<p><strong>英偉達</strong>(NVDA -5.74%) 自 2023 年以來一直是 <em>人工智能</em> (AI) 股票的首選。其在此期間的表現令人驚歎，最新的業績也不例外。然而，華爾街似乎對這隻股票感到厭倦。</p>
<p>就像一個體育特許經營在王朝初期可能受到喜愛，但在結束時卻被厭惡一樣，英偉達似乎不再吸引市場的關注。它報告了 2025 財年第四季度的出色業績（截至 1 月 26 日），但股票卻下跌了。</p>
<p>那麼，現在是增持這隻股票的好時機嗎？我有三個理由説明投資者應該看好英偉達的股票，而不是看空。</p>
<h2>1. Blackwell 增長</h2>
<p>英偉達的圖形處理單元 (GPU) 推動了人工智能革命，因為它們可以並行競爭。這使得它們非常適合處理複雜的計算任務，比如訓練 AI 模型。迄今為止，我們看到的大多數 AI 訓練都發生在英偉達的 Hopper 架構上，但這正在被其最新設計：Blackwell 取代。</p>
<p>Blackwell GPU 在性能上相較於之前的 Hopper 設計有顯著提升，包括 AI 訓練速度提高四倍。此外，AI 推理（即當 AI 模型接收到輸入時，用户期望得到輸出）比 Hopper 100 (H100) GPU 便宜 20 倍。Blackwell GPU 將開啓一個我們尚未經歷過的 AI 創新新階段，這將繼續推動英偉達在這一年中的增長。</p>
<p>儘管 Blackwell 芯片佔據了英偉達 356 億美元數據中心收入中的 110 億美元，但它們的生產仍在逐步提升。然而，這一提升也導致了華爾街在第四季度關注的一個負面因素：毛利率下降。英偉達的管理層對此有所意識，因為其毛利率從中高 70% 範圍下降至第四季度的 73%。這一趨勢預計將在第一季度持續，但到年底時會恢復，因為它們在生產 Blackwell GPU 時變得更加高效。</p>
<p>這裏需要知道的重點是，這些毛利率將會恢復，英偉達正在以客户為先，儘可能多地推出其創新的 Blackwell 芯片。這一提升將繼續推動英偉達的收入增長，投資者對此應該非常看好，即使其毛利率在短期內有所下降。</p>
<h2>2. 持續增長率</h2>
<p>在英偉達最近的增長中，從未有過一家如此規模的公司能夠維持如此強勁的增長率。在第四季度，收入同比增長 78%，環比增長 12%。對於第一季度，管理層預計收入為 430 億美元，表明同比增長 65% 和環比增長 9%。然而，英偉達的管理層有低估指導和超額交付的記錄，因此實際數字可能會高出幾個百分點。</p>
<p>對於一家如此規模的公司來説，這樣的增長令人震驚，華爾街預計這種增長將在今年和明年持續。對於當前財年和下一個財年，華爾街分析師預計收入增長 57% 和 22%，遠遠超過許多英偉達的大型科技同行。</p>
<p>在人工智能領域和其他英偉達支持的行業中，仍然有大量的增長空間。英偉達的增長遠未結束，這也是購買該股票的另一個看漲理由。</p>
<h2>3. 英偉達的股票現在幾乎便宜</h2>
<p>在過去幾年中，英偉達的股票有時看起來相當昂貴，但我認為它們現在開始顯得相當便宜。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9fc9e6f35cb062dfe0cfb5ed650a777.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/d9fc9e6f35cb062dfe0cfb5ed650a777.png"/></p>
<p>NVDA 市盈率數據來源於 YCharts。</p>
<p>英偉達現在的交易價格約為過去收益的 43 倍和未來收益的 28 倍，並且正在發佈驚人的增長數據。我們將其與其他一些大型科技公司（如一些 “七大奇蹟”）進行對比。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/209587ef0825afe42d6b1f2861d9c219.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/209587ef0825afe42d6b1f2861d9c219.png"/></p>
<p>NVDA 市盈率數據來源於 YCharts。</p>
<p>雖然英偉達在過去的市盈率中仍然是最昂貴的，但差距並不大。當考慮未來收益時，英偉達是這些大型科技公司中最便宜的。</p>
<p>那麼，為什麼你會購買這三家公司中的任何一家，而不選擇購買這家從互聯網以來最重要的創新中受益最多的公司呢？這正是為什麼英偉達現在是一個絕對值得購買的股票，投資者應該在其最新財報的疲軟後增持該股票。</p>

英偉達財報，一站看懂！

英偉達

<p>英偉達的股票被視為強烈買入，原因有三：1）Blackwell GPU 的推出顯著提升了人工智能訓練性能，預計將推動收入增長，儘管毛利率暫時下降。2）持續的高增長率，第四季度收入同比增長 78%，第一季度的強勁預測。3）與其他科技巨頭相比，英偉達的股票變得相對便宜，當前市盈率為 43 倍，未來市盈率為 28 倍，使其成為一個有吸引力的投資機會</p>

