<p>在過去兩年中，人工智能（AI）的發展主導了投資領域。AI 驅動的軟件和系統能夠在沒有人類幫助的情況下做出瞬間決策，這項技術可以為全球大多數行業提供運營效率。</p>
<p>在《Sizing the Prize》中，普華永道的分析師將全球可尋址的 AI 市場估計為到本世紀末達到 15.7 萬億美元。即使這個估計只是大致正確，但它指向了一種顛覆性的趨勢，能夠對眾多企業產生積極影響。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>然而，沒有哪家公司比 <strong>Nvidia</strong>（NVDA -2.20%）更直接地受益於人工智能的崛起。Nvidia 的市值在不到兩年的時間裏飆升超過 3 萬億美元，並且短暫地成為了最有價值的上市公司。</p>
<p>雖然看起來 Nvidia 似乎沒有任何問題，但歷史先例卻不以此為然。十年後，Nvidia 的股票回落，加上其他優秀企業的穩定增長，可能會導致三隻非科技股在市值上超過華爾街的 AI 寵兒。</p>
<h2>歷史並不站在 Nvidia 這一邊</h2>
<p>在討論之前，我想先給予 Nvidia 應有的讚譽。其 Hopper 圖形處理單元（GPU）和後續的 Blackwell GPU 架構佔據了企業 AI 加速數據中心中部署的 GPU 的絕大部分。這證明了 Nvidia 正在生產一種明顯超越其直接外部競爭對手的優質產品。</p>
<p>Nvidia 還利用了經濟稀缺性。由於對 AI GPU 的需求遠遠超過供應，而全球領先的芯片製造公司 <strong>台積電</strong> 無法快速擴張生產能力以滿足需求，Nvidia 的硬件價格比競爭對手的芯片高出 100% 以上。Nvidia 的毛利率在 2025 財年（其財年在 1 月底結束）超過 70% 也就不難理解了。</p>
<p>但自上世紀 90 年代中期以來，有一個歷史性的逆風始終未被打破，它正好將人工智能和 Nvidia 納入了視野。</p>
<p>在過去 30 多年中，每一項下一個重大技術和創新在擴張初期都經歷過泡沫破裂事件。換句話説，投資者幾十年來一直高估顛覆性趨勢的採用率和/或效用，而人工智能似乎也不例外。大多數部署 AI 解決方案的企業尚未優化這些解決方案，且未能從其 AI 投資中獲得正回報。</p>
<p>如果歷史再次重演，形成並破裂一個 AI 泡沫，Nvidia 幾乎肯定會成為最大的輸家。這並不是説 Nvidia 在人工智能成熟後不會取得巨大的成功。相反，這指向了一個歷史先例，即下一個重大趨勢的市場領導者總是在早期由於投資者的過度熱情而遭遇挫折。</p>
<p>然而，以下三家非科技巨頭都具備在未來 10 年內超越 Nvidia 估值所需的工具和無形資產。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA"/></p>
<p>伯克希爾哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
<h2>伯克希爾哈撒韋</h2>
<p>儘管非科技公司往往主導萬億美元的行列，但沃倫·巴菲特的公司 <strong>伯克希爾哈撒韋</strong>（BRK.A -0.52%）（BRK.B -0.77%）似乎最有可能在 2035 年前超過 Nvidia 的市值。</p>
<p>儘管奧馬哈的先知將在今年年底卸任首席執行官一職，並將權力交給 Greg Abel，但已經奠定的基礎可以為伯克希爾哈撒韋的股票提供雙位數的回報。</p>
<p>伯克希爾股票年化回報接近 20% 的一個原因是巴菲特和他的團隊專注於週期性業務。巴菲特並沒有試圖預測不可避免的經濟衰退何時發生，而是將其 2800 億美元的投資組合充滿了能夠利用非線性增長時期的資產。自二戰以來，美國的平均衰退持續時間僅為 10 個月，而典型的擴張期則持續五年，巴菲特和他的團隊只需耐心等待時間的魔力。</p>
<p>沃倫·巴菲特還喜歡投資於分紅股票。支付定期分紅的公司在過去半個世紀中，通常在回報方面表現優於不支付分紅的同行。伯克希爾似乎有望在今年收穫超過 50 億美元的分紅收入。</p>
<p>不要忽視伯克希爾出色的回購計劃。儘管巴菲特在連續三個季度內停止了股票回購，但他在 2018 年 7 月 1 日至 2024 年 6 月 30 日期間，累計花費近 780 億美元回購自家股票。這些回購幫助提升了伯克希爾的每股收益，使其股票更具吸引力。</p>
<h2>Visa</h2>
<p>在未來 10 年內，另一隻能夠超越 Nvidia 估值的非科技股就是支付處理領導者 <strong>Visa</strong>（V -5.01%）。Visa 目前的市值為 7150 億美元，距離 Nvidia 還有超過 2.7 萬億美元的差距。</p>
<p>Visa 的一個核心催化劑與伯克希爾哈撒韋相同：經濟週期的不成比例性。由於增長期通常遠遠長於衰退期，Visa 能夠從消費者和企業逐漸增加的支出中受益。</p>
<p>使 Visa 在金融行業中脱穎而出的另一個因素是其普遍避免貸款。儘管選擇處理支付和貸款的公司在經濟增長期間可以雙重獲利，但這也使這些雙重獲利者在經濟衰退和經濟增長緩慢時期面臨信用違約和貸款損失的風險。由於 Visa 避免貸款，因此不必擔心撥備資本。簡而言之，Visa 在經濟低迷時的反彈速度快於大多數金融股票。</p>
<p>可以説，Visa 最大的機會存在於國內市場之外。跨境支付量每年以兩位數的百分比持續增長，這反映出大多數新興市場的銀行服務不足。這是一家擁有現金流和資產負債表，能夠有機或通過收購進入新市場並維持兩位數銷售和盈利增長率的公司。</p>
<p>錦上添花的是，Visa 在國內市場佔據主導地位。2023 年其處理的信用卡網絡購買量約為 6.45 萬億美元，比其三家最接近競爭對手的總和多出約 2.4 萬億美元。Visa 在美國的現金流穩健且可預測。</p>
<h2>沃爾瑪</h2>
<p>第三家擁有工具和無形資產，能夠在 2035 年前完全超越英偉達市值的非科技股是零售巨頭 <strong>沃爾瑪</strong>（WMT -0.65%）。沃爾瑪的市值為 7650 億美元，距離英偉達約有 2.7 萬億美元的差距。</p>
