<p><strong>英偉達</strong> 的股票在過去幾年中成為人工智能（AI）革命的最大贏家之一，因其數據中心顯卡的需求火爆，過去兩年股價上漲了近 800%。但過去三個月對這家芯片製造商來説卻是艱難的時光。</p>
<p>在過去三個月中，這家半導體巨頭的股票下跌了 1%。考慮到英偉達在此期間交出了超出華爾街預期的出色業績，這一點有些令人驚訝。更重要的是，英偉達的指引也超出了分析師的預期。</p>
<p>然而，關於英偉達能否維持其卓越增長的擔憂、其估值以及由於最新一代 Blackwell 處理器的生產提升所帶來的短期利潤壓力似乎正在影響公司的股價。同時，另外兩家鮮為人知的芯片公司在過去三個月中因 AI 對其業務的積極影響而獲得了巨大的提升：<strong>安霸</strong>（AMBA 3.34%）和 <strong>Lumentum Holdings</strong>（LITE 5.65%）。</p>
<p>在過去三個月中，安霸的股票上漲了 25%，而 Lumentum 的股票幾乎上漲了 23%。它們的漲幅超過了英偉達在此期間的表現，值得注意的是，這兩家小型芯片製造商的 AI 驅動增長因素剛剛開始顯現。</p>
<p>讓我們來看看 AI 如何成為安霸和 Lumentum 的催化劑。</p>
<h2>1. 安霸</h2>
<p>安霸設計的芯片被應用於汽車和物聯網（IoT）領域。該公司主要以其處理圖像和視頻的計算機視覺芯片而聞名，現在也在 AI 領域找到了應用。根據一項估計，AI 計算機視覺處理器市場的規模可能會從 2023 年的 172 億美元增長到 2028 年的 457 億美元，這得益於汽車、安全監控和消費電子等多個垂直領域的需求增長。</p>
<p>安霸的產品組合已經包括能夠處理這些應用中 AI 工作負載的芯片。例如，該公司的 CV5 處理器基於先進的 5 納米工藝節點，可以在汽車攝像頭、消費攝像頭甚至機器人中運行基於 AI 的算法。不出所料，該公司正在見證對這一處理器需求的增加。</p>
<p>首席執行官 Fermi Wang 在公司 2024 年 11 月的財報電話會議上表示，其新推出的高價 AI 推理處理器，如 CV5，正在推動創紀錄的 AI 收入，並且也有助於提高平均售價（ASP）。好消息是，安霸預計 CV5 的強勁需求將在下一個財政年度（將於下個月開始）持續。此外，該公司估計其 CV7 系列 AI 視覺處理器的需求將在新財政年度開始上升。</p>
<p>更重要的是，這種強勁的需求正在為安霸帶來卓越的增長。該公司在 2025 財年第三季度（截至 2024 年 10 月 31 日）的收入同比增長了 63%，達到了 8270 萬美元。該芯片製造商的調整後每股利潤也從去年同期的每股虧損 0.28 美元轉為每股盈利 0.11 美元。</p>
<p>安霸對 2025 財年第四季度的指導收入為 7800 萬美元，這將比去年同期增長 51%。該公司預計 2025 財年的總收入將達到 2.79 億美元，比上一財年增長 23%。其虧損預計將從 2024 財年的每股 0.83 美元縮減至每股 0.30 美元。</p>
<p>如以下圖表所示，安霸的收入和利潤在未來幾個財政年度有望進一步改善，預計到 2027 財年將報告調整後的每股盈利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ddd5b682fafc5ac873e6c1b5122ee9bb.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/ddd5b682fafc5ac873e6c1b5122ee9bb.png"/></p>
<p>AMBA 下一財年的收入預估數據來自 YCharts</p>
<p>整體 AI 計算機視覺市場在未來三年有望實現顯著增長，因此看到安霸實現華爾街預期的健康增長並不令人驚訝。該公司聲稱在 2031 財年之前擁有 22 億美元的汽車收入管道，這可能使其能夠在更長時間內維持積極的增長勢頭。</p>
<p>如果再考慮到 AI 計算機視覺處理器在消費攝像頭和安全應用等其他領域的前景，安霸可能在長期內有足夠的空間顯著擴大其業務。</p>
<h2>2. Lumentum Holdings</h2>
<p>對 AI 服務器中高速數據傳輸的需求增長正在推動網絡設備市場的強勁增長。根據晨星的報告，2023 年至 2028 年間，生成性 AI 網絡設備的支出預計將以 34% 的年增長率增加，到預測期末將產生 340 億美元的年收入。</p>
<p>Lumentum Holdings 已經從這一趨勢中受益，上個季度其財務表現出現了良好的轉變。該公司在 2025 財年第一季度（截至 2024 年 9 月 28 日）的收入同比增長了 6%，達到了 3.37 億美元。雖然這乍一看似乎並不令人印象深刻，但投資者應該注意到，Lumentum 在 2024 財年的收入因雲計算、網絡和工業領域需求疲軟而下降了 23%。</p>
<p>然而，情況因 AI 的出現而開始好轉。其雲計算和網絡收入在 2025 財年第一季度同比增長了 23%，抵消了工業業務的疲軟。由於雲計算和網絡現在佔 Lumentum 總收入的近 84%，這一業務將推動公司的更強勁增長。</p>
<p>Lumentum 指出，其雲客户基礎正在增長，新增的超大規模客户正在下訂單，購買用於光纖電纜的激光器，以實現 AI 服務器中的高速數據傳輸。此外，Lumentum 正在積極擴展其製造能力，以便能夠滿足更多訂單。</p>
<p>這些有利的發展解釋了為什麼 Lumentum 當前季度的收入預估為 3.9 億美元，比去年增長 6%。更好的是，分析師預計公司的增長率將在年內改善。共識預估顯示，Lumentum 在 2025 財年的收入將躍升 17%，達到 15.9 億美元，預計在下一個財年將迎來更強勁的增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e3ec479a47213f6fa0c1df04e2ab2327.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/e3ec479a47213f6fa0c1df04e2ab2327.png"/></p>
<p>LITE 當前財年的收入預估數據來自 YCharts</p>
<p>強勁的收入增長預計將傳導至淨利潤，Lumentum 的每股收益預計在當前財年將躍升 56%，達到 1.58 美元，未來幾年也將保持健康增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cb135d95cd47df8b8457a37da27ebaa2.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/cb135d95cd47df8b8457a37da27ebaa2.png"/></p>
