<p>自從 OpenAI 推出 ChatGPT 已經整整兩年半了。自這一重要時刻以來，市場和經濟中沒有比人工智能（AI）更熱門的話題了。這是因為每個人都意識到這項技術可能是多麼具有革命性。</p>
<p>因此，用户對 AI 服務的需求不可滿足，以及企業對 AI 相關基礎設施的需求也在不斷增加。在這一趨勢中，沒有哪家公司比 <strong>Nvidia</strong>（NVDA 2.92%）受益更多。截止到 5 月 30 日，其股價在過去五年中上漲了令人印象深刻的 1,420%。</p>
<p>你現在應該購買這隻頂級 AI 股票嗎？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTIvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTIvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LnBuZyZ3PTcwMA"/></p>
<p>圖片來源：Nvidia。</p>
<h2>繼續令人難以置信的增長</h2>
<p>Nvidia 再次報告了讓市場歡欣鼓舞的財務業績。該公司在 2026 年第一季度（截至 4 月 27 日）實現了 441 億美元的收入，同比增長 69%。這一頂線數字超出了華爾街分析師的預期。其增長主要得益於 Nvidia 繁榮的數據中心部門，該部門幾乎佔據了 90% 的銷售額。</p>
<p>盈利能力依然出色，淨利潤率高達驚人的 43%。調整後的每股收益在第一季度為 0.96 美元，再次超出華爾街分析師的預期。</p>
<p>該公司的巨大成功顯然使其建立了廣泛的經濟護城河，保護了其競爭地位。這其中涉及幾個因素。</p>
<p>首先，該公司在 GPU 設計以及 CUDA 軟件平台方面擁有無與倫比的無形資產。Nvidia 開發了技術專長，使其在這兩個領域始終領先於競爭對手。</p>
<p>而且，客户的轉換成本也很高。熟悉該公司硬件、軟件、服務和其他 AI 工具的開發者不太可能更改他們的使用方式。所有這些都支持了其行業地位。</p>
<h2>理解風險</h2>
<p>隨着 Nvidia 每個季度都如時鐘般報告令人難以置信的財務業績，樂觀的投資者可能很難找到持有該公司的缺陷。然而，重要的是要退一步，試圖識別關鍵風險。</p>
<p>一個可能令人擔憂的領域是，Nvidia 的客户集中度較高，所謂的超大規模客户佔據了很大一部分收入。每個企業都希望擁有多樣化和龐大的客户羣，這樣可以減少客户在談判中的權力，並降低其中一個客户離開的風險。</p>
<p>增加這一風險的是，這些科技巨頭正在開發自己的芯片，這可能使他們在未來對 Nvidia 的依賴越來越少。</p>
<p>美中之間的貿易緊張局勢也是需要密切關注的事情。出口限制直接影響了這家芯片製造商的銷售，第一季度因庫存過剩記錄了 45 億美元的費用。儘管不確定性依然存在，但 Nvidia 的增長仍然出色。</p>
<p>經濟衰退，許多人仍然擔心這是近期的真實可能性，可能會壓制對其 GPU 的需求。技術支出，尤其是 AI，已成為經濟中如此重要的一部分，以至於任何顯著的宏觀疲軟都可能導致高管們的悲觀情緒。他們可能會決定在條件改善之前大幅削減計劃支出。</p>
<p>重要的是不要忽視這些風險。儘管 Nvidia 的持續勢頭在目前緩解了任何擔憂。</p>
<h2>在你的投資組合中獲得 AI 曝露</h2>
<p>每當新技術出現時，投資者總是應該以一點懷疑的態度看待事情。這是因為總會有一個初始的興奮期，導致樂觀的狂熱，從而導致昂貴的估值。此外，幾乎不可能預測事情將如何發展。</p>
<p>然而，隨着時間的推移，我對 AI 的持久力越來越樂觀。似乎每家公司都以某種方式將其納入其中。鉅額資金正流入這一領域。並且不斷有新的發展被引入。當然，沒有人知道這將如何在長期內影響整個社會。</p>
<p>結論是，考慮在你的投資組合中獲得 AI 曝露可能是一個明智的主意。而且，考慮到 Nvidia 的股價交易在我認為合理的前瞻市盈率 31.6 下，這隻股票現在看起來是一個穩健的買入機會。</p>

英偉達

<p>英偉達的股票在過去五年中上漲了 1420%，這得益於對人工智能服務和基礎設施的強勁需求。該公司在 2026 年第一季度報告了同比增長 69% 的收入，達到 441 億美元，淨利潤率為 43%。儘管面臨客户集中度高和貿易緊張等風險，英偉達的增長依然強勁。投資者被鼓勵考慮投資英偉達以獲取人工智能的曝光，因為其前瞻市盈率為 31.6，表明目前是一個不錯的買入時機</p>

