<p>如果投資者有一件事是非常不喜歡的，那就是不確定性。目前，從新關税、中東和歐洲的地緣政治動盪、失業救濟申請等經濟指標——甚至還有一些滯脹的低語——都讓投資者感到不安。</p>
<p>在過去兩年飆升至創紀錄高位後，<strong>納斯達克綜合指數</strong> 開始下滑——大型科技股以史詩般的方式大幅拋售。在過去一個月中，人工智能（AI）明星 <strong>英偉達</strong>（NVDA -0.66%）的市值大約損失了 6000 億美元，股價下跌了 16%。</p>
<p>英偉達是否還會繼續下跌，還是現在是利用市場下滑和買入的良機？</p>
<h2>英偉達的業務看起來處於良好位置</h2>
<p>股價的走勢與特定企業的基本面並不總是相關。儘管英偉達的股票已經連續幾周下滑，但下面的財務概況顯示出一個相當引人注目的圖景——這表明英偉達的產品和服務需求旺盛，公司能夠以高利潤率滿足這一需求。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d21904b20a0e71c3fe1177d3ada268b.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/7d21904b20a0e71c3fe1177d3ada268b.png"/></p>
<p>NVDA 季度收入數據來自 YCharts</p>
<p>評估英偉達未來的一個好方法是關注其客户的動態。英偉達的一些最大客户包括雲計算巨頭 <strong>微軟</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>亞馬遜</strong>，以及另一位 “七大巨頭” 成員 <strong>Meta Platforms</strong>。</p>
<p>這些公司最近公佈了 2024 日曆年的財報。在各自的財報電話會議上，投資者瞭解到這些人工智能巨頭計劃在今年的高端指導下花費超過 3200 億美元用於人工智能基礎設施。</p>
<p>考慮到數據中心 GPU 市場的競爭仍然有限，我認為英偉達很可能會從其最大現有客户的資本支出（capex）上升中受益匪淺。</p>
<h2>英偉達的產品線看起來令人驚歎</h2>
<p>在過去一年中，投資者不斷聽到關於英偉達下一代 GPU 架構 Blackwell 的討論。好消息是，Blackwell 終於來了，其初步結果並沒有讓人失望。在第四季度，Blackwell 的收入達到了 110 億美元——這超過了英偉達首席財務官科萊特·克雷斯的內部預期。</p>
<p>雖然 Blackwell 預計將在短期內成為英偉達最新的增長引擎，但公司已經在開發一系列不容忽視的新產品。</p>
<p>就在幾天前，英偉達首席執行官黃仁勳在公司的高調 GTC 大會上發表了演講。除了 Blackwell，黃還展示了一系列名為 Blackwell Ultra、Rubin 和 Rubin Ultra 的後續架構。在接下來的幾年中，英偉達預計將繼續發佈其市場領先的 GPU 的改進版本。</p>
<p>在我看來，以上提到的大型科技公司的支出預測表明，人工智能仍然是首要任務，我認為這支持英偉達加大研發（R&amp;D）力度並繼續以光速創新的努力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNzkvZ2V0dHlpbWFnZXMtMTQ0MjczMjEzMy5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNzkvZ2V0dHlpbWFnZXMtMTQ0MjczMjEzMy5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>現在買入英偉達股票合適嗎？</h2>
<p>下圖展示了英偉達過去幾年的市盈率（P/E）倍數。以大約 40 的市盈率計算，英偉達的股票實際上接近五年來的最低估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e7a59594cab51f955abcc21d051c9637.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/e7a59594cab51f955abcc21d051c9637.png"/></p>
<p>NVDA 市盈率數據來自 YCharts</p>
<p>人工智能革命不僅是英偉達的風向標——它代表了公司運營的轉型，從主要專注於遊戲的業務轉變為現在為全球最大公司在人工智能領域提供多種應用的業務。</p>
<p>儘管股價暴跌可能給人一種看跌的印象，但本文分析的趨勢表明，英偉達的未來前景看起來非常光明。與歷史估值水平相比，股票似乎以低價交易，使得持續的拋售成為加倍投資和買入英偉達股票的絕佳機會。</p>

英偉達

<p>目前，由於各種因素，股市面臨不確定性，導致大型科技股出現大幅拋售，包括英偉達，其市值已損失約 6000 億美元。儘管如此，英偉達的業務基本面依然強勁，其產品需求旺盛，且新技術的前景樂觀。主要客户預計將大力投資於人工智能基礎設施，這對英偉達的增長前景有利。由於其股票的市盈率較低，分析師建議，在市場低迷之際，現在可能是購買英偉達股票的良機</p>

