<p><strong>英偉達</strong>(NVDA -3.12%) 目前在人工智能（AI）芯片市場中無可爭議地處於領先地位。它的收入和盈利都在快速增長，市場普遍預期未來還有更多增長，這也是許多投資者儘管面臨高估值仍然願意購買該股票的原因。</p>
<p>英偉達的兩個主要競爭對手，<strong>超微半導體</strong> 和 <strong>英特爾</strong>，希望能夠逐步蠶食其市場份額。雖然一些客户可能希望多樣化其供應鏈並探索更便宜的選擇，但英偉達最近發佈的新顯卡表明，它並不打算輕易放棄任何市場份額。</p>
<h2>新款英偉達顯卡的價格低於預期</h2>
<p>超微和英特爾可能贏得客户的一種方式是提供價格更為適中的芯片。雖然英偉達的高性能芯片需求旺盛，但價格並不便宜。開發 AI 模型和聊天機器人的科技公司已經表明，他們願意為這些芯片支付溢價，但價格在未來的購買決策中可能會發揮更大作用，尤其是如果超微或英特爾能夠證明他們的芯片並沒有顯著降低英偉達最新產品的性能。</p>
<p>但英偉達正在表明它願意在價格上採取更積極的策略。1 月 6 日，該公司發佈了最新的 GeForce RTX 50 顯卡，令一些分析師感到驚訝的是，許多新卡的定價低於之前的 RTX 40 系列，儘管提供了顯著的性能升級。</p>
<p>英偉達還宣佈了 Project Digits——它將推出的第一款台式電腦。但以 3000 美元的價格，這並不便宜，主要是為程序員設計的。</p>
<h2>英偉達強大的利潤率使其能夠採取激進的定價策略</h2>
<p>當一家公司像英偉達一樣龐大且盈利豐厚時，它在價格競爭和追求更激進的機會方面處於極佳的位置。該公司不僅在多年來大幅增長了收入，同時也提高了利潤率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7b7acfdf58f91db6feb9fc9df6aeb5.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/4c7b7acfdf58f91db6feb9fc9df6aeb5.png"/></p>
<p>NVDA 營業收入（季度同比增長）數據來源於 YCharts。</p>
<p>憑藉如此強大的利潤率，該公司可以承受以較低價格提供部分產品的成本，因為它仍然能夠保持高水平的盈利能力。這樣做可能會阻礙競爭對手，因為超微或英特爾的芯片可能沒有足夠的價格優勢來贏得客户。</p>
<p>有報道稱，超微由於英偉達的公告及其帶來的價格壓力，正在推遲新款 Radeon RX 9000 系列芯片的正式發佈。</p>
<h2>投資者是否應該大量購買英偉達的股票？</h2>
<p>在過去三個月中，英偉達的股票已經趨於平穩，投資者似乎對在當前價格水平上購買該股票有所猶豫。該公司的市值為 3.4 萬億美元，當前的前瞻市盈率為 32，略高於 <strong>科技精選行業 SPDR 基金</strong> 的平均水平 30。然而，考慮到英偉達的增長潛力，略高於平均科技股的溢價是合理的。</p>
<p>鑑於英偉達未來的長期增長機會，很難不將其視為長期投資的良好選擇。公司的財務狀況非常良好，隨着英偉達在定價上採取更積極的策略並擴展增長機會，預計未來幾年的銷售和利潤可能會進一步增長。總體而言，儘管估值較高，但這可能是一個值得購買和持有的良好成長股。</p>

英偉達

<p>英偉達繼續主導人工智能芯片市場，最近推出了其新的 GeForce RTX 50 顯卡，價格低於預期，同時提供了顯著的性能升級。這一激進的定價策略可能會對競爭對手 AMD 和 Intel 構成挑戰，後者在爭奪市場份額方面面臨困難。英偉達強勁的利潤率使其在價格競爭中仍能保持盈利。儘管英偉達的股票已經趨於平穩，但其長期增長潛力和穩健的財務狀況使其成為一個有吸引力的投資選擇，儘管估值較高</p>

