “鉅額資金” 投資者的寵兒而感到氣餒。許多瞭解內情的投資者在英偉達首次崛起時也並不完全支持。這個羣體可能需要時間來找到新的寵兒，然後説服自己投入其中。</p>
<p>如果你喜歡這個基本故事以及股票的長期風險與回報的情景，那就可以現在買入——即使是在最近達到的歷史高點附近。</p>

英偉達

邁威爾科技

<p>英偉達在人工智能市場中佔據主導地位，自 2023 年初以來，其股價飆升超過 800%。然而，競爭正在加劇，這促使投資者考慮像邁威爾科技這樣的替代選擇，後者在人工智能基礎設施中默默發揮着重要作用。邁威爾最近的創新，包括強大的數字信號處理器和高帶寬內存的進展，使其具備了顯著增長的潛力。儘管自 2022 年以來股價上漲了 200%，分析師仍然認為邁威爾是一個強勁的投資機會，尤其是在與亞馬遜和谷歌等大型公司合作提供定製人工智能解決方案的背景下</p>

<p>There's no denying that technology powerhouse <strong>Nvidia</strong>(NVDA -2.25%) has been the centerpiece of the artificial intelligence (AI) movement thus far.</p>
<div class="lb-trans"><p>毫無疑問，科技巨頭 <strong>英偉達</strong>(NVDA -2.25%) 迄今為止一直是人工智能 (AI) 運動的核心。</p>
</div><p>Its processors are the heart and soul of most data centers. Its stock has beaten the daylights out of the overall market since early 2023, when the artificial intelligence revolution reached its full stride. Shares are up more than 800% during this two-year span, versus the <strong>S&amp;P 500'</strong> s 58% advance for the same timeframe.</p>
<div class="lb-trans"><p>它的處理器是大多數數據中心的核心。自 2023 年初人工智能革命全面展開以來，其股票的表現遠超整體市場。在這兩年間，股價上漲超過 800%，而 <strong>標準普爾 500 指數</strong> 在同一時期僅上漲 58%。</p>
</div><p>However, as is always the case, things change. Competition creeps in. Technology evolves. Customers begin thinking about more specific solutions to their unique challenges, and investors' euphoric interest in an industry leader's stock fades.</p>
<div class="lb-trans"><p>然而，正如往常一樣，情況總是會變化。競爭逐漸出現。技術不斷演變。客户開始考慮更具體的解決方案來應對他們獨特的挑戰，而投資者對行業領導者股票的狂熱興趣也逐漸減退。</p>
</div><p>Anyone considering stepping into -- or holding on to -- a stake in Nvidia might want to instead consider one of the technology industry's other top growth prospects: <strong>Marvell Technology</strong>(MRVL 10.79%).</p>
<div class="lb-trans"><p>任何考慮投資或持有 <strong>英偉達</strong> 股票的人，可能更應該考慮科技行業的其他頂級增長潛力股： <strong>邁威爾科技</strong>(MRVL 10.79%)。</p>
</div><h2>Marvell Technology, up close and personal</h2>
<div class="lb-trans"><h2>邁威爾科技，近距離了解</h2>
</div><p>Not familiar with it? You're not alone. Its sub-$100 billion market capitalization just doesn't turn many heads, particularly compared to Nvidia's $3 trillion market value. Marvell also hasn't exactly caught the eye of many hedge funds and money managers that often have their finger on the pulse of the proverbial &#34;next big thing.&#34; Of The Motley Fool's recent look at 16 different billionaires' hedge fund holdings, the company wasn't a major position for any of them -- but maybe it should be.</p>
<div class="lb-trans"><p>不熟悉它？你並不孤單。其市值不足 1000 億美元，尤其與英偉達的 3 萬億美元市值相比，確實不太引人注目。邁威爾也並沒有引起許多對 “下一個大事件” 保持敏感的對沖基金和資金經理的注意。在《傻瓜投資網》最近對 16 位億萬富翁的對沖基金持倉的調查中，該公司並不是他們的主要持倉之一——但也許它應該是。</p>
</div><p>Marvell isn't a top-of-mind name for investors on the hunt for a new way to plug into the artificial intelligence movement. It's quietly been there all along, though. This company makes everything from data center switches to hard drive controllers to the computer processors you don't hear much about, but would certainly notice if they didn't exist. Its tech is found in 5G connectivity equipment, automobiles, and, perhaps most notably, AI data centers that increasingly need entire walls of motherboards to work together as a single, massive digital brain.</p>