<p>LITE 當前財年的每股收益預估數據來自 YCharts</p>
<p>看到市場因其改善的盈利能力而給予這隻科技股更多上漲空間並不令人驚訝。因此，對於投資者來説，現在購買 Lumentum Holdings 並不算晚，因為其雲和網絡業務似乎正準備迎接更好的未來，得益於 AI。</p>

安霸

<p>儘管英偉達的財報表現強勁，但其股價卻出現下滑，這引發了對其增長可持續性的擔憂。相比之下，安霸和 Lumentum Holdings 分別實現了 25% 和 23% 的顯著漲幅，主要受益於人工智能需求的推動。安霸的收入同比激增 63%，預計在人工智能視覺處理器領域將繼續增長。Lumentum 則受益於對生成式人工智能網絡設備的支出增加。這兩家公司在不斷擴大的人工智能市場中處於良好位置，可能在不久的將來超越英偉達</p>

<p><strong>Nvidia</strong> stock has been one of the biggest winners of the artificial intelligence (AI) revolution in the past couple of years, clocking remarkable gains of nearly 800% over the past two years on account of the red-hot demand for its data center graphics cards, but the past three months have been difficult for the chipmaker.</p>
<div class="lb-trans"><p><strong>英偉達</strong> 的股票在過去幾年中成為人工智能（AI）革命的最大贏家之一，因其數據中心顯卡的需求火爆，過去兩年股價上漲了近 800%。但過去三個月對這家芯片製造商來説卻是艱難的時光。</p>
</div><p>Shares of the semiconductor giant are down 1% over the past three months. That's a bit surprising considering that Nvidia delivered an outstanding set of results during this period that beat Wall Street's expectations. What's more, Nvidia's guidance was also better than what analysts were looking for.</p>
<div class="lb-trans"><p>在過去三個月中，這家半導體巨頭的股票下跌了 1%。考慮到英偉達在此期間交出了超出華爾街預期的出色業績，這一點有些令人驚訝。更重要的是，英偉達的指引也超出了分析師的預期。</p>
</div><p>However, concerns about Nvidia's ability to sustain its outstanding growth, its valuation, and the short-term margin pressure that will be created by the ramp-up of its latest generation of Blackwell processors seem to be weighing on the company's stock price. Meanwhile, two other little-known chip companies have received a big boost in the past three months thanks to the positive impact of AI on their businesses: <strong>Ambarella</strong>(AMBA 3.34%) and <strong>Lumentum Holdings</strong>(LITE 5.65%).</p>
<div class="lb-trans"><p>然而，關於英偉達能否維持其卓越增長的擔憂、其估值以及由於最新一代 Blackwell 處理器的生產提升所帶來的短期利潤壓力似乎正在影響公司的股價。同時，另外兩家鮮為人知的芯片公司在過去三個月中因 AI 對其業務的積極影響而獲得了巨大的提升：<strong>安霸</strong>（AMBA 3.34%）和 <strong>Lumentum Holdings</strong>（LITE 5.65%）。</p>
</div><p>While Ambarella stock has jumped 25% in the past three months, Lumentum has appreciated nearly 23%. Their gains have been better than what Nvidia has delivered during this period, and the good part is that the AI-focused growth drivers of both of the smaller chipmakers are just kicking in.</p>
<div class="lb-trans"><p>在過去三個月中，安霸的股票上漲了 25%，而 Lumentum 的股票幾乎上漲了 23%。它們的漲幅超過了英偉達在此期間的表現，值得注意的是，這兩家小型芯片製造商的 AI 驅動增長因素剛剛開始顯現。</p>
</div><p>Let's check out how AI is turning out to be a catalyst for Ambarella and Lumentum.</p>
<div class="lb-trans"><p>讓我們來看看 AI 如何成為安霸和 Lumentum 的催化劑。</p>
</div><h2>1. Ambarella</h2>
<div class="lb-trans"><h2>1. 安霸</h2>