<p>沃爾瑪顯而易見的競爭優勢在於其規模。其穩定的運營現金流和雄厚的資金使其能夠批量採購產品。在大量購買商品時，沃爾瑪能夠談判出更低的單價，從而能夠在價格上擊敗當地商店和全國連鎖超市。沃爾瑪提供的價值主張吸引了消費者。</p>
<p>但沃爾瑪也是一個創新者。管理層一直在積極投資其在線業務，並加大對會員平台（Walmart+）的投入，以提升有機增長和利潤率。在其 2023 財年第一季度（截至 4 月 30 日），全球電子商務銷售激增 22%，美國電子商務實現了首個盈利季度。</p>
<p>此外，會員收入增長近 15%。類似於 <strong>好市多</strong> 的會員模式，會員費用流入底線，使沃爾瑪在推動流量的商品定價上更加激進。接受某些雜貨的較低利潤率可以吸引消費者進入其商店或鎖定在其生態系統內，從而進行更高利潤的可選消費。</p>
<p>最後，基於上述觀點，沃爾瑪提供基本生活用品，如食品、洗漱用品和家庭清潔產品。在任何經濟環境中，它都能吸引消費者，並且完全能夠年復一年地產生可預測的現金流。</p>

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

南方兩倍做多伯克希爾

<p>人工智能（AI）的崛起對投資格局產生了重大影響，英偉達（Nvidia）成為市場的領導者。然而，歷史趨勢表明，市場領導者往往會面臨下滑。分析師預測，到 2035 年，三家非科技公司，特別是伯克希爾哈撒韋（Berkshire Hathaway），可能會超越英偉達的市值，原因在於它們強大的基本面和戰略投資。在沃倫·巴菲特（Warren Buffett）的領導下，伯克希爾哈撒韋始終提供強勁的回報，並且在未來增長機會中處於良好位置，儘管 AI 投資面臨挑戰</p>

<p>For more than two years, the evolution of artificial intelligence (AI) has dominated the investment landscape. The capacity for AI-empowered software and systems to make split-second decisions without the aid of humans is a technology that can provide operating efficiencies throughout most industries around the globe.</p>
<div class="lb-trans"><p>在過去兩年中，人工智能（AI）的發展主導了投資領域。AI 驅動的軟件和系統能夠在沒有人類幫助的情況下做出瞬間決策，這項技術可以為全球大多數行業提供運營效率。</p>
</div><p>In <em>Sizing the Prize</em>, the analysts at PwC pegged this global addressable market for AI at $15.7 trillion by the turn of the decade. Even if this estimate is just somewhat in the ballpark, it points to a game-changing trend that can positively impact a long list of businesses.</p>
<div class="lb-trans"><p>在《Sizing the Prize》中，普華永道的分析師將全球可尋址的 AI 市場估計為到本世紀末達到 15.7 萬億美元。即使這個估計只是大致正確，但它指向了一種顛覆性的趨勢，能夠對眾多企業產生積極影響。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821532%2Frocket-coins-calculator-financial-metrics-to-moon-crypto-invest-getty.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><p>However, no company has more directly benefited from the rise of artificial intelligence than <strong>Nvidia</strong>(NVDA -2.20%). It took less than two years for Nvidia's market cap to catapult by more than $3 trillion, and for it to, briefly, become the most valuable publicly traded company.</p>
<div class="lb-trans"><p>然而，沒有哪家公司比 <strong>Nvidia</strong>（NVDA -2.20%）更直接地受益於人工智能的崛起。Nvidia 的市值在不到兩年的時間裏飆升超過 3 萬億美元，並且短暫地成為了最有價值的上市公司。</p>
</div><p>While it would appear that nothing can go wrong for Nvidia, historical precedent would beg to differ. A decade from now, Nvidia stock coming back to Earth, coupled with steady growth from other magnificent businesses, can lead to three non-tech stocks blowing past Wall Street's AI darling in the market cap column.</p>
<div class="lb-trans"><p>雖然看起來 Nvidia 似乎沒有任何問題，但歷史先例卻不以此為然。十年後，Nvidia 的股票回落，加上其他優秀企業的穩定增長，可能會導致三隻非科技股在市值上超過華爾街的 AI 寵兒。</p>
</div><h2>History isn't on Nvidia's side</h2>