<p>If there is one thing that investors really don't like, it's uncertainty. Right now, a host of factors ranging from new tariffs, geopolitical unrest in the Middle East and Europe, economic indicators such as jobless claims -- and even some murmurings of stagflation -- have made investors uneasy.</p>
<div class="lb-trans"><p>如果投資者有一件事是非常不喜歡的，那就是不確定性。目前，從新關税、中東和歐洲的地緣政治動盪、失業救濟申請等經濟指標——甚至還有一些滯脹的低語——都讓投資者感到不安。</p>
</div><p>After soaring to record highs over the last two years, the <strong>Nasdaq Composite</strong> has turned southward -- and mega-cap tech stocks have sold off in epic fashion. In just the last month, artificial intelligence (AI) darling <strong>Nvidia</strong>(NVDA -0.66%) has lost roughly $600 billion in market value following a 16% drop in its share price.</p>
<div class="lb-trans"><p>在過去兩年飆升至創紀錄高位後，<strong>納斯達克綜合指數</strong> 開始下滑——大型科技股以史詩般的方式大幅拋售。在過去一個月中，人工智能（AI）明星 <strong>英偉達</strong>（NVDA -0.66%）的市值大約損失了 6000 億美元，股價下跌了 16%。</p>
</div><p>Could more drops be in store for Nvidia, or is now a lucrative opportunity to take advantage of the market slump and buy the dip?</p>
<div class="lb-trans"><p>英偉達是否還會繼續下跌，還是現在是利用市場下滑和買入的良機？</p>
</div><h2>Nvidia's business looks well-positioned</h2>
<div class="lb-trans"><h2>英偉達的業務看起來處於良好位置</h2>
</div><p>The direction in which a share price moves and the underlying business fundamentals for a specific business are not always correlated. Although shares of Nvidia have been sliding for several weeks now, the financial profile below shows a pretty compelling picture -- one that underscores the demand for Nvidia's products and services are in demand, and the company is able to fulfill this demand at a highly profitable rate.</p>
<div class="lb-trans"><p>股價的走勢與特定企業的基本面並不總是相關。儘管英偉達的股票已經連續幾周下滑，但下面的財務概況顯示出一個相當引人注目的圖景——這表明英偉達的產品和服務需求旺盛，公司能夠以高利潤率滿足這一需求。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d21904b20a0e71c3fe1177d3ada268b.png" alt="" original-src="https://media.ycharts.com/charts/7d21904b20a0e71c3fe1177d3ada268b.png"/></p>
<p>NVDA Revenue (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>NVDA 季度收入數據來自 YCharts</p>
</div><p>One good way to assess what Nvidia's future could look like is to pay attention to the moves of its customers. Some of Nvidia's largest clients include cloud hyperscalers <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong>, as well as another &#34;Magnificent Seven&#34; member, <strong>Meta Platforms</strong>.</p>
<div class="lb-trans"><p>評估英偉達未來的一個好方法是關注其客户的動態。英偉達的一些最大客户包括雲計算巨頭 <strong>微軟</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>亞馬遜</strong>，以及另一位 “七大巨頭” 成員 <strong>Meta Platforms</strong>。</p>
</div><p>Each of these companies recently reported earnings for the full calendar year 2024. During their respective earnings calls, investors learned that these AI behemoths are gearing up to spend north of $320 billion on AI infrastructure at the high end of their guidance this year.</p>
<div class="lb-trans"><p>這些公司最近公佈了 2024 日曆年的財報。在各自的財報電話會議上，投資者瞭解到這些人工智能巨頭計劃在今年的高端指導下花費超過 3200 億美元用於人工智能基礎設施。</p>
</div><p>Considering that competition in the data center GPU market is still limited, I think it's highly likely that Nvidia will benefit greatly from rising capital expenditures (capex) among its largest existing customers.</p>
<div class="lb-trans"><p>考慮到數據中心 GPU 市場的競爭仍然有限，我認為英偉達很可能會從其最大現有客户的資本支出（capex）上升中受益匪淺。</p>
</div><h2>Nvidia's pipeline looks incredible</h2>
<div class="lb-trans"><h2>英偉達的產品線看起來令人驚歎</h2>
