<p>在過去的幾年裏，關於人工智能（AI）的討論點涉及了許多主題，例如這項技術將如何為企業工作環境帶來新的效率水平，或者聊天機器人如何能夠在眨眼之間回答幾乎任何問題的查詢。</p>
<p>但在過去幾個月中，人工智能敍事中出現了一個新的線索。基礎設施項目變得更加引人注目，因為雲計算巨頭加倍努力承諾建設數據中心併購買高性能芯片組。其中之一是星際之門項目：從現在到 2029 年，<strong>甲骨文</strong>（Oracle）（ORCL 1.73%）、<strong>英偉達</strong>（Nvidia）（NVDA -1.44%）和 OpenAI 表示，他們將在美國投資總計 5000 億美元用於數據中心和其他數字基礎設施。這一計劃應該會讓投資者感到非常興奮。</p>
<p>讓我們來詳細分析一下圍繞這個人工智能聯盟的新聞，並評估為什麼甲骨文和英偉達現在看起來是誘人的買入機會。</p>
<h2>甲骨文正在悄然建立數據中心帝國，而……</h2>
<p>甲骨文的業務包括多種基於雲的軟件和基礎設施解決方案。在人工智能革命期間，它迅速行動，從 <strong>英偉達</strong> 和 <strong>超微半導體</strong> 等公司收購圖形處理單元（GPU），並利用這些設備為其數據中心構建訓練集羣，以便租賃給客户。甲骨文稱這種基礎設施為基礎設施即服務（IaaS），目前是其業務中增長最快的細分市場——同比增長 49%。</p>
<p>儘管如此，甲骨文的 IaaS 產品仍在擴展——在過去四個報告季度中，僅產生了 93 億美元的銷售額。作為參考，這僅佔甲骨文總收入的不到 20%。</p>
<p>儘管如此，我認為甲骨文的基礎設施服務有望實現顯著增長。根據最近的報道，甲骨文正在關注英偉達的 400,000 個 GB200 芯片——業內專家估計這一訂單可能價值 400 億美元。根據交易結構，甲骨文計劃將這些 GPU 租賃給 OpenAI。</p>
<p>我認為這種合作關係使甲骨文現在有能力將其 IaaS 業務的規模擴大數倍，這意味着在未來幾年內，它的年收入可能達到數百億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyOTQvZ2V0dHlpbWFnZXMtMTQ4MDkyNTExOC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyOTQvZ2V0dHlpbWFnZXMtMTQ4MDkyNTExOC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>……英偉達的投資者應該對此感到非常興奮</h2>
<p>我看到幾個原因説明這個星際之門交易對英偉達來説意義重大。</p>
<p>首先，英偉達的收入高度集中——僅有兩個客户在第一季度就佔其銷售額的 30%。儘管英偉達並未明確指出其最大的客户是誰，也沒有説明他們的消費金額，但華爾街的許多分析師已得出結論，<strong>Meta Platforms</strong>、<strong>亞馬遜</strong>、<strong>微軟</strong> 和 <strong>谷歌</strong> 是其最大的買家之一。</p>
<p>從表面上看，這似乎是一個問題，因為所有這些雲計算巨頭都在開發自己的定製硅解決方案。當他們用自己的芯片補充現有的基於英偉達的架構時，這可能會導致英偉達未來的收入壓力。</p>
<p>然而，其他客户如甲骨文和埃隆·馬斯克的 xAI 正迅速崛起，成為英偉達芯片的重要買家。這表明儘管競爭芯片的出現，英偉達硬件的需求仍將保持強勁。</p>
<p>此外，重要的是要理解星際之門項目是一個多年的計劃。事實上，OpenAI 據報道正在考慮在全國範圍內開設一系列數據中心，與甲骨文的初步建設代表了這一長期計劃的第一階段。</p>
<p>再加上中東的大型企業對建設自己的大型新數據中心（由英偉達芯片提供動力）表現出日益增長的興趣，英偉達看起來將在未來幾年內從與人工智能相關的資本支出中受益匪淺。</p>
<h2>甲骨文和英偉達的股票看起來都是很好的長期買入機會</h2>
<p>看一下甲骨文和英偉達的前瞻市盈率（P/E）倍數，可能會讓你認為這兩隻股票已經變得昂貴。畢竟，<strong>標準普爾 500</strong> 指數的平均前瞻市盈率約為 21。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png"/></p>
<p>ORCL 市盈率（前瞻）數據來源於 YCharts。</p>
<p>儘管如此，難以忽視的是，甲骨文和英偉達在過去幾個月中經歷的估值壓縮，正值特朗普總統的關税和貿易戰動盪之際。這兩家公司的股票最近都出現了名義上的反彈。然而，每隻股票的交易價格仍低於其歷史前瞻市盈率水平。</p>
<p>在我看來，投資者現在有很好的機會購買甲骨文和英偉達的股票，因為星際之門項目仍處於早期階段，而 Blackwell 芯片的生產尚未完全擴展。</p>
<p>我認為甲骨文正在採取正確的步驟來加速其長期增長——我預計基礎設施服務將是將其轉變為萬億美元業務的關鍵。至於英偉達，我認為星際之門項目是一個長期催化劑，並會考慮現在就購買股票，因為未來可能會有更多的大交易達成。</p>