<p><strong>Nvidia</strong>(NVDA -3.12%) is the undisputed leader in the artificial intelligence (AI) chip market these days. It has been generating fantastic growth in both its revenue and earnings, and the expectation that there's much more growth ahead is why many investors aren't shying away from buying the stock, despite its high valuations.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -3.12%) 目前在人工智能（AI）芯片市場中無可爭議地處於領先地位。它的收入和盈利都在快速增長，市場普遍預期未來還有更多增長，這也是許多投資者儘管面臨高估值仍然願意購買該股票的原因。</p>
</div><p>Two of Nvidia's key rivals, <strong>Advanced Micro Devices</strong> and <strong>Intel</strong>, are hoping to chip away at its market share. While it's possible that some of its customers may want to diversify their supply chains and explore cheaper options, Nvidia's recent announcement of its new graphics cards is a sign that it isn't about to relinquish any of its market share easily.</p>
<div class="lb-trans"><p>英偉達的兩個主要競爭對手，<strong>超微半導體</strong> 和 <strong>英特爾</strong>，希望能夠逐步蠶食其市場份額。雖然一些客户可能希望多樣化其供應鏈並探索更便宜的選擇，但英偉達最近發佈的新顯卡表明，它並不打算輕易放棄任何市場份額。</p>
</div><h2>New Nvidia cards are cheaper than expected</h2>
<div class="lb-trans"><h2>新款英偉達顯卡的價格低於預期</h2>
</div><p>One way AMD and Intel could potentially win over customers is by offering them more modestly priced chips. While Nvidia's high-performing chips are in heavy demand, they don't come cheap. Tech companies developing AI models and chatbots have shown that they are willing to pay a premium for the chips, but price could play a bigger role in purchasing decisions down the road, especially if AMD or Intel can prove that their chips aren't significant downgrades from Nvidia's latest offerings.</p>
<div class="lb-trans"><p>超微和英特爾可能贏得客户的一種方式是提供價格更為適中的芯片。雖然英偉達的高性能芯片需求旺盛，但價格並不便宜。開發 AI 模型和聊天機器人的科技公司已經表明，他們願意為這些芯片支付溢價，但價格在未來的購買決策中可能會發揮更大作用，尤其是如果超微或英特爾能夠證明他們的芯片並沒有顯著降低英偉達最新產品的性能。</p>
</div><p>But Nvidia is showing that it's willing to be a bit more aggressive on price. On Jan. 6, the company unveiled its latest GeForce RTX 50 cards, and what took some analysts by surprise was that many of them will be priced lower than the previous RTX 40 series, despite offering significant performance upgrades.</p>
<div class="lb-trans"><p>但英偉達正在表明它願意在價格上採取更積極的策略。1 月 6 日，該公司發佈了最新的 GeForce RTX 50 顯卡，令一些分析師感到驚訝的是，許多新卡的定價低於之前的 RTX 40 系列，儘管提供了顯著的性能升級。</p>
</div><p>Nvidia also announced Project Digits -- the first desktop computer it will make. But at a price tag of $3,000, it isn't cheap, and is designed primarily for programmers.</p>
<div class="lb-trans"><p>英偉達還宣佈了 Project Digits——它將推出的第一款台式電腦。但以 3000 美元的價格，這並不便宜，主要是為程序員設計的。</p>
</div><h2>Nvidia's strong margins allow it to be aggressive</h2>
<div class="lb-trans"><h2>英偉達強大的利潤率使其能夠採取激進的定價策略</h2>
</div><p>When a company is as big and profitable as Nvidia is, it's in an excellent position to compete on price and also pursue more aggressive opportunities. Not only has the company drastically grown its revenue over the years, it has done so while increasing its profit margins.</p>
<div class="lb-trans"><p>當一家公司像英偉達一樣龐大且盈利豐厚時，它在價格競爭和追求更激進的機會方面處於極佳的位置。該公司不僅在多年來大幅增長了收入，同時也提高了利潤率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7b7acfdf58f91db6feb9fc9df6aeb5.png" alt="" original-src="https://media.ycharts.com/charts/4c7b7acfdf58f91db6feb9fc9df6aeb5.png"/></p>
<p>NVDA Operating Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 營業收入（季度同比增長）數據來源於 YCharts。</p>
</div><p>With such strong margins, the company can afford to offer some of its wares at lower prices, knowing that it can still maintain a high level of profitability. Doing so could potentially thwart competitors, as chips from AMD or Intel may not be comparatively cheap enough to win over customers.</p>
<div class="lb-trans"><p>憑藉如此強大的利潤率，該公司可以承受以較低價格提供部分產品的成本，因為它仍然能夠保持高水平的盈利能力。這樣做可能會阻礙競爭對手，因為超微或英特爾的芯片可能沒有足夠的價格優勢來贏得客户。</p>
</div><p>There are reports that AMD is holding back the official launch of its new Radeon RX 9000 series chips due to Nvidia's announcement and the pricing pressure that has come as a result of it.</p>
<div class="lb-trans"><p>有報道稱，超微由於英偉達的公告及其帶來的價格壓力，正在推遲新款 Radeon RX 9000 系列芯片的正式發佈。</p>
</div><h2>Should investors load up on Nvidia's stock?</h2>
<div class="lb-trans"><h2>投資者是否應該大量購買英偉達的股票？</h2>
</div><p>Nvidia's stock has plateaued in the past three months, and investors appear to be having some hesitancy about buying it at its current levels. The company, which has a market cap of $3.4 trillion, is trading at a forward price-to-earnings multiple of 32, which is slightly higher than the <strong>Technology Select Sector SPDR Fund</strong>'s average of 30. However, given the growth beast that Nvidia is, a bit of a premium over the average tech stock may certainly be warranted.</p>
<div class="lb-trans"><p>在過去三個月中，英偉達的股票已經趨於平穩，投資者似乎對在當前價格水平上購買該股票有所猶豫。該公司的市值為 3.4 萬億美元，當前的前瞻市盈率為 32，略高於 <strong>科技精選行業 SPDR 基金</strong> 的平均水平 30。然而，考慮到英偉達的增長潛力，略高於平均科技股的溢價是合理的。</p>
</div><p>Given the long-term growth opportunities ahead for Nvidia, it's hard not to like the stock as a long-term buy. The company's financials are in excellent shape, and with Nvidia looking to be more aggressive on pricing and expanding its growth opportunities, it's not unreasonable to expect that its sales and profits can go even higher in the years ahead. Overall, it could be a good growth stock to buy and hold onto, despite its high valuation.</p>
<div class="lb-trans"><p>鑑於英偉達未來的長期增長機會，很難不將其視為長期投資的良好選擇。公司的財務狀況非常良好，隨着英偉達在定價上採取更積極的策略並擴展增長機會，預計未來幾年的銷售和利潤可能會進一步增長。總體而言，儘管估值較高，但這可能是一個值得購買和持有的良好成長股。</p>
</div>

Why Nvidia's New Graphics Cards Could Be Bad News for AMD and Intel

- Nvidia 是人工智能芯片市場的領導者，收入和盈利持續增長。  
- 其新發布的顯卡價格低於預期，顯示出價格競爭的意圖。  
- 儘管估值較高，長期增長潛力使其股票仍具吸引力。

為什麼英偉達的新顯卡可能對 AMD 和英特爾來説是個壞消息