<div class="lb-trans"><h2>歷史並不站在 Nvidia 這一邊</h2>
</div><p>Let me preface this discussion by giving Nvidia credit where credit is due. Its Hopper graphics processing units (GPUs) and successor Blackwell GPU architecture account for the lion's share of GPUs deployed in enterprise AI-accelerated data centers. It's a testament that Nvidia is producing a superior product that's clearly outpacing its direct external rivals in compute potential.</p>
<div class="lb-trans"><p>在討論之前，我想先給予 Nvidia 應有的讚譽。其 Hopper 圖形處理單元（GPU）和後續的 Blackwell GPU 架構佔據了企業 AI 加速數據中心中部署的 GPU 的絕大部分。這證明了 Nvidia 正在生產一種明顯超越其直接外部競爭對手的優質產品。</p>
</div><p>Nvidia also took advantage of economic scarcity. With demand for AI GPUs handily outpacing their supply, and world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong> unable to expand its production capacity fast enough to satiate demand, Nvidia's hardware is commanding a 100%-plus premium to rival chips. There's a reason Nvidia's gross margin topped 70% throughout fiscal 2025 (its fiscal year ends in late January).</p>
<div class="lb-trans"><p>Nvidia 還利用了經濟稀缺性。由於對 AI GPU 的需求遠遠超過供應，而全球領先的芯片製造公司 <strong>台積電</strong> 無法快速擴張生產能力以滿足需求，Nvidia 的硬件價格比競爭對手的芯片高出 100% 以上。Nvidia 的毛利率在 2025 財年（其財年在 1 月底結束）超過 70% 也就不難理解了。</p>
</div><p>But there's a historical headwind that's lies undefeated since the mid-1990s, and it squarely has artificial intelligence and Nvidia in its proverbial sight.</p>
<div class="lb-trans"><p>但自上世紀 90 年代中期以來，有一個歷史性的逆風始終未被打破，它正好將人工智能和 Nvidia 納入了視野。</p>
</div><p>Every next-big-thing technology and innovation for more than 30 years has endured a bubble-bursting event early in its expansion. In other words, investors have been consistently overestimating the adoption rate and/or utility of game-changing trends for decades -- and AI looks to be no exception. Most businesses deploying AI solutions haven't optimized them and aren't generating a positive return on their AI investments.</p>
<div class="lb-trans"><p>在過去 30 多年中，每一項下一個重大技術和創新在擴張初期都經歷過泡沫破裂事件。換句話説，投資者幾十年來一直高估顛覆性趨勢的採用率和/或效用，而人工智能似乎也不例外。大多數部署 AI 解決方案的企業尚未優化這些解決方案，且未能從其 AI 投資中獲得正回報。</p>
</div><p>If history rhymes once more, and an AI bubble were to form and burst, Nvidia would almost certainly be one of the biggest losers. This isn't to say Nvidia won't be wildly successful after artificial intelligence matures as a technology. Rather, it points to the historical precedent that market leaders of next-big-thing trends always falter in the early going due to the overzealousness of investors.</p>
<div class="lb-trans"><p>如果歷史再次重演，形成並破裂一個 AI 泡沫，Nvidia 幾乎肯定會成為最大的輸家。這並不是説 Nvidia 在人工智能成熟後不會取得巨大的成功。相反，這指向了一個歷史先例，即下一個重大趨勢的市場領導者總是在早期由於投資者的過度熱情而遭遇挫折。</p>
