<p>隨着人工智能（AI）基礎設施的不斷增長和 AI 最終用途的擴展，將會出現許多贏家。<strong>英偉達</strong>（NVDA 1.26%）在過去兩年中一直是華爾街圍繞 AI 的一顆明珠。</p>
<p>不過，最近 <strong>CoreWeave</strong>（CRWV 3.90%）獲得了更多關注。作為提供雲服務的 AI 超大規模公司，其股票在撰寫本文時在過去一個月內飆升了約 185%。而在此期間，英偉達的股票上漲了 24%。CoreWeave 在 3 月底剛剛上市，自首次公開募股（IPO）以來，股價已上漲約 270%。投資者可能會想，英偉達的光芒是否在減退，是時候轉而投資 CoreWeave 了。然而，我認為這種想法是有缺陷的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvYWktbGl0LXVwLW9uLWNvbXB1dGVyLWNoaXAtYm9hcmQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvYWktbGl0LXVwLW9uLWNvbXB1dGVyLWNoaXAtYm9hcmQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達的增長尚未結束</h2>
<p>投資者可能在英偉達股票早期的指數增長後稍作喘息。儘管業務本身的增長也有所放緩，但這是不可避免的。在數據中心領域，其先進芯片的銷售曾如雨後春筍般增長。在過去兩年中，該領域的收入在每個連續季度都在增加。然而，在最近的財季中，該增長率放緩至 10%，如下所示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="447" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA"/></p>
<p>數據來源：英偉達。圖表由作者製作。</p>
<p>儘管有這種趨勢，但顯然 AI 需求尚未達到頂峯。請記住，這些仍然是數據中心銷售的連續季度增長。從角度來看，該財年的第一季度收入與去年同期相比增長了 73%。管理層還指導投資者預計當前季度將進一步增長。因此，儘管不可持續的增長_率_放緩，但公司仍然穩固地處於增長模式。</p>
<h2>英偉達的普及程度超乎你想象</h2>
<p>這並不僅僅是英偉達的先進 GPU 和 CPU 芯片推動銷售和擴展 AI 基礎設施。其 AI 生態系統包括互連技術、CUDA（計算統一設備架構）軟件平台，以及許多不同類型架構中使用的人工智能處理器。</p>
<p>例如，首席執行官黃仁勳最近讚揚了 <strong>任天堂</strong> 的新款 Switch 2 遊戲主機。該設備包含英偉達的 AI 處理器，黃仁勳聲稱這些處理器能夠 “實時鋭化、動畫化和增強遊戲體驗”。</p>
<p>英偉達擁有廣泛的客户羣。隨着 AI 工廠和數據中心的建設，它將繼續成為主要供應商，投資者也應從中受益。英偉達還投資於 AI 領域。關注 AI 領導者自身所看到的未來收益是有意義的。</p>
<h2>英偉達認為 CoreWeave 是一個不錯的投資</h2>
<p>英偉達持有股份的 AI 公司之一是 CoreWeave。作為一個重要客户，英偉達應該對 CoreWeave 非常瞭解。CoreWeave 向需要可擴展、按需計算能力的公司租賃數據中心空間，這些計算能力來自於其購買的 250,000 個英偉達芯片。</p>
<p>對於需要大量計算能力以高效處理大量數據的企業來説，這是一個理想的選擇。似乎需求相當充足。但對於投資者來説，風險也不少。它剛剛宣佈了一項新的租賃協議，以進一步增加產能。</p>
<p><strong>Applied Digital</strong> 是一家專門建設和運營數據中心的公司，已同意在其最近建成的北達科他州數據中心校園上，以 15 年的租賃期限向 CoreWeave 提供 250 兆瓦（MW）的電力負荷。CoreWeave 未來還有選擇將負荷擴展至額外 150 MW 的選項。</p>
<p>需求迅速推動了 CoreWeave 的增長。這導致投資者在最近幾個月紛紛湧入，推動股價上漲。估值是 CoreWeave 面臨的一個主要風險。客户集中度是另一個風險。去年，<strong>微軟</strong> 幾乎佔據了其收入的三分之二。CoreWeave 還披露，2024 年的 77% 收入來自其前兩大客户。</p>
<p>CoreWeave 還在大規模投入資本以擴大 AI 雲能力。截至 3 月 31 日，其可用流動資金約為 54 億美元，並在 5 月底的債務發行中再籌集了 20 億美元。這大約是其在第一季度的資本支出水平。</p>
<h2>CoreWeave 面臨風險，英偉達則收穫利潤</h2>
<p>這些支出可能會帶來回報。但也存在風險。客户可能會開發自己的 AI 基礎設施，或者重新設計不需要其服務的系統。CoreWeave 的股票在股價飆升後也以高估值交易。其最近的市銷率（P/S）約為 30。</p>
<p>隨着其強勁的銷售增長，這一比例可能在今年減半，但它尚未盈利。同時，英偉達的市盈率（P/E）約為 30，基於今年的預期利潤。</p>
<p>還要記住，隨着 CoreWeave 的增長，英偉達的利潤也在增長。Applied Digital 的首席執行官 Wes Cummins 表示，其租賃的北達科他州數據中心校園將充滿英偉達的 Blackwell 系列服務器。我認為，考慮到風險特徵、財務狀況以及英偉達的巨大潛力，使其成為現在更值得購買的 AI 股票。</p>