</div><p>The chips that Ambarella designs are deployed in automotive and Internet of Things (IoT) applications. The company is primarily known for its computer vision chips that process images and video, and it is now finding applications in the field of AI as well. According to one estimate, the size of the AI computer vision processor market could grow from $17.2 billion in 2023 to $45.7 billion in 2028 thanks to the growing demand from multiple verticals such as automotive, security and surveillance, and consumer electronics applications.</p>
<div class="lb-trans"><p>安霸設計的芯片被應用於汽車和物聯網（IoT）領域。該公司主要以其處理圖像和視頻的計算機視覺芯片而聞名，現在也在 AI 領域找到了應用。根據一項估計，AI 計算機視覺處理器市場的規模可能會從 2023 年的 172 億美元增長到 2028 年的 457 億美元，這得益於汽車、安全監控和消費電子等多個垂直領域的需求增長。</p>
</div><p>Ambarella's product portfolio already includes chips capable of processing AI workloads in these applications. For instance, the company's CV5 processor that's based on an advanced 5-nanometer (nm) process node can run AI-based algorithms in automotive cameras, consumer cameras, and even robotics. Not surprisingly, the company is witnessing an increase in demand for this processor.</p>
<div class="lb-trans"><p>安霸的產品組合已經包括能夠處理這些應用中 AI 工作負載的芯片。例如，該公司的 CV5 處理器基於先進的 5 納米工藝節點，可以在汽車攝像頭、消費攝像頭甚至機器人中運行基於 AI 的算法。不出所料，該公司正在見證對這一處理器需求的增加。</p>
</div><p>CEO Fermi Wang remarked on the company's November 2024 earnings conference call that its new higher-priced AI inference processors, such as the CV5, are driving record AI revenue and also contributing toward a higher average selling price (ASP). The good part is that Ambarella expects the robust demand for CV5 to continue in fiscal 2026, which will begin next month. Additionally, the company estimates that the demand for its CV7 family of AI vision processors will pick up from the new fiscal year.</p>
<div class="lb-trans"><p>首席執行官 Fermi Wang 在公司 2024 年 11 月的財報電話會議上表示，其新推出的高價 AI 推理處理器，如 CV5，正在推動創紀錄的 AI 收入，並且也有助於提高平均售價（ASP）。好消息是，安霸預計 CV5 的強勁需求將在下一個財政年度（將於下個月開始）持續。此外，該公司估計其 CV7 系列 AI 視覺處理器的需求將在新財政年度開始上升。</p>
</div><p>More importantly, this solid demand is translating into outstanding growth for Ambarella. Its revenue in the third quarter of fiscal 2025 (which ended on Oct. 31, 2024) increased an impressive 63% year over year to $82.7 million. The chipmaker also swung to an adjusted profit of $0.11 per share from a loss of $0.28 per share in the year-ago period.</p>
<div class="lb-trans"><p>更重要的是，這種強勁的需求正在為安霸帶來卓越的增長。該公司在 2025 財年第三季度（截至 2024 年 10 月 31 日）的收入同比增長了 63%，達到了 8270 萬美元。該芯片製造商的調整後每股利潤也從去年同期的每股虧損 0.28 美元轉為每股盈利 0.11 美元。</p>
</div><p>Ambarella's fiscal Q4 guidance of $78 million would translate into a 51% increase in its revenue from the year-ago quarter. The company is on track to finish fiscal 2025 with total revenue of $279 million, which would be a 23% improvement from the previous fiscal year. Its loss is expected to shrink to $0.30 per share from $0.83 per share in fiscal 2024.</p>
<div class="lb-trans"><p>安霸對 2025 財年第四季度的指導收入為 7800 萬美元，這將比去年同期增長 51%。該公司預計 2025 財年的總收入將達到 2.79 億美元，比上一財年增長 23%。其虧損預計將從 2024 財年的每股 0.83 美元縮減至每股 0.30 美元。</p>