</div><p>However, the following three non-tech titans all have the tools and intangibles needed to leapfrog Nvidia's valuation over the next 10 years.</p>
<div class="lb-trans"><p>然而，以下三家非科技巨頭都具備在未來 10 年內超越 Nvidia 估值所需的工具和無形資產。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821532%2Fbuffett11-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
</div><h2>Berkshire Hathaway</h2>
<div class="lb-trans"><h2>伯克希爾哈撒韋</h2>
</div><p>Though non-tech companies tend to dominate the trillion-dollar ranks, it's Warren Buffett's company, <strong>Berkshire Hathaway</strong>(BRK.A -0.52%) (BRK.B -0.77%), which seems likeliest to surpass Nvidia's market cap by 2035.</p>
<div class="lb-trans"><p>儘管非科技公司往往主導萬億美元的行列，但沃倫·巴菲特的公司 <strong>伯克希爾哈撒韋</strong>（BRK.A -0.52%）（BRK.B -0.77%）似乎最有可能在 2035 年前超過 Nvidia 的市值。</p>
</div><p>Even though the Oracle of Omaha is stepping down from his role as CEO by the end of this year and handing the reins over to Greg Abel, a foundation has been laid that can sustain double-digit returns for Berkshire Hathaway's stock.</p>
<div class="lb-trans"><p>儘管奧馬哈的先知將在今年年底卸任首席執行官一職，並將權力交給 Greg Abel，但已經奠定的基礎可以為伯克希爾哈撒韋的股票提供雙位數的回報。</p>
</div><p>One reason Berkshire stock has delivered an annualized return of almost 20% spanning 60 years is because Buffett and his team have focused on cyclical businesses. Instead of trying to time when inevitable recessions will occur, Buffett has packed his company's $280 billion investment portfolio and owned assets with businesses that can take advantage of nonlinear periods of growth. With the average U.S. recession since World War II lasting just 10 months and the typical expansion enduring for five years, Buffett and his crew simply need to exercise patience and allow time to work its magic.</p>
<div class="lb-trans"><p>伯克希爾股票年化回報接近 20% 的一個原因是巴菲特和他的團隊專注於週期性業務。巴菲特並沒有試圖預測不可避免的經濟衰退何時發生，而是將其 2800 億美元的投資組合充滿了能夠利用非線性增長時期的資產。自二戰以來，美國的平均衰退持續時間僅為 10 個月，而典型的擴張期則持續五年，巴菲特和他的團隊只需耐心等待時間的魔力。</p>
</div><p>Warren Buffett also has a penchant for diving into dividend stocks. Companies that pay a regular dividend have historically run circles around their non-paying peers in the return column over the last half-century. Berkshire appears to be on track to collect more than $5 billion in dividend income this year alone.</p>
<div class="lb-trans"><p>沃倫·巴菲特還喜歡投資於分紅股票。支付定期分紅的公司在過去半個世紀中，通常在回報方面表現優於不支付分紅的同行。伯克希爾似乎有望在今年收穫超過 50 億美元的分紅收入。</p>
</div><p>Don't overlook Berkshire's phenomenal buyback program, either. Despite Buffett going cold turkey on share repurchases for three consecutive quarters, he spent close to $78 billion, in aggregate, buying back his own company's stock from July 1, 2018 to June 30, 2024. These buybacks have helped to boost Berkshire's earnings per share and made its stock more attractive.</p>