英偉達

CRWV

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>這篇文章比較了兩家人工智能基礎設施股票：英偉達和 CoreWeave。英偉達在人工智能領域一直處於領先地位，最近股價上漲了 24%，而 CoreWeave 在上市一個月後股價飆升了 185%。儘管英偉達的增長速度放緩，但它仍然是人工智能生態系統中的關鍵供應商。CoreWeave 則在收入上嚴重依賴微軟，因其高估值和客户集中度面臨風險。兩家公司都具備增長潛力，但英偉達的盈利能力與 CoreWeave 資本密集型的擴張策略形成對比</p>

<p>There will prove to be many winners as artificial intelligence (AI) infrastructure continues to grow and AI end-uses expand. <strong>Nvidia</strong>(NVDA 1.26%) has been the Wall Street darling surrounding everything AI for the past two years.</p>
<div class="lb-trans"><p>隨着人工智能（AI）基礎設施的不斷增長和 AI 最終用途的擴展，將會出現許多贏家。<strong>英偉達</strong>（NVDA 1.26%）在過去兩年中一直是華爾街圍繞 AI 的一顆明珠。</p>
</div><p><strong>CoreWeave</strong>(CRWV 3.90%) has been getting the love most recently, though. Shares of the AI hyperscaler providing cloud services have soared about 185% in just the past month as of this writing. Nvidia stock has increased 24% in that time. CoreWeave just went public in late March, and the shares have jumped about 270% since that initial public offering (IPO). Investors may wonder if Nvidia's shine is fading, and it's time to buy CoreWeave instead. I'd argue that is flawed thinking, however.</p>
<div class="lb-trans"><p>不過，最近 <strong>CoreWeave</strong>（CRWV 3.90%）獲得了更多關注。作為提供雲服務的 AI 超大規模公司，其股票在撰寫本文時在過去一個月內飆升了約 185%。而在此期間，英偉達的股票上漲了 24%。CoreWeave 在 3 月底剛剛上市，自首次公開募股（IPO）以來，股價已上漲約 270%。投資者可能會想，英偉達的光芒是否在減退，是時候轉而投資 CoreWeave 了。然而，我認為這種想法是有缺陷的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvYWktbGl0LXVwLW9uLWNvbXB1dGVyLWNoaXAtYm9hcmQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819831%2Fai-lit-up-on-computer-chip-board.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>The growth isn't over for Nvidia</h2>
<div class="lb-trans"><h2>英偉達的增長尚未結束</h2>
</div><p>Investors may be taking a breather after the early exponential gains in Nvidia stock. Growth in the business itself has also slowed, though that was inevitable. Sales of its advanced chips in the data center segment had been growing like a weed. Revenue in that segment has been increasing in each consecutive quarter for the last two years. In the most recent fiscal quarter, that growth rate slowed to 10%, though, as seen below.</p>
<div class="lb-trans"><p>投資者可能在英偉達股票早期的指數增長後稍作喘息。儘管業務本身的增長也有所放緩，但這是不可避免的。在數據中心領域，其先進芯片的銷售曾如雨後春筍般增長。在過去兩年中，該領域的收入在每個連續季度都在增加。然而，在最近的財季中，該增長率放緩至 10%，如下所示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzEvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819831%2Fnvidia-data-center-revenue-growth-qoq.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Nvidia. Chart by author.</p>
<div class="lb-trans"><p>數據來源：英偉達。圖表由作者製作。</p>
</div><p>Despite that trend, it's clear AI demand hasn't yet peaked. Remember, these are still sequential quarterly increases in data center sales. For perspective, that fiscal first-quarter revenue was a 73% jump compared to the prior year period. Management also guided investors to expect further revenue growth in the current quarter. So, while an unsustainable growth <em>rate</em> slows, the company is still solidly in growth mode.</p>