<p>It's been exactly two and a half years since OpenAI launched ChatGPT. Since this seminal moment, there has been no topic hotter in markets and the economy than artificial intelligence (AI). That's because everyone is realizing just how revolutionary this technology could be.</p>
<div class="lb-trans"><p>自從 OpenAI 推出 ChatGPT 已經整整兩年半了。自這一重要時刻以來，市場和經濟中沒有比人工智能（AI）更熱門的話題了。這是因為每個人都意識到這項技術可能是多麼具有革命性。</p>
</div><p>Consequently, there is insatiable demand for AI services among users, as well as AI-related infrastructure for businesses. No company has benefited more from this trend than <strong>Nvidia</strong>(NVDA 2.92%). Its shares are up an impressive 1,420% in the past five years (as of May 30).</p>
<div class="lb-trans"><p>因此，用户對 AI 服務的需求不可滿足，以及企業對 AI 相關基礎設施的需求也在不斷增加。在這一趨勢中，沒有哪家公司比 <strong>Nvidia</strong>（NVDA 2.92%）受益更多。截止到 5 月 30 日，其股價在過去五年中上漲了令人印象深刻的 1,420%。</p>
</div><p>Should you buy this top AI stock right now?</p>
<div class="lb-trans"><p>你現在應該購買這隻頂級 AI 股票嗎？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTIvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820112%2Fnvidia-headquarters-with-nvidia-sign-in-front.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>圖片來源：Nvidia。</p>
</div><h2>Continuing an unbelievable run</h2>
<div class="lb-trans"><h2>繼續令人難以置信的增長</h2>
</div><p>Nvidia once again reported financial results that gave the market reason to cheer. The company generated revenue of $44.1 billion in the 2026 first quarter (ended April 27), which was up 69% year over year. That top-line figure exceeded expectations from Wall Street analysts. It was driven by Nvidia's thriving data center segment, which represents almost 90% of sales.</p>
<div class="lb-trans"><p>Nvidia 再次報告了讓市場歡欣鼓舞的財務業績。該公司在 2026 年第一季度（截至 4 月 27 日）實現了 441 億美元的收入，同比增長 69%。這一頂線數字超出了華爾街分析師的預期。其增長主要得益於 Nvidia 繁榮的數據中心部門，該部門幾乎佔據了 90% 的銷售額。</p>
</div><p>Profitability remains exceptional, with the net income margin at a phenomenal 43%. Adjusted earnings per share came in at $0.96 in the first quarter, again beating Wall Street analyst estimates.</p>
<div class="lb-trans"><p>盈利能力依然出色，淨利潤率高達驚人的 43%。調整後的每股收益在第一季度為 0.96 美元，再次超出華爾街分析師的預期。</p>
</div><p>The company's monster success has clearly resulted in the business building out a wide economic moat that protects its competitive standing. There are a couple of factors involved here.</p>
<div class="lb-trans"><p>該公司的巨大成功顯然使其建立了廣泛的經濟護城河，保護了其競爭地位。這其中涉及幾個因素。</p>
</div><p>First, the company has unmatched intangible assets when it comes to the design of its GPUs, as well as its CUDA software platform. Nvidia has developed technological know-how that has kept it ahead of the competition, particularly within these two areas.</p>
<div class="lb-trans"><p>首先，該公司在 GPU 設計以及 CUDA 軟件平台方面擁有無與倫比的無形資產。Nvidia 開發了技術專長，使其在這兩個領域始終領先於競爭對手。</p>
</div><p>And there are switching costs for its customers. Developers that get familiar with the company's hardware, software, services, and other AI tools are unlikely to change what they use. All of this supports its industry position.</p>
<div class="lb-trans"><p>而且，客户的轉換成本也很高。熟悉該公司硬件、軟件、服務和其他 AI 工具的開發者不太可能更改他們的使用方式。所有這些都支持了其行業地位。</p>
</div><h2>Understanding the risks</h2>
<div class="lb-trans"><h2>理解風險</h2>
</div><p>With Nvidia reporting incredible financial performance every quarter like clockwork, it might be difficult for bullish investors to find any faults with owning the business. However, it's important to take a step back and try to identify key risks.</p>