甲骨文

英偉達

2 倍做多英偉達 ETF - GraniteShares

南方兩倍做多英偉達

南方兩倍做空英偉達

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半導體 3 倍做多 - Direxion

<p>甲骨文和英偉達計劃通過星際之門項目在 2029 年前投資 5000 億美元用於數據中心和數字基礎設施。甲骨文的基礎設施即服務（IaaS）部門正在快速增長，預計將為英偉達的 GB200 芯片帶來 400 億美元的訂單。這一合作關係可能會顯著提升甲骨文的 IaaS 收入。儘管對客户集中度的擔憂存在，英偉達預計將受益於對其芯片的持續需求，尤其是在與人工智能相關的資本支出上升的背景下。兩隻股票被視為具有吸引力的長期投資，目前的交易價格低於歷史市盈率水平</p>

<p>For the last few years, many of the talking points around artificial intelligence (AI) have touched on topics such as how the technology will bring new levels of efficiency to corporate work environments or how chatbots could answer queries about virtually anything in the blink of an eye.</p>
<div class="lb-trans"><p>在過去的幾年裏，關於人工智能（AI）的討論點涉及了許多主題，例如這項技術將如何為企業工作環境帶來新的效率水平，或者聊天機器人如何能夠在眨眼之間回答幾乎任何問題的查詢。</p>
</div><p>But over the last few months, a new thread in the AI narrative has started to emerge. Infrastructure projects are coming into sharper focus as cloud hyperscalers double down on their commitments to build data centers and buy high-performance chipsets. One of these is the Stargate Project: Between now and 2029, <strong>Oracle</strong>(ORCL 1.73%), <strong>Nvidia</strong>(NVDA -1.44%), and OpenAI say they will invest a total of $500 billion into data centers and other digital infrastructure in the U.S. It's a plan that should have investors quite excited.</p>
<div class="lb-trans"><p>但在過去幾個月中，人工智能敍事中出現了一個新的線索。基礎設施項目變得更加引人注目，因為雲計算巨頭加倍努力承諾建設數據中心併購買高性能芯片組。其中之一是星際之門項目：從現在到 2029 年，<strong>甲骨文</strong>（Oracle）（ORCL 1.73%）、<strong>英偉達</strong>（Nvidia）（NVDA -1.44%）和 OpenAI 表示，他們將在美國投資總計 5000 億美元用於數據中心和其他數字基礎設施。這一計劃應該會讓投資者感到非常興奮。</p>
</div><p>Let's break down the details of the news surrounding this AI consortium, and assess why Oracle and Nvidia look like tempting buys right now.</p>
<div class="lb-trans"><p>讓我們來詳細分析一下圍繞這個人工智能聯盟的新聞，並評估為什麼甲骨文和英偉達現在看起來是誘人的買入機會。</p>
</div><h2>Oracle is quietly building a data center empire, and...</h2>
<div class="lb-trans"><h2>甲骨文正在悄然建立數據中心帝國，而……</h2>
</div><p>Oracle's business includes a number of cloud-based software and infrastructure solutions. Throughout the AI revolution, it has acted swiftly, acquiring graphics processing units (GPUs) from the likes of Nvidia and <strong>Advanced Micro Devices</strong>, which it has used to build training clusters for its data centers that it can lease to customers. Oracle calls this infrastructure-as-a-service (IaaS), and it's currently the fastest-growing segment of its business -- growing by 49% year over year.</p>
<div class="lb-trans"><p>甲骨文的業務包括多種基於雲的軟件和基礎設施解決方案。在人工智能革命期間，它迅速行動，從 <strong>英偉達</strong> 和 <strong>超微半導體</strong> 等公司收購圖形處理單元（GPU），並利用這些設備為其數據中心構建訓練集羣，以便租賃給客户。甲骨文稱這種基礎設施為基礎設施即服務（IaaS），目前是其業務中增長最快的細分市場——同比增長 49%。</p>
</div><p>With that said, Oracle's IaaS offering is still scaling -- it generated only $9.3 billion in sales over the last four reported quarters. For reference, that was less than 20% of Oracle's total revenue base.</p>
