<p>圍繞人工智能（AI）股票的熱情是否已經降温？許多頂級 AI 股票今年都出現了下跌，包括 <strong>先進微電子</strong>（AMD 1.31%），更為人所知的就是 AMD，以及 <strong>英偉達</strong>（NVDA 0.28%）。到目前為止，它們的股價都下降了大約 15%，這比 <strong>標準普爾 500 指數</strong> 的 4% 的温和下跌要糟糕得多。</p>
<p>人工智能仍然有巨大的潛力來徹底改變企業和整個行業，但投資者已經開始縮減在 AI 方面的投資。如果你打算從長遠來看，那麼現在可能是將一隻頂級 AI 股票加入你的投資組合的好時機。現在這兩隻芯片股票中，AMD 還是 Nvidia 更好呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwODAvY2VsbC1waG9uZS1hcHBsaWNhdGlvbi13YWl0aW5nLWZvci1hLXZvaWNlLXByb21wdC1mcm9tLWEtdXNlci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwODAvY2VsbC1waG9uZS1hcHBsaWNhdGlvbi13YWl0aW5nLWZvci1hLXZvaWNlLXByb21wdC1mcm9tLWEtdXNlci5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>比較它們的估值</h2>
<p>英偉達是全球最有價值的公司之一，市值為 2.8 萬億美元。儘管由於最近的下跌，這一數字有所下降（去年市值超過 3 萬億美元），但仍然接近 AMD 的 17 倍，後者的市值約為 1650 億美元。雖然 AMD 絕不是一家小公司，但與英偉達相比，它顯得微不足道。</p>
<p>雖然你可能認為英偉達是兩者中更昂貴的股票，但根據收益來看，它實際上是更便宜的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/51a9fefab28d5f2fd91c713c07f259ae.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/51a9fefab28d5f2fd91c713c07f259ae.png"/></p>
<p>NVDA 市盈率數據來源於 YCharts</p>
<p>去年，AMD 報告的利潤為 16 億美元，而英偉達在其截至 1 月的財年中，過去四個季度的收益達到了驚人的 729 億美元。英偉達的業務不僅經歷了爆炸性的增長，其利潤也在快速增長，平均利潤率達到 56%。這使得其市盈率保持相對較低。</p>
<p>相比之下，AMD 的利潤率僅為 6%。考慮到每股收益，它是兩者中更昂貴的股票。</p>
<h2>哪隻 AI 股票可能有更大的上漲空間？</h2>
<p>這兩隻股票今年都面臨困難，但在過去 12 個月中，英偉達仍上漲了約 29%，而 AMD 則下跌了 33%。可以説，AMD 可能會迎來反彈，特別是如果其 AI 芯片能夠對英偉達的高價選項形成強有力的競爭。AMD 首席執行官 Lisa Su 之前預測，該公司未來可能會因其 AI 芯片而產生 “數百億美元的年收入”。</p>
<p>如果 AMD 能夠實現如此增長，肯定能吸引更多投資者，並推動股價達到更高的估值。到目前為止，它在很大程度上落後於英偉達。去年，AMD 的銷售額增長了 14%，而英偉達在最近的財年中收入翻了一番。但同樣重要的是，AMD 的利潤率需要改善。否則，即使其增長率加速，其市盈率也可能不會顯著下降。高溢價可能會阻礙投資者。</p>
<p>英偉達目前處於領先地位，主導市場並持續創新，推出新的 AI 芯片。AMD 必須證明它能夠提供強有力的競爭。在它做到這一點之前，這可能會限制其短期和長期的上漲空間。</p>
<h2>今天我會選擇英偉達的股票</h2>
<p>AMD 可能是一個很好的長期投資，但它的運營存在許多不確定性；在這個階段，它遠不是一個穩妥的買入，伴隨一些風險。它不僅需要證明其芯片能夠對英偉達形成真正的競爭，而且公司還必須改善其個位數的利潤率。</p>
<p>憑藉更強的財務狀況、更具吸引力的估值和在市場中的更強主導地位，英偉達是今天更值得購買的 AI 股票。</p>