<div class="lb-trans"><p>不要忽視伯克希爾出色的回購計劃。儘管巴菲特在連續三個季度內停止了股票回購，但他在 2018 年 7 月 1 日至 2024 年 6 月 30 日期間，累計花費近 780 億美元回購自家股票。這些回購幫助提升了伯克希爾的每股收益，使其股票更具吸引力。</p>
</div><h2>Visa</h2>
<div class="lb-trans"><h2>Visa</h2>
</div><p>A second non-tech stock that can blow past Nvidia's valuation over the coming 10 years is none other than payment-processing leader <strong>Visa</strong>(V -5.01%). Visa's current market cap of $715 billion places it more than $2.7 trillion behind Nvidia.</p>
<div class="lb-trans"><p>在未來 10 年內，另一隻能夠超越 Nvidia 估值的非科技股就是支付處理領導者 <strong>Visa</strong>（V -5.01%）。Visa 目前的市值為 7150 億美元，距離 Nvidia 還有超過 2.7 萬億美元的差距。</p>
</div><p>One of Visa's core catalysts is shared with Berkshire Hathaway: the disproportionate nature of economic cycles. With periods of growth lasting considerably longer than downturns, Visa is able to benefit from consumers and businesses increasing their spending over time.</p>
<div class="lb-trans"><p>Visa 的一個核心催化劑與伯克希爾哈撒韋相同：經濟週期的不成比例性。由於增長期通常遠遠長於衰退期，Visa 能夠從消費者和企業逐漸增加的支出中受益。</p>
</div><p>Something else that helps set Visa apart within the financial sector is its general avoidance of lending. Though companies that choose to process payments and lend can double-dip during periods of growth, it also exposes these double dippers to credit delinquencies and loan losses during recessions and sluggish periods of economic expansion. With Visa shying away from lending, it doesn't have to worry about setting aside capital. In short, Visa bounces back from downturns quicker than most financial stocks.</p>
<div class="lb-trans"><p>使 Visa 在金融行業中脱穎而出的另一個因素是其普遍避免貸款。儘管選擇處理支付和貸款的公司在經濟增長期間可以雙重獲利，但這也使這些雙重獲利者在經濟衰退和經濟增長緩慢時期面臨信用違約和貸款損失的風險。由於 Visa 避免貸款，因此不必擔心撥備資本。簡而言之，Visa 在經濟低迷時的反彈速度快於大多數金融股票。</p>
</div><p>Arguably the biggest opportunity for Visa exists beyond domestic borders. Cross-border payment volume has been consistently growing by a double-digit percentage annually, which is reflective of how underbanked most emerging markets are. This is a company that has the cash flow and balance sheet to organically or acquisitively enter new markets and sustain a double-digit sales and earnings growth rate.</p>
<div class="lb-trans"><p>可以説，Visa 最大的機會存在於國內市場之外。跨境支付量每年以兩位數的百分比持續增長，這反映出大多數新興市場的銀行服務不足。這是一家擁有現金流和資產負債表，能夠有機或通過收購進入新市場並維持兩位數銷售和盈利增長率的公司。</p>
</div><p>The icing on the cake is that Visa dominates domestically. The roughly $6.45 trillion in credit card network purchasing volume it handled in 2023 is approximately $2.4 trillion more than its three closest competitors, <em>combined</em>. Visa's U.S. cash flow is rock-solid and predictable.</p>
<div class="lb-trans"><p>錦上添花的是，Visa 在國內市場佔據主導地位。2023 年其處理的信用卡網絡購買量約為 6.45 萬億美元，比其三家最接近競爭對手的總和多出約 2.4 萬億美元。Visa 在美國的現金流穩健且可預測。</p>
