<p><strong>英偉達</strong>（NVDA 2.63%）的股票並不常常便宜，過去幾年每次下跌都是一個絕佳的買入機會。目前，由於 DeepSeek 革命性的人工智能（AI）模型的恐慌，英偉達的股價仍遠低於歷史最高點，該模型據説訓練成本比大多數美國模型更低。普遍的擔憂是，訓練 AI 模型所需的計算能力沒有想象中那麼多，這將對英偉達的業務造成傷害。</p>
<p>雖然這種想法有一定道理，但我認為並不準確，因為一些英偉達最大客户的支出預測持續上升。因此，我認為歷史將重演，現在是英偉達股票的絕佳買入機會。</p>
<h2>英偉達的收入將在 2025 年大幅上升</h2>
<p>英偉達在過去幾年中佔據主導地位，因為它推動了大量的 AI 創新。其圖形處理單元（GPU）可以並行處理計算，這使得它們在訓練 AI 模型等高強度工作負載中更為有效。此外，當公司購買 GPU 時，通常不會只買一兩個，而是購買成千上萬的 GPU 並將其連接成集羣，進一步增強計算能力。英偉達的 GPU 已成為 AI 領域的首選，其業績也證明了這一點。</p>
<p>英偉達每個季度都報告了出色的收入增長，推動股價達到新高。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/96bb7c087d106d814068e006fe57c125.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/96bb7c087d106d814068e006fe57c125.png"/></p>
<p>NVDA 收入（TTM）數據來自 YCharts</p>
<p>雖然英偉達的收入增長確實在放緩，但 94% 的增長率並不令人失望。隨着英偉達業務的擴大，其增長率自然會放緩，因為規模越大，增長就越困難。不過，這並沒有阻止英偉達發佈令人矚目的增長數字：華爾街分析師預計 2025 財年第三季度增長 72%，2026 財年增長 52%，達到 1960 億美元。</p>
<p>然而，在 DeepSeek 宣佈了一種更高效的訓練生成 AI 模型的方法後，這些數字受到質疑。雖然這些效率提升是真實的，許多公司正在努力將其整合到他們的模型中，但這並不改變處理所有這些 AI 工作負載所需的計算基礎設施要多得多的事實。這導致許多英偉達最大的客户表示，他們 2025 年的資本支出將遠高於往年。</p>
<p><strong>Meta Platforms</strong>（META 1.11%）表示，今年將花費 600 億到 650 億美元用於資本支出。<strong>Alphabet</strong>（GOOG -0.54%）（GOOGL -0.49%）的支出甚至更高，達到 750 億美元。<strong>亞馬遜</strong>（AMZN -0.73%）預計 2025 年的資本支出將達到約 1000 億美元。顯然，2025 年的支出水平將前所未有。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b2d22705033e3b9de2054ba0a55d5054.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/b2d22705033e3b9de2054ba0a55d5054.png"/></p>
<p>META 資本支出（TTM）數據來自 YCharts</p>
<p>這對英偉達的業務是個好兆頭，因為這些公司是其最大的客户之一。顯然，英偉達的業務在未來一年及更長時間內將保持強勁。再加上英偉達的股票目前處於低價，我認為未來對這隻股票和公司來説都是光明的。</p>
<h2>英偉達的股票在類似估值水平下表現良好</h2>
<p>上一次英偉達的股票在市盈率（P/E）指標上如此便宜是在 2024 年 8 月。從那時起，儘管受到 DeepSeek 引發的拋售，股價仍上漲了約 25%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9dc4da754482e42fd6d6b034213aa7b.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/d9dc4da754482e42fd6d6b034213aa7b.png"/></p>
<p>NVDA 市盈率數據來自 YCharts</p>
<p>要找到英偉達的股票在未來收益低於 30 倍的交易情況，還要追溯到 2024 年 5 月，而從那個水平起，股價幾乎上漲了 60%。</p>
<p>這些回報令人難以置信，任何投資者都會對投資組合中有這樣的股票感到滿意。</p>
<p>歷史站在英偉達這一邊，股票看起來歷史上便宜。許多英偉達最大的客户表示，AI 支出將持續增加，這對股票和公司都是好兆頭。因此，英偉達的股票現在看起來是一個強勁的買入機會。</p>

谷歌-C

亞馬遜

英偉達

谷歌-A

<p>英偉達的股票目前處於近一年未見的低點，呈現出潛在的買入機會。儘管對人工智能訓練效率的擔憂，Meta、Alphabet 和亞馬遜等主要客户預計將在 2025 年大幅增加資本支出，這對英偉達的收入增長是個好兆頭。分析師預計英偉達在未來幾年將實現顯著的增長率，歷史趨勢表明，在這個估值水平買入可能會帶來強勁的回報。總體而言，英偉達的股票在此時看來是一個強烈的買入機會</p>