英偉達財報，一站看懂！

英偉達

<p>AMD 和英偉達這兩家領先的人工智能股票在 2025 年均出現了約 15% 的下跌，表現遜色於標準普爾 500 指數的 4% 下滑。英偉達的市值為 2.8 萬億美元，報告的收益為 729 億美元，而 AMD 的利潤率僅為 6%。儘管 AMD 在人工智能領域具有增長潛力，但英偉達更強的財務狀況和市場主導地位使其目前成為更受歡迎的投資選擇。AMD 需要改善其運營和利潤率，以有效地與英偉達競爭</p>

<p>Has the excitement surrounding artificial intelligence (AI) stocks cooled off? Many top AI stocks are down this year, including <strong>Advanced Micro Devices</strong>(AMD 1.31%), better known as just AMD, and <strong>Nvidia</strong>(NVDA 0.28%). They have both declined around 15% thus far in 2025, which is worse than <strong>S&amp;P 500</strong>'s more modest drop of 4%.</p>
<div class="lb-trans"><p>圍繞人工智能（AI）股票的熱情是否已經降温？許多頂級 AI 股票今年都出現了下跌，包括 <strong>先進微電子</strong>（AMD 1.31%），更為人所知的就是 AMD，以及 <strong>英偉達</strong>（NVDA 0.28%）。到目前為止，它們的股價都下降了大約 15%，這比 <strong>標準普爾 500 指數</strong> 的 4% 的温和下跌要糟糕得多。</p>
</div><p>There's still massive potential for AI to revolutionize businesses and entire industries, but investors have been starting to scale back their positions in AI. If, however, you're looking at the long haul, then now can be a great time to add a top AI stock to your portfolio. Which of these two chip stocks is the better option right now: AMD or Nvidia?</p>
<div class="lb-trans"><p>人工智能仍然有巨大的潛力來徹底改變企業和整個行業，但投資者已經開始縮減在 AI 方面的投資。如果你打算從長遠來看，那麼現在可能是將一隻頂級 AI 股票加入你的投資組合的好時機。現在這兩隻芯片股票中，AMD 還是 Nvidia 更好呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwODAvY2VsbC1waG9uZS1hcHBsaWNhdGlvbi13YWl0aW5nLWZvci1hLXZvaWNlLXByb21wdC1mcm9tLWEtdXNlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817080%2Fcell-phone-application-waiting-for-a-voice-prompt-from-a-user.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>Comparing their valuations</h2>
<div class="lb-trans"><h2>比較它們的估值</h2>
</div><p>Nvidia is one of the most valuable companies in the world, with a market cap of $2.8 trillion. That has come down a bit amid its recent decline (last year it was well above $3 trillion), but it's still close to 17 times the value of AMD, which has a market cap of around $165 billion. While AMD isn't a small company by any means, when compared to Nvidia, it looks tiny.</p>
<div class="lb-trans"><p>英偉達是全球最有價值的公司之一，市值為 2.8 萬億美元。儘管由於最近的下跌，這一數字有所下降（去年市值超過 3 萬億美元），但仍然接近 AMD 的 17 倍，後者的市值約為 1650 億美元。雖然 AMD 絕不是一家小公司，但與英偉達相比，它顯得微不足道。</p>
</div><p>While you might think that Nvidia is the pricier of the two stocks given its massive valuation, based on earnings, it's actually the <em>cheaper</em> stock.</p>
<div class="lb-trans"><p>雖然你可能認為英偉達是兩者中更昂貴的股票，但根據收益來看，它實際上是更便宜的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/51a9fefab28d5f2fd91c713c07f259ae.png" alt="" original-src="https://media.ycharts.com/charts/51a9fefab28d5f2fd91c713c07f259ae.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>Last year, AMD reported $1.6 billion in profit, while Nvidia, which has a fiscal year that ends in January, has generated an incredible $72.9 billion in earnings over its last four quarters. Not only has its business been experiencing explosive growth, but Nvidia's bottom line has been growing quickly as its profit margin has averaged 56%. That has enabled its price-to-earnings (P/E) multiple to remain relatively low.</p>
<div class="lb-trans"><p>去年，AMD 報告的利潤為 16 億美元，而英偉達在其截至 1 月的財年中，過去四個季度的收益達到了驚人的 729 億美元。英偉達的業務不僅經歷了爆炸性的增長，其利潤也在快速增長，平均利潤率達到 56%。這使得其市盈率保持相對較低。</p>