<p><strong>Nvidia</strong>(NVDA -5.74%) has been <em>the</em> artificial intelligence (AI) stock to own since 2023. Its performance over this time frame has been incredible, and its latest results were no exception. However, Wall Street seems to be getting bored with the stock.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -5.74%) 自 2023 年以來一直是 <em>人工智能</em> (AI) 股票的首選。其在此期間的表現令人驚歎，最新的業績也不例外。然而，華爾街似乎對這隻股票感到厭倦。</p>
</div><p>Similar to how a sports franchise may be loved at the start of a dynasty run, then hated by the end of it, Nvidia seems not to capture the attention of the market anymore. It reported fantastic fourth-quarter results for its fiscal 2025 year (ended Jan. 26), and yet the stock sold off.</p>
<div class="lb-trans"><p>就像一個體育特許經營在王朝初期可能受到喜愛，但在結束時卻被厭惡一樣，英偉達似乎不再吸引市場的關注。它報告了 2025 財年第四季度的出色業績（截至 1 月 26 日），但股票卻下跌了。</p>
</div><p>So is this an excellent time to load up on the stock? I've got three reasons why investors should be bullish on Nvidia's stock, not bearish.</p>
<div class="lb-trans"><p>那麼，現在是增持這隻股票的好時機嗎？我有三個理由説明投資者應該看好英偉達的股票，而不是看空。</p>
</div><h2>1. Blackwell growth</h2>
<div class="lb-trans"><h2>1. Blackwell 增長</h2>
</div><p>Nvidia's graphics processing units (GPUs) have powered the AI revolution because they can compete in parallel. This makes them perfectly suited to take on complex computing tasks like training AI models. Most of the AI training that we've seen to date has occurred on Nvidia's Hopper architecture, but that's being replaced by its latest design: Blackwell.</p>
<div class="lb-trans"><p>英偉達的圖形處理單元 (GPU) 推動了人工智能革命，因為它們可以並行競爭。這使得它們非常適合處理複雜的計算任務，比如訓練 AI 模型。迄今為止，我們看到的大多數 AI 訓練都發生在英偉達的 Hopper 架構上，但這正在被其最新設計：Blackwell 取代。</p>
</div><p>Blackwell GPUs provide significant performance boosts over the previous Hopper design, including four times faster AI training. Furthermore, AI inference (which is when an AI model is given an input and a user expects an output) is 20 times cheaper than the Hopper 100 (H100) GPU. Blackwell GPUs will unlock a new phase of AI innovation that we haven't experienced yet, and this will continue to be a boost for Nvidia throughout the year.</p>
<div class="lb-trans"><p>Blackwell GPU 在性能上相較於之前的 Hopper 設計有顯著提升，包括 AI 訓練速度提高四倍。此外，AI 推理（即當 AI 模型接收到輸入時，用户期望得到輸出）比 Hopper 100 (H100) GPU 便宜 20 倍。Blackwell GPU 將開啓一個我們尚未經歷過的 AI 創新新階段，這將繼續推動英偉達在這一年中的增長。</p>
</div><p>Although Blackwell chips made up $11 billion of Nvidia's $35.6 billion in data center revenue, they're still ramping up production on this game-changing product. However, this ramp-up also caused the one negative thing Wall Street focused on during Q4: falling gross margins. Nvidia's management was aware of this, as its gross margins fell from the mid-to high-70% range to 73% in Q4. This pattern should persist through Q1 but recover by the year's end as they become more efficient in producing Blackwell GPUs.</p>
<div class="lb-trans"><p>儘管 Blackwell 芯片佔據了英偉達 356 億美元數據中心收入中的 110 億美元，但它們的生產仍在逐步提升。然而，這一提升也導致了華爾街在第四季度關注的一個負面因素：毛利率下降。英偉達的管理層對此有所意識，因為其毛利率從中高 70% 範圍下降至第四季度的 73%。這一趨勢預計將在第一季度持續，但到年底時會恢復，因為它們在生產 Blackwell GPU 時變得更加高效。</p>
</div><p>The big item here is to know that these margins will recover, and Nvidia is putting the customer first by getting out as many of its innovative Blackwell chips as possible. This ramp-up will continue to cause Nvidia's revenue to rise, and investors should be very bullish about that, even if its gross margins take a short-term dip.</p>
<div class="lb-trans"><p>這裏需要知道的重點是，這些毛利率將會恢復，英偉達正在以客户為先，儘可能多地推出其創新的 Blackwell 芯片。這一提升將繼續推動英偉達的收入增長，投資者對此應該非常看好，即使其毛利率在短期內有所下降。</p>
</div><h2>2. Sustained growth rates</h2>