<p><strong>Nvidia</strong>'s (NVDA 2.63%) stock isn't cheap all that often, and any time it has sold off over the past few years has been an incredible buying opportunity. Right now, Nvidia is still well off of its all-time high thanks to the scare caused by DeepSeek's revolutionary artificial intelligence (AI) model, which was reportedly trained more cheaply than most U.S. models. The prevailing fear is that not as much computing power is needed to train AI models as once thought, which would harm Nvidia's business.</p>
<div class="lb-trans"><p><strong>英偉達</strong>（NVDA 2.63%）的股票並不常常便宜，過去幾年每次下跌都是一個絕佳的買入機會。目前，由於 DeepSeek 革命性的人工智能（AI）模型的恐慌，英偉達的股價仍遠低於歷史最高點，該模型據説訓練成本比大多數美國模型更低。普遍的擔憂是，訓練 AI 模型所需的計算能力沒有想象中那麼多，這將對英偉達的業務造成傷害。</p>
</div><p>While there is some merit to this thinking, I don't think it's accurate, as the spending projections from some of Nvidia's biggest clients keep increasing. As a result, I think history will repeat itself, making right now a fantastic buying opportunity for Nvidia's stock.</p>
<div class="lb-trans"><p>雖然這種想法有一定道理，但我認為並不準確，因為一些英偉達最大客户的支出預測持續上升。因此，我認為歷史將重演，現在是英偉達股票的絕佳買入機會。</p>
</div><h2>Nvidia's revenue will dramatically rise again in 2025</h2>
<div class="lb-trans"><h2>英偉達的收入將在 2025 年大幅上升</h2>
</div><p>Nvidia has been dominant over the past few years because it is powering a large chunk of the AI innovations. Its graphics processing units (GPUs) can process calculations in parallel, which makes them far more useful for intense workloads like training an AI model. Furthermore, when companies buy a GPU, they don't buy just one or two; they buy thousands and connect them in clusters, further amplifying their computing power. Nvidia's GPUs have become the top pick for anyone in the AI field, as its results back it up.</p>
<div class="lb-trans"><p>英偉達在過去幾年中佔據主導地位，因為它推動了大量的 AI 創新。其圖形處理單元（GPU）可以並行處理計算，這使得它們在訓練 AI 模型等高強度工作負載中更為有效。此外，當公司購買 GPU 時，通常不會只買一兩個，而是購買成千上萬的 GPU 並將其連接成集羣，進一步增強計算能力。英偉達的 GPU 已成為 AI 領域的首選，其業績也證明了這一點。</p>
</div><p>Nvidia has reported stellar revenue growth quarter after quarter, driving the stock to new heights.</p>
<div class="lb-trans"><p>英偉達每個季度都報告了出色的收入增長，推動股價達到新高。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/96bb7c087d106d814068e006fe57c125.png" alt="" original-src="https://media.ycharts.com/charts/96bb7c087d106d814068e006fe57c125.png"/></p>
<p>NVDA Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>NVDA 收入（TTM）數據來自 YCharts</p>
</div><p>While it's true Nvidia's revenue growth is slowing, 94% growth is nothing to be disappointed with. As Nvidia becomes a larger business, its growth rate will naturally slow, as it becomes harder to grow the larger you get. Still, that isn't stopping Nvidia from posting jaw-dropping growth numbers: Wall Street analysts expect 72% growth for Q3 FY 2025 and 52% growth to $196 billion for FY 2026.</p>
<div class="lb-trans"><p>雖然英偉達的收入增長確實在放緩，但 94% 的增長率並不令人失望。隨着英偉達業務的擴大，其增長率自然會放緩，因為規模越大，增長就越困難。不過，這並沒有阻止英偉達發佈令人矚目的增長數字：華爾街分析師預計 2025 財年第三季度增長 72%，2026 財年增長 52%，達到 1960 億美元。</p>
</div><p>However, those numbers were called into question after DeepSeek announced a more efficient way to train its generative AI model. While these efficiency gains are real, and many companies are working to integrate them into their models, they don't change the fact that a lot more computing infrastructure is needed to handle all these AI workloads. This has led to many of Nvidia's largest clients stating that their capital expenditures for 2025 will be much higher than in previous years.</p>
