<p><strong>英偉達</strong>(NVDA 2.27%) 在過去幾年中並沒有太多的折扣出售。雖然股票曾幾次下跌，但這些都是強有力的買入機會。</p>
<p>最近，股票從歷史高點下跌了約 10%，這可能被一些人視為買入機會。然而，英偉達在過去幾年表現出色，其他投資者擔心它可能已經達到了頂峯。</p>
<p>那麼，這兩種觀點中哪一種是正確的呢？我認為最近的下跌看起來像是一個買入機會。但即使明天股價達到歷史高點，購買該股票仍然是一個明智的決定。</p>
<h2>英偉達的增長故事還沒有結束</h2>
<p>英偉達是人工智能（AI）競爭中最大的受益者之一。其圖形處理單元（GPU）是行業內最優秀的產品，對於創建這些強大的 AI 模型至關重要。</p>
<p>GPU 更適合這些複雜的計算任務，因為它們可以並行處理多個計算。它們還可以以集羣方式連接，以倍增這種能力，使其能夠以驚人的速度處理最艱鉅的計算任務。</p>
<p>GPU 不僅適合處理 AI 模型。它們還可以用於處理工程模擬、開發新藥、挖掘加密貨幣以及處理計算機圖形（它們最初的用途）。然而，AI 無疑是這一硬件的最大應用場景，未來的趨勢將直接影響英偉達。</p>
<p>過去幾年，其收入激增，但所有跡象表明，直到 2026 財年（截至 2026 年 1 月），其收入將繼續增長。許多 AI 超大規模公司——那些在 AI 競爭中投入大量資金的公司——已表示其支出將從 2024 年的水平上升，英偉達將從中受益。</p>
<p>在上游，該公司的芯片製造商 <strong>台灣半導體制造公司</strong> 給出了強勁收入增長和增加資本支出的指導，以滿足對高性能計算硬件（如英偉達 GPU）芯片的需求。</p>
<p>更令人振奮的是，華爾街分析師預計英偉達在 2026 財年的收入將增長 52%。這是令人難以置信的增長，將使年收入總額接近 2000 億美元，而其當前的過去 12 個月總收入為 1130 億美元。</p>
<p>這個增長故事還沒有結束，且沒有跡象表明該公司已經完全飽和市場。儘管如此，如果股票定價不合理，可能就沒有更多的上漲空間。</p>
<h2>考慮到其增長，股票的價格合理</h2>
<p>英偉達是一家完全成熟的公司，因此評估股票估值的最佳方法是查看其收益。從過去的收益來看，該股票的市盈率為 54 倍，並不是最便宜的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/205c2d0ecc0d249662272fdf5510c4ea.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/205c2d0ecc0d249662272fdf5510c4ea.png"/></p>
<p>NVDA 市盈率，數據來源於 YCharts；市盈率 = 價格與收益的比率。</p>
<p>然而，考慮到預計在未來一年內將有如此大的增長，使用過去的收益可能是一個有缺陷的指標。如果我們根據 2026 財年的收益來評估該股票，其市盈率為 31 倍。這與許多其他大型科技公司的市盈率相符，因此英偉達實際上並不高估——它的估值與同行相當。</p>
<p>這可以讓投資者有信心現在就購買，即使股票回到歷史高點。</p>
<p>AI 趨勢遠未結束，預計英偉達將受益於支出的增加。儘管該股票在過去幾年表現出色，但仍有更多的上漲空間，我預計它在未來幾年仍將超越市場。</p>

英偉達

<p>英偉達的股票最近從歷史高點下跌了約 10%，引發了關於是否是買入機會的討論。儘管對其達到頂峯的擔憂存在，但英偉達在人工智能領域的增長依然強勁。分析師預計到 2026 財年，收入將增長 52%，總收入接近 2000 億美元。雖然該股票的市盈率為 54，但與同行在 2026 財年預計收益的市盈率 31 倍相符，表明其並不被高估。人工智能趨勢仍在繼續，暗示英偉達的股票有進一步上漲的潛力</p>