<div class="lb-trans"><p>邁威爾並不是投資者在尋找新方式參與人工智能運動時首先想到的名字。儘管如此，它一直默默存在。該公司生產從數據中心交換機到硬盤控制器，再到你不常聽説但如果不存在就會注意到的計算機處理器。它的技術廣泛應用於 5G 連接設備、汽車，以及或許最顯著的，越來越需要整面主板協同工作的人工智能數據中心，這些主板共同構成一個龐大的數字大腦。</p>
</div><p>Earlier this week, for instance, the company unveiled its new Aquila DSP (digital signal processor), which is capable of handling 1.6 trillion bits of digital data every second. This power-efficient technology can be used in densely packed data centers with up to 20 kilometers' worth of connectivity wiring. That's why technology market research outfit Dell'Oro Group thinks the market for this new type of data center processor will grow at an average annual clip of 200% over the course of the coming five years.</p>
<div class="lb-trans"><p>例如，本週早些時候，該公司推出了新的 Aquila DSP（數字信號處理器），能夠每秒處理 1.6 萬億比特的數字數據。這種高效能的技術可以用於連接線長達 20 公里的密集數據中心。因此，市場研究機構 Dell'Oro Group 認為，這種新型數據中心處理器的市場將在未來五年內以平均每年 200% 的速度增長。</p>
</div><p>That's just one of the kinds of technologies Marvell makes. Also earlier this week, the company announced a design breakthrough for high-bandwidth memory (or HBM) modules. This solution should provide AI platforms with 25% more computing power than comparable systems currently do, without taking up any additional space. Mordor Intelligence believes this better-developed global HBM market is set to grow at an annualized pace of nearly 26% through 2029.</p>
<div class="lb-trans"><p>這只是邁威爾所製造的眾多技術之一。本週早些時候，該公司還宣佈了高帶寬內存（HBM）模塊的設計突破。這一解決方案應能為人工智能平台提供比當前可比系統多 25% 的計算能力，而不佔用額外空間。Mordor Intelligence 認為，全球 HBM 市場的更好發展預計將在 2029 年前以近 26% 的年化速度增長。</p>
</div><p>Nvidia's processors are workhorses, to be sure. If artificial intelligence is going to begin its next chapter, though, the tech these AI processors are attached to will also need to be next-generation stuff. Marvell Technology is leading this low-profile charge.</p>
<div class="lb-trans"><p>毫無疑問，英偉達的處理器是工作馬。如果人工智能要開始其下一個篇章，那麼這些人工智能處理器所連接的技術也需要是下一代的產品。邁威爾科技正在引領這一低調的潮流。</p>
</div><h2>Still bullish despite recent gains</h2>
<div class="lb-trans"><h2>儘管近期漲幅仍然看好</h2>
</div><p>For better or worse, Marvell's growth prospects are increasingly being reflected in the stock's price. Shares are up more than 200% since the end of 2022, with roughly half of that gain materializing just since the middle of this year as its research and development efforts -- along with the need for them -- took center stage.</p>
<div class="lb-trans"><p>無論好壞，邁威爾的增長前景越來越體現在股票價格上。自 2022 年底以來，股價上漲超過 200%，其中大約一半的漲幅是在今年年中之後實現的，因為其研發工作及其需求成為了焦點。</p>
</div><p>The big run-up seems like a tough act to follow, leaving shares priced at a frothy 40 times next fiscal year's projected per-share profits of $2.76. This is arguably one of those cases, however, where any decent dip is a buying opportunity.</p>
<div class="lb-trans"><p>如此大的漲幅似乎很難繼續，導致股票的估值達到未來財年的每股預期利潤 2.76 美元的 40 倍。這無疑是一個典型的例子，任何合理的回調都是一個買入機會。</p>
</div><p>While such a valuation is seemingly sky-high compared to the overall market, that's not how storied growth stocks trade these days. Such stocks can sustain and even add to a steep premium based not on next year's likely earnings, but rather, the company's plausible profit five years and even 10 years down the road.</p>
<div class="lb-trans"><p>雖然這樣的估值與整體市場相比似乎高得離譜，但這並不是如今傳奇成長股的交易方式。這些股票可以維持甚至增加高額溢價，而不是基於明年的預期收益，而是基於公司在未來五年甚至十年內的合理利潤。</p>