</div><p>As the following chart shows, Ambarella's top and bottom lines are on track to improve further over the next couple of fiscal years, with the company expected to report an adjusted profit per share in fiscal 2027.</p>
<div class="lb-trans"><p>如以下圖表所示，安霸的收入和利潤在未來幾個財政年度有望進一步改善，預計到 2027 財年將報告調整後的每股盈利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ddd5b682fafc5ac873e6c1b5122ee9bb.png" alt="" original-src="https://media.ycharts.com/charts/ddd5b682fafc5ac873e6c1b5122ee9bb.png"/></p>
<p>AMBA Revenue Estimates for Next Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>AMBA 下一財年的收入預估數據來自 YCharts</p>
</div><p>The overall AI computer vision market is set for impressive growth over the next three years, so it won't be surprising to see Ambarella deliver the healthy growth that Wall Street is expecting from it. The company could be able to sustain its positive momentum for a longer period as well since it claims to have an automotive revenue pipeline of $2.2 billion through fiscal year 2031.</p>
<div class="lb-trans"><p>整體 AI 計算機視覺市場在未來三年有望實現顯著增長，因此看到安霸實現華爾街預期的健康增長並不令人驚訝。該公司聲稱在 2031 財年之前擁有 22 億美元的汽車收入管道，這可能使其能夠在更長時間內維持積極的增長勢頭。</p>
</div><p>If you throw in the prospects of AI computer vision processors in other areas such as consumer cameras and security applications, Ambarella may have enough room to grow its business significantly in the long run.</p>
<div class="lb-trans"><p>如果再考慮到 AI 計算機視覺處理器在消費攝像頭和安全應用等其他領域的前景，安霸可能在長期內有足夠的空間顯著擴大其業務。</p>
</div><h2>2. Lumentum Holdings</h2>
<div class="lb-trans"><h2>2. Lumentum Holdings</h2>
</div><p>The growing demand for high-speed data transmission in AI servers is driving robust growth in the networking equipment market. According to Morningstar, the spending on generative AI networking equipment could increase at an annual rate of 34% between 2023 and 2028, generating $34 billion in annual revenue at the end of the forecast period.</p>
<div class="lb-trans"><p>對 AI 服務器中高速數據傳輸的需求增長正在推動網絡設備市場的強勁增長。根據晨星的報告，2023 年至 2028 年間，生成性 AI 網絡設備的支出預計將以 34% 的年增長率增加，到預測期末將產生 340 億美元的年收入。</p>
</div><p>Lumentum Holdings is already benefiting from this trend, witnessing a nice turnaround in its financial performance last quarter. The company's revenue in the first quarter of fiscal 2025 (which ended on Sept. 28, 2024) increased 6% year over year to $337 million. While that may not seem very impressive at first, investors should note that Lumentum's top line was down 23% in fiscal 2024 owing to soft demand from the cloud and networking and industrial segments.</p>
<div class="lb-trans"><p>Lumentum Holdings 已經從這一趨勢中受益，上個季度其財務表現出現了良好的轉變。該公司在 2025 財年第一季度（截至 2024 年 9 月 28 日）的收入同比增長了 6%，達到了 3.37 億美元。雖然這乍一看似乎並不令人印象深刻，但投資者應該注意到，Lumentum 在 2024 財年的收入因雲計算、網絡和工業領域需求疲軟而下降了 23%。</p>
</div><p>However, things have started changing for the better thanks to AI. Its cloud and networking revenue jumped 23% year over year in fiscal Q1 2025, offsetting the weakness in the industrial business. With cloud and networking now producing nearly 84% of Lumentum's top line, this business is set to drive stronger growth for the company.</p>