<div class="lb-trans"><p>儘管有這種趨勢，但顯然 AI 需求尚未達到頂峯。請記住，這些仍然是數據中心銷售的連續季度增長。從角度來看，該財年的第一季度收入與去年同期相比增長了 73%。管理層還指導投資者預計當前季度將進一步增長。因此，儘管不可持續的增長_率_放緩，但公司仍然穩固地處於增長模式。</p>
</div><h2>Nvidia is more ubiquitous than you might think</h2>
<div class="lb-trans"><h2>英偉達的普及程度超乎你想象</h2>
</div><p>That's because it's not just Nvidia's advanced GPU and CPU chips driving sales and expanding AI infrastructure. Its AI ecosystem includes interconnect technologies, the CUDA (compute unified device architecture) software platform, and artificial intelligence processors that are part of many different types of architectures.</p>
<div class="lb-trans"><p>這並不僅僅是英偉達的先進 GPU 和 CPU 芯片推動銷售和擴展 AI 基礎設施。其 AI 生態系統包括互連技術、CUDA（計算統一設備架構）軟件平台，以及許多不同類型架構中使用的人工智能處理器。</p>
</div><p>CEO Jensen Huang recently touted <strong>Nintendo</strong>'s new Switch 2 gaming console, for example. The unit includes Nvidia's AI processors that Huang claims &#34;sharpen, animate, and enhance gameplay in real time.&#34;</p>
<div class="lb-trans"><p>例如，首席執行官黃仁勳最近讚揚了 <strong>任天堂</strong> 的新款 Switch 2 遊戲主機。該設備包含英偉達的 AI 處理器，黃仁勳聲稱這些處理器能夠 “實時鋭化、動畫化和增強遊戲體驗”。</p>
</div><p>Nvidia has a broad array of customers. As AI factories and data centers are built, it will continue to be a major supplier and one that investors should benefit from owning. Nvidia also invests in the AI sector. It makes sense to look at where the AI leader itself sees future gains.</p>
<div class="lb-trans"><p>英偉達擁有廣泛的客户羣。隨着 AI 工廠和數據中心的建設，它將繼續成為主要供應商，投資者也應從中受益。英偉達還投資於 AI 領域。關注 AI 領導者自身所看到的未來收益是有意義的。</p>
</div><h2>Nvidia thinks CoreWeave is a good investment</h2>
<div class="lb-trans"><h2>英偉達認為 CoreWeave 是一個不錯的投資</h2>
</div><p>One of the AI companies in which Nvidia holds a stake is CoreWeave. Nvidia should know CoreWeave well, too, as an important customer. CoreWeave leases data center space to companies needing the scalable, on-demand compute power it has control of from the 250,000 Nvidia chips it has purchased.</p>
<div class="lb-trans"><p>英偉達持有股份的 AI 公司之一是 CoreWeave。作為一個重要客户，英偉達應該對 CoreWeave 非常瞭解。CoreWeave 向需要可擴展、按需計算能力的公司租賃數據中心空間，這些計算能力來自於其購買的 250,000 個英偉達芯片。</p>
</div><p>It's a desirable option for enterprises that require significant computational power to process large amounts of data efficiently. There appears to be plenty of demand. But there is plenty of risk for investors, too. It just announced a new lease agreement to further increase capacity.</p>
<div class="lb-trans"><p>對於需要大量計算能力以高效處理大量數據的企業來説，這是一個理想的選擇。似乎需求相當充足。但對於投資者來説，風險也不少。它剛剛宣佈了一項新的租賃協議，以進一步增加產能。</p>
</div><p><strong>Applied Digital</strong>, a builder and operator of purpose-built data centers, has agreed to deliver CoreWeave 250 megawatts (MW) of power load on a 15-year term lease at its recently built North Dakota data center campus. CoreWeave has the option to expand the load by an additional 150 MW in the future.</p>