</div><p>By comparison, AMD's profit margin is just 6%. And with a more modest bottom line, it's the more expensive stock of the two when taking into account its earnings per share.</p>
<div class="lb-trans"><p>相比之下，AMD 的利潤率僅為 6%。考慮到每股收益，它是兩者中更昂貴的股票。</p>
</div><h2>Which AI stock may have the most upside?</h2>
<div class="lb-trans"><h2>哪隻 AI 股票可能有更大的上漲空間？</h2>
</div><p>Both stocks have been struggling this year but when looking at the past 12 months, Nvidia is still up around 29% while AMD has fallen by 33%. A case could be made that AMD may be due for a rally, especially if its AI chips prove to offer formidable competition to Nvidia's high-priced options. AMD CEO Lisa Su previously forecast that the company could generate &#34;tens of billions of dollars in annual revenue&#34; in the near future due to its AI chips.</p>
<div class="lb-trans"><p>這兩隻股票今年都面臨困難，但在過去 12 個月中，英偉達仍上漲了約 29%，而 AMD 則下跌了 33%。可以説，AMD 可能會迎來反彈，特別是如果其 AI 芯片能夠對英偉達的高價選項形成強有力的競爭。AMD 首席執行官 Lisa Su 之前預測，該公司未來可能會因其 AI 芯片而產生 “數百億美元的年收入”。</p>
</div><p>If AMD can generate that much growth, it can certainly help attract more investors and propel the stock to a much higher valuation. Thus far, it's lagged behind Nvidia in a big way. Last year, AMD's sales rose by 14%, while Nvidia more than doubled its revenue during its most recent fiscal year. But what also matters are AMD's margins, which need improvement. Otherwise, its P/E multiple may not come down significantly even if its growth rate accelerates. And a high premium could deter investors.</p>
<div class="lb-trans"><p>如果 AMD 能夠實現如此增長，肯定能吸引更多投資者，並推動股價達到更高的估值。到目前為止，它在很大程度上落後於英偉達。去年，AMD 的銷售額增長了 14%，而英偉達在最近的財年中收入翻了一番。但同樣重要的是，AMD 的利潤率需要改善。否則，即使其增長率加速，其市盈率也可能不會顯著下降。高溢價可能會阻礙投資者。</p>
</div><p>Nvidia is in pole position today, dominating the market and still innovating and coming up with new AI chips. AMD has to prove that it can put up some formidable competition. And until it does, that could limit its upside both in the near term and the long term.</p>
<div class="lb-trans"><p>英偉達目前處於領先地位，主導市場並持續創新，推出新的 AI 芯片。AMD 必須證明它能夠提供強有力的競爭。在它做到這一點之前，這可能會限制其短期和長期的上漲空間。</p>
</div><h2>Nvidia is the stock I'd go with today</h2>
<div class="lb-trans"><h2>今天我會選擇英偉達的股票</h2>
</div><p>AMD can potentially be a great long-term investment but it has a lot of question marks around its operations; it's far from a slam-dunk buy at this stage and it comes with some risk. Not only does it need to show that its chips can provide real competition to Nvidia, but the company also has to improve upon its single-digit profit margin.</p>
<div class="lb-trans"><p>AMD 可能是一個很好的長期投資，但它的運營存在許多不確定性；在這個階段，它遠不是一個穩妥的買入，伴隨一些風險。它不僅需要證明其芯片能夠對英偉達形成真正的競爭，而且公司還必須改善其個位數的利潤率。</p>
</div><p>With much stronger financials, a more attractive valuation, and a more dominant position in the market, Nvidia is the better AI stock to buy today.</p>
<div class="lb-trans"><p>憑藉更強的財務狀況、更具吸引力的估值和在市場中的更強主導地位，英偉達是今天更值得購買的 AI 股票。</p>
</div>

AMD vs. Nvidia: Which Artificial Intelligence Stock Should You Buy on the Dip?

- 人工智能股票的熱度似乎有所減退，AMD 和 Nvidia 今年均下跌約 15%。  
- Nvidia 市值為 2.8 萬億美元，盈利能力遠超 AMD，且 P/E 比較低。  
- 儘管 AMD 有潛力，但目前 Nvidia 在市場上佔據主導地位，風險較小。  

AMD 與 NVIDIA：在股價回調時，哪隻人工智能股票值得買入？