<div class="lb-trans"><p>儘管如此，甲骨文的 IaaS 產品仍在擴展——在過去四個報告季度中，僅產生了 93 億美元的銷售額。作為參考，這僅佔甲骨文總收入的不到 20%。</p>
</div><p>Nevertheless, I think Oracle's infrastructure services are poised for significant growth. According to recent reporting, Oracle is eyeing 400,000 of Nvidia's GB200 chips -- an order that industry experts estimate could be worth $40 billion. Per the structure of the deal, Oracle plans to lease these GPUs to OpenAI.</p>
<div class="lb-trans"><p>儘管如此，我認為甲骨文的基礎設施服務有望實現顯著增長。根據最近的報道，甲骨文正在關注英偉達的 400,000 個 GB200 芯片——業內專家估計這一訂單可能價值 400 億美元。根據交易結構，甲骨文計劃將這些 GPU 租賃給 OpenAI。</p>
</div><p>The way I think about this partnership is that Oracle is now in a position to multiply the size of its IaaS business by several times, suggesting it could scale up to be worth tens of billions of dollars annually in the coming years.</p>
<div class="lb-trans"><p>我認為這種合作關係使甲骨文現在有能力將其 IaaS 業務的規模擴大數倍，這意味着在未來幾年內，它的年收入可能達到數百億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyOTQvZ2V0dHlpbWFnZXMtMTQ4MDkyNTExOC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820294%2Fgettyimages-1480925118.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>... Nvidia investors should be really excited about it</h2>
<div class="lb-trans"><h2>……英偉達的投資者應該對此感到非常興奮</h2>
</div><p>I see a couple of reasons why this Stargate deal is meaningful for Nvidia.</p>
<div class="lb-trans"><p>我看到幾個原因説明這個星際之門交易對英偉達來説意義重大。</p>
</div><p>First, Nvidia's revenue is highly concentrated -- just two customers accounted for 30% of its sales during the first quarter. Although Nvidia does not explicitly indicate which of its customers are its largest, nor say how much they spend, many analysts on Wall Street have concluded that <strong>Meta Platforms</strong>, <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong> are among its biggest buyers.</p>
<div class="lb-trans"><p>首先，英偉達的收入高度集中——僅有兩個客户在第一季度就佔其銷售額的 30%。儘管英偉達並未明確指出其最大的客户是誰，也沒有説明他們的消費金額，但華爾街的許多分析師已得出結論，<strong>Meta Platforms</strong>、<strong>亞馬遜</strong>、<strong>微軟</strong> 和 <strong>谷歌</strong> 是其最大的買家之一。</p>
</div><p>On the surface, this might look like a problem, as all of these cloud hyperscalers are developing their own custom silicon solutions. As they complement existing Nvidia-based architectures with their own chips, that could lead to a revenue headwind for Nvidia down the road.</p>
<div class="lb-trans"><p>從表面上看，這似乎是一個問題，因為所有這些雲計算巨頭都在開發自己的定製硅解決方案。當他們用自己的芯片補充現有的基於英偉達的架構時，這可能會導致英偉達未來的收入壓力。</p>
</div><p>However, other customers such as Oracle and Elon Musk's xAI are fast emerging as major buyers for Nvidia's chips. This suggests that demand for the company's hardware will remain robust, despite the emergence of rival chips.</p>
<div class="lb-trans"><p>然而，其他客户如甲骨文和埃隆·馬斯克的 xAI 正迅速崛起，成為英偉達芯片的重要買家。這表明儘管競爭芯片的出現，英偉達硬件的需求仍將保持強勁。</p>
</div><p>In addition, it is important to understand that the Stargate Project is a multiyear initiative. In fact, OpenAI is reportedly considering opening a host of data centers across the country, with its initial build-out with Oracle representing the first phase of that longer-term plan.</p>