</div><p>Over the past year, investors have been peppered with talking points about Nvidia's next-generation GPU architecture, Blackwell. Well, Blackwell is finally here, and its initial results did not disappoint. During the fourth quarter, revenue from Blackwell came in at $11 billion -- which was above management's internal estimates, according to Nvidia CFO Colette Kress.</p>
<div class="lb-trans"><p>在過去一年中，投資者不斷聽到關於英偉達下一代 GPU 架構 Blackwell 的討論。好消息是，Blackwell 終於來了，其初步結果並沒有讓人失望。在第四季度，Blackwell 的收入達到了 110 億美元——這超過了英偉達首席財務官科萊特·克雷斯的內部預期。</p>
</div><p>While Blackwell is expected to be Nvidia's latest growth engine in the near term, the company is already working on a line of new products that should not be overlooked.</p>
<div class="lb-trans"><p>雖然 Blackwell 預計將在短期內成為英偉達最新的增長引擎，但公司已經在開發一系列不容忽視的新產品。</p>
</div><p>Just a few days ago, Nvidia CEO Jensen Huang took the stage at the company's high-profile GTC conference. In addition to Blackwell, Huang showcased a lineup of successor architectures dubbed Blackwell Ultra, Rubin, and Rubin Ultra. Over the next couple of years, Nvidia is expected to continue releasing refined versions of its already market-leading GPUs.</p>
<div class="lb-trans"><p>就在幾天前，英偉達首席執行官黃仁勳在公司的高調 GTC 大會上發表了演講。除了 Blackwell，黃還展示了一系列名為 Blackwell Ultra、Rubin 和 Rubin Ultra 的後續架構。在接下來的幾年中，英偉達預計將繼續發佈其市場領先的 GPU 的改進版本。</p>
</div><p>In my eyes, the spending forecasts from big tech that I referenced above indicate that AI remains a top priority, and I think that supports Nvidia's efforts to double down on research and development (R&amp;D) and continue innovating at light speed.</p>
<div class="lb-trans"><p>在我看來，以上提到的大型科技公司的支出預測表明，人工智能仍然是首要任務，我認為這支持英偉達加大研發（R&amp;D）力度並繼續以光速創新的努力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNzkvZ2V0dHlpbWFnZXMtMTQ0MjczMjEzMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812079%2Fgettyimages-1442732133.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Is Nvidia stock a good buy right now?</h2>
<div class="lb-trans"><h2>現在買入英偉達股票合適嗎？</h2>
</div><p>The chart below illustrates Nvidia's price-to-earnings (P/E) multiple over the last several years. At a P/E of roughly 40, Nvidia stock is actually trading close to its cheapest valuation on a P/E basis in five years.</p>
<div class="lb-trans"><p>下圖展示了英偉達過去幾年的市盈率（P/E）倍數。以大約 40 的市盈率計算，英偉達的股票實際上接近五年來的最低估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e7a59594cab51f955abcc21d051c9637.png" alt="" original-src="https://media.ycharts.com/charts/e7a59594cab51f955abcc21d051c9637.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>The AI revolution has not just served as a bellwether for Nvidia -- it represented a transformative shift in the company's operation from primarily a business focused on gaming to one that is now fueling myriad applications across the AI realm for the world's largest companies.</p>
<div class="lb-trans"><p>人工智能革命不僅是英偉達的風向標——它代表了公司運營的轉型，從主要專注於遊戲的業務轉變為現在為全球最大公司在人工智能領域提供多種應用的業務。</p>
</div><p>While a cratering stock price may give the appearance of a bearish narrative, the trends analyzed in this piece suggest that Nvidia's future prospects look incredibly bright. Shares appear to be trading for a bargain compared to historical valuation levels, making the ongoing sell-off stock a terrific opportunity to double down and buy the dip in Nvidia stock.</p>
<div class="lb-trans"><p>儘管股價暴跌可能給人一種看跌的印象，但本文分析的趨勢表明，英偉達的未來前景看起來非常光明。與歷史估值水平相比，股票似乎以低價交易，使得持續的拋售成為加倍投資和買入英偉達股票的絕佳機會。</p>
</div>

Stock Market Uncertainty Has Rattled Investors. Is Artificial Intelligence (AI) Darling Nvidia Still a Buy?

- 投資者對不確定性極為敏感，當前市場因多重因素而動盪。  
- 儘管 Nvidia 股價下滑，但其財務狀況和客户需求依然強勁。  
- Nvidia 的未來前景樂觀，當前股價接近五年來最低估值，適合買入。

股市的不確定性已經讓投資者感到不安。人工智能（AI）寵兒英偉達仍然值得購買嗎？