<div class="lb-trans"><p><strong>Applied Digital</strong> 是一家專門建設和運營數據中心的公司，已同意在其最近建成的北達科他州數據中心校園上，以 15 年的租賃期限向 CoreWeave 提供 250 兆瓦（MW）的電力負荷。CoreWeave 未來還有選擇將負荷擴展至額外 150 MW 的選項。</p>
</div><p>Demand is quickly driving growth for CoreWeave. That's led investors to jump in and drive the stock higher in recent months. Valuation is just one major risk with CoreWeave. Customer concentration is another. Last year, <strong>Microsoft</strong> accounted for nearly two-thirds of revenue. CoreWeave also disclosed that 77% of 2024 revenue came from just its top two customers.</p>
<div class="lb-trans"><p>需求迅速推動了 CoreWeave 的增長。這導致投資者在最近幾個月紛紛湧入，推動股價上漲。估值是 CoreWeave 面臨的一個主要風險。客户集中度是另一個風險。去年，<strong>微軟</strong> 幾乎佔據了其收入的三分之二。CoreWeave 還披露，2024 年的 77% 收入來自其前兩大客户。</p>
</div><p>CoreWeave is also spending massive amounts of capital to grow AI cloud capacity. It had about $5.4 billion of liquidity available as of March 31 and raised another $2 billion from a late May debt offering. That's approximately its level of capital expenditure in just the first quarter alone, though.</p>
<div class="lb-trans"><p>CoreWeave 還在大規模投入資本以擴大 AI 雲能力。截至 3 月 31 日，其可用流動資金約為 54 億美元，並在 5 月底的債務發行中再籌集了 20 億美元。這大約是其在第一季度的資本支出水平。</p>
</div><h2>CoreWeave has the risk, Nvidia has the profits</h2>
<div class="lb-trans"><h2>CoreWeave 面臨風險，英偉達則收穫利潤</h2>
</div><p>That spending may pay off. But there are risks there as well. Customers could develop their own AI infrastructure or could redesign systems that don't require its services. CoreWeave stock also trades at a high valuation after the stock has soared. It recently had a price-to-sales (P/S) ratio of about 30.</p>
<div class="lb-trans"><p>這些支出可能會帶來回報。但也存在風險。客户可能會開發自己的 AI 基礎設施，或者重新設計不需要其服務的系統。CoreWeave 的股票在股價飆升後也以高估值交易。其最近的市銷率（P/S）約為 30。</p>
</div><p>That could be cut in half this year with its strong sales growth, but it isn't earning any money yet. At the same time, Nvidia sports a price-to- <em>earnings</em> (P/E) ratio of about 30 based on this year's expected profits.</p>
<div class="lb-trans"><p>隨着其強勁的銷售增長，這一比例可能在今年減半，但它尚未盈利。同時，英偉達的市盈率（P/E）約為 30，基於今年的預期利潤。</p>
</div><p>Remember, too, that as CoreWeave grows, so do Nvidia's profits. Applied Digital CEO Wes Cummins said that its leased North Dakota data center campus will be full of Nvidia Blackwell class servers. I think the risk profile, financial picture, and massive potential for Nvidia make it the better AI stock to buy now.</p>
<div class="lb-trans"><p>還要記住，隨着 CoreWeave 的增長，英偉達的利潤也在增長。Applied Digital 的首席執行官 Wes Cummins 表示，其租賃的北達科他州數據中心校園將充滿英偉達的 Blackwell 系列服務器。我認為，考慮到風險特徵、財務狀況以及英偉達的巨大潛力，使其成為現在更值得購買的 AI 股票。</p>
</div>

Better Artificial Intelligence (AI) Stock: CoreWeave vs. Nvidia

- Nvidia 和 CoreWeave 在 AI 基礎設施和雲服務領域表現突出。  
- CoreWeave 股價在過去一個月上漲約 185%，而 Nvidia 上漲 24%。  
- 儘管 CoreWeave 增長迅速，Nvidia 仍是更穩健的投資選擇。

更優質的人工智能（AI）股票：CoreWeave 與 NVIDIA