<div class="lb-trans"><p>此外，重要的是要理解星際之門項目是一個多年的計劃。事實上，OpenAI 據報道正在考慮在全國範圍內開設一系列數據中心，與甲骨文的初步建設代表了這一長期計劃的第一階段。</p>
</div><p>Combine all that with the fact that large players in the Middle East are showing rising interest in building massive new data centers of their own -- powered by Nvidia chips -- and Nvidia looks poised to benefit greatly from AI-related capital expenditures for years to come.</p>
<div class="lb-trans"><p>再加上中東的大型企業對建設自己的大型新數據中心（由英偉達芯片提供動力）表現出日益增長的興趣，英偉達看起來將在未來幾年內從與人工智能相關的資本支出中受益匪淺。</p>
</div><h2>Both Oracle and Nvidia stock look like great long-term buys</h2>
<div class="lb-trans"><h2>甲骨文和英偉達的股票看起來都是很好的長期買入機會</h2>
</div><p>A glance at the forward price-to-earnings (P/E) multiples for both Oracle and Nvidia might lead you to believe both stocks have gotten expensive. After all, the average forward P/E across the <strong>S&amp;P 500</strong> index is about 21.</p>
<div class="lb-trans"><p>看一下甲骨文和英偉達的前瞻市盈率（P/E）倍數，可能會讓你認為這兩隻股票已經變得昂貴。畢竟，<strong>標準普爾 500</strong> 指數的平均前瞻市盈率約為 21。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png" alt="" original-src="https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png"/></p>
<p>ORCL PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>ORCL 市盈率（前瞻）數據來源於 YCharts。</p>
</div><p>With that said, it's hard to overlook the valuation compression that Oracle and Nvidia have experienced over the last couple of months amid President Donald Trump's tariff and trade war turmoil. Both companies' shares have witnessed nominal rebounds of late. However, each stock trades at a discount to its historical forward P/E level.</p>
<div class="lb-trans"><p>儘管如此，難以忽視的是，甲骨文和英偉達在過去幾個月中經歷的估值壓縮，正值特朗普總統的關税和貿易戰動盪之際。這兩家公司的股票最近都出現了名義上的反彈。然而，每隻股票的交易價格仍低於其歷史前瞻市盈率水平。</p>
</div><p>In my view, investors have a great opportunity now to pick up share of both Nvidia and Oracle, as the Stargate Project is still in an early stage, and production of Blackwell chips has yet to fully scale.</p>
<div class="lb-trans"><p>在我看來，投資者現在有很好的機會購買甲骨文和英偉達的股票，因為星際之門項目仍處於早期階段，而 Blackwell 芯片的生產尚未完全擴展。</p>
</div><p>I think Oracle is taking the right steps to supercharge its long-term growth -- I expect that infrastructure services will be the offerings that turn it into a trillion-dollar business. Regarding Nvidia, I see the Stargate Project as a long-run catalyst and would consider scooping up shares now, as more big deals will likely come to fruition over time.</p>
<div class="lb-trans"><p>我認為甲骨文正在採取正確的步驟來加速其長期增長——我預計基礎設施服務將是將其轉變為萬億美元業務的關鍵。至於英偉達，我認為星際之門項目是一個長期催化劑，並會考慮現在就購買股票，因為未來可能會有更多的大交易達成。</p>
</div>

40 Billion Reasons to Buy Oracle and Nvidia Stock Like There's No Tomorrow

- Oracle、Nvidia 和 OpenAI 將在 2029 年前投資 5000 億美元於數據中心。  
- Oracle 的基礎設施服務年增長 49%，預計將顯著增長。  
- Nvidia 受益於 Stargate 項目，未來幾年資本支出將持續增加。  

有 400 億個理由讓你立即購買甲骨文和英偉達的股票