</div><p>There's little doubt that Marvell Technology is well-positioned to capture at least its fair share of the AI technology market's foreseeable growth. As Benchmark analyst Cody Acree explained of his recent increase in the firm's target price for the stock, &#34;Marvell is one of only two custom silicon suppliers that provide NVDA GPU competitive accelerators to three of the industry's largest hyperscale data center companies, with <strong>Amazon</strong> and Google having contracted Marvell to co-develop custom accelerators uniquely tailored to serve their specific AI workloads.&#34;</p>
<div class="lb-trans"><p>毫無疑問，邁威爾科技在捕捉人工智能技術市場可預見的增長方面處於良好位置。Benchmark 分析師 Cody Acree 解釋了他最近提高該股目標價的原因：“邁威爾是僅有的兩家為三家行業最大超大規模數據中心公司提供英偉達 GPU 競爭加速器的定製硅供應商之一，<strong>亞馬遜</strong> 和谷歌已與邁威爾簽約，共同開發專門針對其特定人工智能工作負載的定製加速器。”</p>
</div><p>Acree adds to his bullish thesis: &#34;After years of engagement, development, and qualification, these processors are currently ramping with volume production revenue, which when combined with its strong ramp in Optical Connectivity, Marvell is said to be on pace to 'well-exceed' its FY25 and FY26 targets for AI to earn $1.5 billion and $2.5 billion, respectively.&#34;</p>
<div class="lb-trans"><p>Acree 補充了他的看漲論點：“經過多年的接觸、開發和認證，這些處理器目前正在大規模生產，結合其在光連接方面的強勁增長，邁威爾預計將 ‘遠超’ 其 2025 財年和 2026 財年的人工智能目標，分別達到 15 億美元和 25 億美元。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA3MzEvMTIxMTI0LW1hcnZlbGwtcmVzdWx0cy1vdXRsb29rLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800731%2F121124-marvell-results-outlook.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: StockAnalysis.com. Chart by author.</p>
<div class="lb-trans"><p>數據來源：StockAnalysis.com。圖表由作者提供。</p>
</div><p>He's hardly the only bull. The vast majority of the analyst community still rates Marvell stock as a strong buy, despite its recent enormous gains.</p>
<div class="lb-trans"><p>他並不是唯一的看漲者。儘管近期漲幅巨大，絕大多數分析師仍將邁威爾股票評為強烈買入。</p>
</div><h2>If you like it, just buy it already</h2>
<div class="lb-trans"><h2>如果你喜歡，就趕緊買入吧</h2>
</div><p>Will billionaires, hedge funds, and other institutional stock-pickers ever get on board and add Marvell Technology to their portfolios? Maybe. Or maybe not. Nobody knows for sure.</p>
<div class="lb-trans"><p>億萬富翁、對沖基金和其他機構投資者會不會最終加入並將邁威爾科技納入他們的投資組合？也許會，也許不會。沒有人能確定。</p>
</div><p>Don't be dissuaded just because Marvell isn't currently a favorite among the proverbial &#34;big money&#34; tier of investors. Plenty of these in-the-know investors weren't exactly on board with Nvidia when it first started to roar, either. It can take time for this crowd to find a new darling, and then convince themselves to dive in.</p>
<div class="lb-trans"><p>不要因為邁威爾目前不是所謂 “鉅額資金” 投資者的寵兒而感到氣餒。許多瞭解內情的投資者在英偉達首次崛起時也並不完全支持。這個羣體可能需要時間來找到新的寵兒，然後説服自己投入其中。</p>
</div><p>If you like the underlying story and the stock's long-term risk-versus-reward scenario, go ahead and buy now -- even near its recently reached record peak.</p>
<div class="lb-trans"><p>如果你喜歡這個基本故事以及股票的長期風險與回報的情景，那就可以現在買入——即使是在最近達到的歷史高點附近。</p>
</div>

Should You Forget Nvidia and Buy This Tech Stock Instead?

- Nvidia 在人工智能領域佔據主導地位，股價自 2023 年以來上漲超過 800%。  
- Marvell Technology 也在 AI 數據中心中發揮重要作用，股價自 2022 年底以來上漲超過 200%。  
- 分析師普遍看好 Marvell，認為其有潛力在 AI 市場中獲得可觀份額。  

你是否應該忘記英偉達而轉而購買這隻科技股？