<div class="lb-trans"><p>然而，在 DeepSeek 宣佈了一種更高效的訓練生成 AI 模型的方法後，這些數字受到質疑。雖然這些效率提升是真實的，許多公司正在努力將其整合到他們的模型中，但這並不改變處理所有這些 AI 工作負載所需的計算基礎設施要多得多的事實。這導致許多英偉達最大的客户表示，他們 2025 年的資本支出將遠高於往年。</p>
</div><p><strong>Meta Platforms</strong>(META 1.11%) stated that it will spend $60 billion to $65 billion on capital expenditures this year. <strong>Alphabet</strong>'s (GOOG -0.54%)(GOOGL -0.49%) is even higher at $75 billion. <strong>Amazon</strong>(AMZN -0.73%) tops the charts with around $100 billion in capital expenditures expected for 2025. It's clear that there will be an unprecedented level of spending in 2025.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META 1.11%）表示，今年將花費 600 億到 650 億美元用於資本支出。<strong>Alphabet</strong>（GOOG -0.54%）（GOOGL -0.49%）的支出甚至更高，達到 750 億美元。<strong>亞馬遜</strong>（AMZN -0.73%）預計 2025 年的資本支出將達到約 1000 億美元。顯然，2025 年的支出水平將前所未有。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b2d22705033e3b9de2054ba0a55d5054.png" alt="" original-src="https://media.ycharts.com/charts/b2d22705033e3b9de2054ba0a55d5054.png"/></p>
<p>META Capital Expenditures (TTM) data by YCharts</p>
<div class="lb-trans"><p>META 資本支出（TTM）數據來自 YCharts</p>
</div><p>This bodes well for Nvidia's business, as these companies are among its biggest clients. Clearly, Nvidia's business will remain strong over the next year and likely well past that. Combined with Nvidia's stock being on sale, I'd say the future looks bright for both the stock and the company.</p>
<div class="lb-trans"><p>這對英偉達的業務是個好兆頭，因為這些公司是其最大的客户之一。顯然，英偉達的業務在未來一年及更長時間內將保持強勁。再加上英偉達的股票目前處於低價，我認為未來對這隻股票和公司來説都是光明的。</p>
</div><h2>Nvidia's stock has performed well for investors who bought at similar valuation levels</h2>
<div class="lb-trans"><h2>英偉達的股票在類似估值水平下表現良好</h2>
</div><p>The last time Nvidia's stock was this cheap in terms of its trailing price-to-earnings (P/E) metric was in August 2024. Since then, the stock has risen around 25%, even with the DeepSeek-induced sell-off.</p>
<div class="lb-trans"><p>上一次英偉達的股票在市盈率（P/E）指標上如此便宜是在 2024 年 8 月。從那時起，儘管受到 DeepSeek 引發的拋售，股價仍上漲了約 25%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9dc4da754482e42fd6d6b034213aa7b.png" alt="" original-src="https://media.ycharts.com/charts/d9dc4da754482e42fd6d6b034213aa7b.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率數據來自 YCharts</p>
</div><p>You have to go even further back to find when Nvidia's stock was trading under 30 times forward earnings. That was in May 2024, and the stock has risen nearly 60% from that level.</p>
<div class="lb-trans"><p>要找到英偉達的股票在未來收益低於 30 倍的交易情況，還要追溯到 2024 年 5 月，而從那個水平起，股價幾乎上漲了 60%。</p>
</div><p>Those are incredible returns, and any investor would be satisfied with a stock like that in their portfolio.</p>
<div class="lb-trans"><p>這些回報令人難以置信，任何投資者都會對投資組合中有這樣的股票感到滿意。</p>
</div><p>History is on Nvidia's side, and the stock looks historically cheap. Many of Nvidia's largest clients have stated that AI spending is going to keep increasing, which bodes well for the stock and the company. As a result, Nvidia's stock looks like a strong buy right now.</p>
<div class="lb-trans"><p>歷史站在英偉達這一邊，股票看起來歷史上便宜。許多英偉達最大的客户表示，AI 支出將持續增加，這對股票和公司都是好兆頭。因此，英偉達的股票現在看起來是一個強勁的買入機會。</p>
</div>

Nvidia's Stock Hasn't Been This Cheap in Nearly a Year. Here's What History Says Happens Next.

- Nvidia 股票當前價格較低，歷史上每次回調都是買入良機。  
- 預計 2025 年 Nvidia 收入將大幅增長，主要客户資本支出顯著增加。  
- Nvidia 股票被認為是強勁買入機會，未來前景樂觀。

英偉達的股票近一年以來從未如此便宜。歷史告訴我們接下來可能會發生什麼