</div><h2>Walmart</h2>
<div class="lb-trans"><h2>沃爾瑪</h2>
</div><p>The third non-tech stock with the tools and intangibles to fully leapfrog Nvidia's market cap by 2035 is retail powerhouse <strong>Walmart</strong>(WMT -0.65%). Walmart's $765 billion market cap leaves it about $2.7 trillion away from Nvidia as well.</p>
<div class="lb-trans"><p>第三家擁有工具和無形資產，能夠在 2035 年前完全超越英偉達市值的非科技股是零售巨頭 <strong>沃爾瑪</strong>（WMT -0.65%）。沃爾瑪的市值為 7650 億美元，距離英偉達約有 2.7 萬億美元的差距。</p>
</div><p>Walmart's easily identifiable competitive edge is its size. Its steady operating cash flow and deep pockets allow it to purchase products in bulk. When buying large quantities of goods, Walmart is able to negotiate a lower per-unit cost, which in turn allows it to undercut local stores and national grocers on price. Walmart offers a value proposition that speaks to consumers.</p>
<div class="lb-trans"><p>沃爾瑪顯而易見的競爭優勢在於其規模。其穩定的運營現金流和雄厚的資金使其能夠批量採購產品。在大量購買商品時，沃爾瑪能夠談判出更低的單價，從而能夠在價格上擊敗當地商店和全國連鎖超市。沃爾瑪提供的價值主張吸引了消費者。</p>
</div><p>But Walmart is also an innovator. Management has been aggressively investing in its online presence and ramping up its membership platform (Walmart+) in an effort to boost organic growth and its margins. During its fiscal first quarter (ended April 30), global e-commerce sales surged 22%, with U.S. e-commerce delivering its first quarter of profitability.</p>
<div class="lb-trans"><p>但沃爾瑪也是一個創新者。管理層一直在積極投資其在線業務，並加大對會員平台（Walmart+）的投入，以提升有機增長和利潤率。在其 2023 財年第一季度（截至 4 月 30 日），全球電子商務銷售激增 22%，美國電子商務實現了首個盈利季度。</p>
</div><p>Furthermore, membership income jumped by nearly 15%. Similar to <strong>Costco Wholesale</strong>'s membership model, membership fees flow to the bottom line and allow Walmart to be more aggressive with its pricing on traffic-driving goods. Accepting lower margins on select groceries gets consumers in its stores or locked within its ecosystem where they can make higher-margin discretionary purchases.</p>
<div class="lb-trans"><p>此外，會員收入增長近 15%。類似於 <strong>好市多</strong> 的會員模式，會員費用流入底線，使沃爾瑪在推動流量的商品定價上更加激進。接受某些雜貨的較低利潤率可以吸引消費者進入其商店或鎖定在其生態系統內，從而進行更高利潤的可選消費。</p>
</div><p>Lastly, and to build on the point above, Walmart provides basic need goods, such as food, toiletries, and household cleaning products. It's going to draw consumers in any economic climate, and is fully capable of generating predictable cash flow year after year.</p>
<div class="lb-trans"><p>最後，基於上述觀點，沃爾瑪提供基本生活用品，如食品、洗漱用品和家庭清潔產品。在任何經濟環境中，它都能吸引消費者，並且完全能夠年復一年地產生可預測的現金流。</p>
</div>

Prediction: 3 Non-Tech Stocks That Can Blow Past Nvidia's Market Cap by 2035

- 人工智能的崛起使投資格局發生變化，市場規模預計達 15.7 萬億美元。  
- Nvidia 受益於 AI 發展，市值在兩年內增長超過 3 萬億美元。  
- 歷史表明，技術泡沫破裂可能影響 Nvidia，Berkshire、Visa 和 Walmart 有潛力超越其市值。

預測：三隻非科技股票可能在 2035 年超越英偉達的市值