<div class="lb-trans"><h2>2. 持續增長率</h2>
</div><p>There has never been a company of Nvidia's size that has sustained growth rates as strong as it has during its recent run. In Q4, revenue was up 78% year over year and up 12% over Q3. For Q1, management expects $43 billion in revenue, indicating 65% year over year growth and 9% quarter over quarter growth. However, Nvidia's management has a track record of under-guiding and overdelivering, so the real figures may be a few percentage points higher.</p>
<div class="lb-trans"><p>在英偉達最近的增長中，從未有過一家如此規模的公司能夠維持如此強勁的增長率。在第四季度，收入同比增長 78%，環比增長 12%。對於第一季度，管理層預計收入為 430 億美元，表明同比增長 65% 和環比增長 9%。然而，英偉達的管理層有低估指導和超額交付的記錄，因此實際數字可能會高出幾個百分點。</p>
</div><p>That's stunning growth for a company of Nvidia's size, and Wall Street expects that growth to persist throughout this year and next. For the current fiscal year and next year, Wall Street analysts expect 57% revenue growth and 22% growth, far exceeding what many of Nvidia's big tech peers are putting up.</p>
<div class="lb-trans"><p>對於一家如此規模的公司來説，這樣的增長令人震驚，華爾街預計這種增長將在今年和明年持續。對於當前財年和下一個財年，華爾街分析師預計收入增長 57% 和 22%，遠遠超過許多英偉達的大型科技同行。</p>
</div><p>There is still plenty of growth left in the AI space and other industries that Nvidia supports. The growth is far from over for Nvidia, and it's another bullish reason to purchase the stock.</p>
<div class="lb-trans"><p>在人工智能領域和其他英偉達支持的行業中，仍然有大量的增長空間。英偉達的增長遠未結束，這也是購買該股票的另一個看漲理由。</p>
</div><h2>3. Nvidia's stock is borderline cheap right now</h2>
<div class="lb-trans"><h2>3. 英偉達的股票現在幾乎便宜</h2>
</div><p>Nvidia shares have sometimes looked rather expensive throughout their run-up over the past few years, but I'd say they're starting to look rather cheap.</p>
<div class="lb-trans"><p>在過去幾年中，英偉達的股票有時看起來相當昂貴，但我認為它們現在開始顯得相當便宜。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9fc9e6f35cb062dfe0cfb5ed650a777.png" alt="" original-src="https://media.ycharts.com/charts/d9fc9e6f35cb062dfe0cfb5ed650a777.png"/></p>
<p>NVDA PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率數據來源於 YCharts。</p>
</div><p>Nvidia now trades for about 43 times trailing earnings and 28 times forward earnings and is posting phenomenal growth figures. Let's contrast that with other common big tech companies (like some of the Magnificent Seven).</p>
<div class="lb-trans"><p>英偉達現在的交易價格約為過去收益的 43 倍和未來收益的 28 倍，並且正在發佈驚人的增長數據。我們將其與其他一些大型科技公司（如一些 “七大奇蹟”）進行對比。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/209587ef0825afe42d6b1f2861d9c219.png" alt="" original-src="https://media.ycharts.com/charts/209587ef0825afe42d6b1f2861d9c219.png"/></p>
<p>NVDA PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率數據來源於 YCharts。</p>
</div><p>While Nvidia is still the most expensive by its trailing P/E ratio, it's not by much. When forward earnings are considered, Nvidia is the cheapest of these other big tech companies.</p>
<div class="lb-trans"><p>雖然英偉達在過去的市盈率中仍然是最昂貴的，但差距並不大。當考慮未來收益時，英偉達是這些大型科技公司中最便宜的。</p>
</div><p>So, why would you buy any of these other three when you can buy the company with the most to benefit from the most important innovation since the Internet? That's exactly why Nvidia is a screaming buy right now, and investors should be loading up on the stock after the weakness from its latest earnings report.</p>
<div class="lb-trans"><p>那麼，為什麼你會購買這三家公司中的任何一家，而不選擇購買這家從互聯網以來最重要的創新中受益最多的公司呢？這正是為什麼英偉達現在是一個絕對值得購買的股票，投資者應該在其最新財報的疲軟後增持該股票。</p>
</div>

3 Reasons Why I'm Buying Nvidia's Stock Like There's No Tomorrow

- Nvidia 在 2023 年以來成為人工智能領域的熱門股票。  
- 第四季度財報顯示收入同比增長 78%，預計 Q1 收入為 430 億美元。  
- 儘管毛利率短期下滑，Nvidia 的 Blackwell 芯片將推動長期增長。  

我買入英偉達股票的三個理由，彷彿沒有未來