<div class="lb-trans"><p>隨着 Nvidia 每個季度都如時鐘般報告令人難以置信的財務業績，樂觀的投資者可能很難找到持有該公司的缺陷。然而，重要的是要退一步，試圖識別關鍵風險。</p>
</div><p>One area that could be concerning is that Nvidia has a high customer concentration, with so-called hyperscalers representing a large chunk of revenue. Every business wants a diverse and large group of customers, which reduces the power customers have when it comes to negotiating leverage, and lowers the risk should one of them leave.</p>
<div class="lb-trans"><p>一個可能令人擔憂的領域是，Nvidia 的客户集中度較高，所謂的超大規模客户佔據了很大一部分收入。每個企業都希望擁有多樣化和龐大的客户羣，這樣可以減少客户在談判中的權力，並降低其中一個客户離開的風險。</p>
</div><p>Adding to this risk is the fact that these tech giants are working on developing their own chips, which one day might allow them to depend less and less on Nvidia.</p>
<div class="lb-trans"><p>增加這一風險的是，這些科技巨頭正在開發自己的芯片，這可能使他們在未來對 Nvidia 的依賴越來越少。</p>
</div><p>Trade tensions between the U.S. and China are also something to pay close attention to. Export restrictions are directly hurting the chipmaker's sales, and it recorded a $4.5 billion charge in the first quarter due to excess inventory. Uncertainty remains, but Nvidia's growth is still superb.</p>
<div class="lb-trans"><p>美中之間的貿易緊張局勢也是需要密切關注的事情。出口限制直接影響了這家芯片製造商的銷售，第一季度因庫存過剩記錄了 45 億美元的費用。儘管不確定性依然存在，但 Nvidia 的增長仍然出色。</p>
</div><p>An economic downturn, which many still fear is a real possibility in the near term, could crush demand for its GPUs. Spending on technology broadly, and AI specifically, has become such a massive part of the economy that any notable macro weakness could lead to pessimism from executives. And they could decide to dramatically cut planned spending until conditions improve.</p>
<div class="lb-trans"><p>經濟衰退，許多人仍然擔心這是近期的真實可能性，可能會壓制對其 GPU 的需求。技術支出，尤其是 AI，已成為經濟中如此重要的一部分，以至於任何顯著的宏觀疲軟都可能導致高管們的悲觀情緒。他們可能會決定在條件改善之前大幅削減計劃支出。</p>
</div><p>It's important not to ignore these risks. Nvidia's ongoing momentum alleviates any concerns at the moment, though.</p>
<div class="lb-trans"><p>重要的是不要忽視這些風險。儘管 Nvidia 的持續勢頭在目前緩解了任何擔憂。</p>
</div><h2>Gaining AI exposure in your portfolio</h2>
<div class="lb-trans"><h2>在你的投資組合中獲得 AI 曝露</h2>
</div><p>Anytime a new technology comes along, investors should always approach things with a bit of skepticism. That's because there is always an initial period of excitement that leads to bullish fever, resulting in expensive valuations. What's more, it's almost impossible to predict how things will play out.</p>
<div class="lb-trans"><p>每當新技術出現時，投資者總是應該以一點懷疑的態度看待事情。這是因為總會有一個初始的興奮期，導致樂觀的狂熱，從而導致昂貴的估值。此外，幾乎不可能預測事情將如何發展。</p>
</div><p>However, as more time passes, I grow more optimistic about the staying power of AI. It seems every company is incorporating it in some way. Gargantuan sums of capital are flowing to the space. And there are new developments being introduced all the time. Of course, no one has any idea how this will impact society at large in the long run.</p>
<div class="lb-trans"><p>然而，隨着時間的推移，我對 AI 的持久力越來越樂觀。似乎每家公司都以某種方式將其納入其中。鉅額資金正流入這一領域。並且不斷有新的發展被引入。當然，沒有人知道這將如何在長期內影響整個社會。</p>
</div><p>The takeaway is that it's probably a smart idea to consider gaining AI exposure in your portfolio. And with Nvidia shares trading at what I think is a reasonable forward price-to-earnings ratio of 31.6, the stock looks like a solid buy right now.</p>
<div class="lb-trans"><p>結論是，考慮在你的投資組合中獲得 AI 曝露可能是一個明智的主意。而且，考慮到 Nvidia 的股價交易在我認為合理的前瞻市盈率 31.6 下，這隻股票現在看起來是一個穩健的買入機會。</p>
</div>

Is Nvidia Stock a Buy Now?

- Nvidia 在 2026 年第一季度營收達 441 億美元，同比增長 69%。  
- 淨利潤率高達 43%，調整後每股收益為 0.96 美元，超出預期。  
- 高客户集中度和中美貿易緊張關係可能影響未來增長。  

英偉達的股票現在是否值得購買？