<div class="lb-trans"><p>然而，情況因 AI 的出現而開始好轉。其雲計算和網絡收入在 2025 財年第一季度同比增長了 23%，抵消了工業業務的疲軟。由於雲計算和網絡現在佔 Lumentum 總收入的近 84%，這一業務將推動公司的更強勁增長。</p>
</div><p>Lumentum points out that its cloud customer base is growing with the addition of new hyperscale customers that are placing orders for its lasers that are used in fiber-optic cables to enable high-speed data transmission in AI servers. What's more, Lumentum is busy expanding its manufacturing capacity so that it can fulfill more orders.</p>
<div class="lb-trans"><p>Lumentum 指出，其雲客户基礎正在增長，新增的超大規模客户正在下訂單，購買用於光纖電纜的激光器，以實現 AI 服務器中的高速數據傳輸。此外，Lumentum 正在積極擴展其製造能力，以便能夠滿足更多訂單。</p>
</div><p>These favorable developments explain why Lumentum's revenue estimate of $390 million for the current quarter would again be an improvement of 6% over the prior year. Even better, analysts are expecting the company's growth rate to improve as the year progresses. Consensus estimates are projecting a 17% jump in Lumentum's revenue for fiscal 2025 to $1.59 billion, which is expected to be followed by even stronger growth in the next fiscal year.</p>
<div class="lb-trans"><p>這些有利的發展解釋了為什麼 Lumentum 當前季度的收入預估為 3.9 億美元，比去年增長 6%。更好的是，分析師預計公司的增長率將在年內改善。共識預估顯示，Lumentum 在 2025 財年的收入將躍升 17%，達到 15.9 億美元，預計在下一個財年將迎來更強勁的增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e3ec479a47213f6fa0c1df04e2ab2327.png" alt="" original-src="https://media.ycharts.com/charts/e3ec479a47213f6fa0c1df04e2ab2327.png"/></p>
<p>LITE Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>LITE 當前財年的收入預估數據來自 YCharts</p>
</div><p>The robust top-line growth is expected to filter down to the bottom line, with Lumentum's earnings expected to jump by 56% in the current fiscal year to $1.58 per share followed by healthy growth in the next couple of years as well.</p>
<div class="lb-trans"><p>強勁的收入增長預計將傳導至淨利潤，Lumentum 的每股收益預計在當前財年將躍升 56%，達到 1.58 美元，未來幾年也將保持健康增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cb135d95cd47df8b8457a37da27ebaa2.png" alt="" original-src="https://media.ycharts.com/charts/cb135d95cd47df8b8457a37da27ebaa2.png"/></p>
<p>LITE EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>LITE 當前財年的每股收益預估數據來自 YCharts</p>
</div><p>It won't be surprising to see the market rewarding this tech stock with more upside thanks to its improving earnings power. That's why it isn't too late for investors to buy Lumentum Holdings as its cloud and networking business seems set for better times ahead thanks to AI.</p>
<div class="lb-trans"><p>看到市場因其改善的盈利能力而給予這隻科技股更多上漲空間並不令人驚訝。因此，對於投資者來説，現在購買 Lumentum Holdings 並不算晚，因為其雲和網絡業務似乎正準備迎接更好的未來，得益於 AI。</p>
</div>

These 2 Artificial Intelligence (AI) Stocks Are Outpacing Nvidia's, and They Can Still Soar Higher

- Nvidia 股票在過去兩年中上漲近 800%，但最近三個月下跌 1%。  
- Ambarella 和 Lumentum 在 AI 影響下，分別上漲 25% 和 23%。  
- Ambarella 第三季度收入同比增長 63%，Lumentum 雲業務收入增長 23%。  

這兩隻人工智能（AI）股票的表現超過了英偉達的股票，而且它們仍有上漲空間