<p><strong>Nvidia</strong>(NVDA 2.27%) hasn't been on sale much during the last few years. While the stock dipped a few times, these have all been strong buying opportunities.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 2.27%) 在過去幾年中並沒有太多的折扣出售。雖然股票曾幾次下跌，但這些都是強有力的買入機會。</p>
</div><p>Recently, the stock has fallen around 10% from its all-time highs, which some may consider a buying opportunity. However, Nvidia has done so well over the past few years that other investors are concerned that it may have reached its top.</p>
<div class="lb-trans"><p>最近，股票從歷史高點下跌了約 10%，這可能被一些人視為買入機會。然而，英偉達在過去幾年表現出色，其他投資者擔心它可能已經達到了頂峯。</p>
</div><p>So, which of these two camps is right? I think that the most recent dip looks like a buying opportunity. But even if the shares reached all-time highs tomorrow, buying the stock would still be a good decision.</p>
<div class="lb-trans"><p>那麼，這兩種觀點中哪一種是正確的呢？我認為最近的下跌看起來像是一個買入機會。但即使明天股價達到歷史高點，購買該股票仍然是一個明智的決定。</p>
</div><h2>Nvidia's growth story isn't finished</h2>
<div class="lb-trans"><h2>英偉達的增長故事還沒有結束</h2>
</div><p>Nvidia has been one of the largest beneficiaries of the artificial intelligence (AI) competition. Its graphics processing units (GPUs) are best-in-class products and crucial to creating these powerful AI models.</p>
<div class="lb-trans"><p>英偉達是人工智能（AI）競爭中最大的受益者之一。其圖形處理單元（GPU）是行業內最優秀的產品，對於創建這些強大的 AI 模型至關重要。</p>
</div><p>GPUs are better suited for these complex computing tasks because they can process multiple calculations in parallel. They can also be connected in clusters to multiply this ability, allowing them to process the most arduous computing tasks at unreal speeds.</p>
<div class="lb-trans"><p>GPU 更適合這些複雜的計算任務，因為它們可以並行處理多個計算。它們還可以以集羣方式連接，以倍增這種能力，使其能夠以驚人的速度處理最艱鉅的計算任務。</p>
</div><p>GPUs aren't only good for processing AI models. They can also be deployed to process engineering simulations, develop new drugs, mine cryptocurrency, and process graphics on computers (their original intended use). However, AI has been the biggest use case for this hardware by far, and how that trend goes, so will Nvidia.</p>
<div class="lb-trans"><p>GPU 不僅適合處理 AI 模型。它們還可以用於處理工程模擬、開發新藥、挖掘加密貨幣以及處理計算機圖形（它們最初的用途）。然而，AI 無疑是這一硬件的最大應用場景，未來的趨勢將直接影響英偉達。</p>
</div><p>Its revenue has skyrocketed over the past few years, but all indications are that it will continue to rise throughout fiscal 2026 (ending January 2026). Many of the AI hyperscalers -- companies that are spending a massive amount of money to win the AI competition -- have indicated that their spending will rise from 2024's levels, which Nvidia will benefit from.</p>
<div class="lb-trans"><p>過去幾年，其收入激增，但所有跡象表明，直到 2026 財年（截至 2026 年 1 月），其收入將繼續增長。許多 AI 超大規模公司——那些在 AI 競爭中投入大量資金的公司——已表示其支出將從 2024 年的水平上升，英偉達將從中受益。</p>
</div><p>Upstream, the company's chip manufacturer, <strong>Taiwan Semiconductor Manufacturing</strong>, gave guidance for strong revenue growth and increased capital expenditures to meet the demand for chips for high-powered computing hardware like Nvidia's GPUs.</p>
<div class="lb-trans"><p>在上游，該公司的芯片製造商 <strong>台灣半導體制造公司</strong> 給出了強勁收入增長和增加資本支出的指導，以滿足對高性能計算硬件（如英偉達 GPU）芯片的需求。</p>
</div><p>As a cherry on top, Wall Street analysts project Nvidia's revenue to rise by 52% in fiscal 2026. That's incredible growth, and it will bring total annual revenue to nearly $200 billion versus its current trailing-12-month total of $113 billion.</p>
<div class="lb-trans"><p>更令人振奮的是，華爾街分析師預計英偉達在 2026 財年的收入將增長 52%。這是令人難以置信的增長，將使年收入總額接近 2000 億美元，而其當前的過去 12 個月總收入為 1130 億美元。</p>
</div><p>This growth story isn't finished, and there are no indications that the company has fully saturated the market with its products. Still, if the stock isn't priced right, then there may not be room for more upside.</p>
<div class="lb-trans"><p>這個增長故事還沒有結束，且沒有跡象表明該公司已經完全飽和市場。儘管如此，如果股票定價不合理，可能就沒有更多的上漲空間。</p>
</div><h2>The stock carries a reasonable price tag, considering its growth</h2>
<div class="lb-trans"><h2>考慮到其增長，股票的價格合理</h2>
</div><p>Nvidia is a fully mature company, so the best way to assess the stock's valuation is to look at its earnings. From a trailing earnings perspective, the stock isn't the cheapest at 54 times trailing earnings.</p>
<div class="lb-trans"><p>英偉達是一家完全成熟的公司，因此評估股票估值的最佳方法是查看其收益。從過去的收益來看，該股票的市盈率為 54 倍，並不是最便宜的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/205c2d0ecc0d249662272fdf5510c4ea.png" alt="" original-src="https://media.ycharts.com/charts/205c2d0ecc0d249662272fdf5510c4ea.png"/></p>
<p>NVDA PE ratio, data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>NVDA 市盈率，數據來源於 YCharts；市盈率 = 價格與收益的比率。</p>
</div><p>However, considering that it is expected to grow so much over the next year, using trailing earnings may be a flawed metric. If we value the stock based on fiscal 2026 earnings, it trades for 31 times earnings. That's right in line with where many other big techs trade, so Nvidia actually isn't overpriced right now -- it's right in line with its peers.</p>
<div class="lb-trans"><p>然而，考慮到預計在未來一年內將有如此大的增長，使用過去的收益可能是一個有缺陷的指標。如果我們根據 2026 財年的收益來評估該股票，其市盈率為 31 倍。這與許多其他大型科技公司的市盈率相符，因此英偉達實際上並不高估——它的估值與同行相當。</p>
</div><p>This can give investors confidence to buy it right now, even if the stock goes back to all-time highs.</p>
<div class="lb-trans"><p>這可以讓投資者有信心現在就購買，即使股票回到歷史高點。</p>
</div><p>The AI trend is far from over, and Nvidia is expected to benefit from increased spending. Even though the stock has done remarkably well over the past few years, there's still room for more upside, and I project that it will still beat the market for years to come.</p>
<div class="lb-trans"><p>AI 趨勢遠未結束，預計英偉達將受益於支出的增加。儘管該股票在過去幾年表現出色，但仍有更多的上漲空間，我預計它在未來幾年仍將超越市場。</p>
</div>

Should You Buy the Dip on Nvidia Stock?

- Nvidia 股票近期下跌約 10%，被視為買入機會。  
- 公司在人工智能領域受益顯著，預計 2026 財年收入將增長 52%。  
- 儘管市盈率為 54 倍，但基於未來收益估值合理，投資者可放心買入。  

你是否應該在英偉達股票下跌時買入？