<p>像許多高增長股票一樣，<strong>英偉達</strong>(NVDA 2.41%) 的股票在過去三年中從基本面來看顯得昂貴，儘管其股價幾乎上漲了 980%。現在，一些投資者可能覺得自己錯過了機會，因為該股票的市盈率（P/E）被認為相對較高。</p>
<p>然而，有人認為英偉達仍然是一隻便宜的股票。以下是討論的兩個方面，包括一張真正説明投資者應該關注的圖表。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvZG9sbGFyLXNpZ24tYW1pZHN0LWdyZWVuLWNoYXJ0LWRhdGEuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="350" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvZG9sbGFyLXNpZ24tYW1pZHN0LWdyZWVuLWNoYXJ0LWRhdGEuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達股票是昂貴的，還是一個便宜的選擇？</h2>
<p>即使考慮到該股票在三年內的顯著漲幅，其估值在考慮自由現金流市盈率（P/FCF）和市盈率（P/E）時也有所下降。這是合理的，因為由於對其 GPU 芯片和其他支持人工智能（AI）基礎設施產品的前所未有的需求，銷售額激增。</p>
<p>這兩個財務指標在最近的四月初達到了年度低點。自那時以來，股價飆升，但 P/FCF 和滯後市盈率仍低於過去 12 個月的各自平均水平。基於去年收益的近 50 的市盈率對某些人來説仍然顯得過高，但投資者需要向前看，而不是向後看。</p>
<p>預計的前瞻市盈率約為 35，對於像英偉達這樣的成長型股票來説，這更為合理。而增長正是推動故事發展的動力。全球數據中心的持續建設推動了對英偉達產品的前所未有的需求。包含其 GPU、網絡產品和 AI 架構的服務器集羣為這些中心提供動力。</p>
<p>這導致英偉達的數據中心部門銷售額飆升。該增長的可視化展示應該讓投資者有信心在近期的價格水平上購買該股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvbnZpZGlhLXF1YXJ0ZXJseS1kYXRhLWNlbnRlci1yZXZlbnVlLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="432" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvbnZpZGlhLXF1YXJ0ZXJseS1kYXRhLWNlbnRlci1yZXZlbnVlLnBuZyZ3PTcwMA"/></p>
<p>數據來源：英偉達。圖表由作者製作。</p>
<p>英偉達的數據中心銷售額每個季度都在不斷增加，達到創紀錄的水平。該公司計劃每年發佈下一代芯片。這應該會保持銷售的繁榮，並推動股價上漲。</p>

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>儘管英偉達的股票在三年內上漲了 980%，但其價值仍存在爭議，有人認為其價格昂貴，也有人認為其價格便宜。雖然其市盈率（P/E）接近 50，看起來很高，但約 35 的前瞻市盈率則表明對成長型投資者來説更具價值。由於對 GPU 芯片和人工智能基礎設施的高需求，該公司的數據中心銷售正在激增，全球數據中心建設的持續推進也推動了增長。英偉達每年發佈下一代芯片的計劃進一步增強了對其股票的信心</p>

<p>Like many high-growth stocks, <strong>Nvidia</strong>(NVDA 2.41%) shares looked expensive on a fundamental basis over the last three years, even as its price shot higher by almost 980%. Now, some investors likely feel they've missed out because shares trade at what would be considered a relatively high price-to-earnings (P/E) ratio.</p>
<div class="lb-trans"><p>像許多高增長股票一樣，<strong>英偉達</strong>(NVDA 2.41%) 的股票在過去三年中從基本面來看顯得昂貴，儘管其股價幾乎上漲了 980%。現在，一些投資者可能覺得自己錯過了機會，因為該股票的市盈率（P/E）被認為相對較高。</p>
</div><p>However, there's an argument to be made that Nvidia is still an inexpensive stock. Here's a look at both sides of the discussion, including one chart that really tells the story that investors should focus on.</p>
<div class="lb-trans"><p>然而，有人認為英偉達仍然是一隻便宜的股票。以下是討論的兩個方面，包括一張真正説明投資者應該關注的圖表。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvZG9sbGFyLXNpZ24tYW1pZHN0LWdyZWVuLWNoYXJ0LWRhdGEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821171%2Fdollar-sign-amidst-green-chart-data.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>Is Nvidia stock expensive, or is it a bargain?</h2>
<div class="lb-trans"><h2>英偉達股票是昂貴的，還是一個便宜的選擇？</h2>
</div><p>Even with the stock's resounding three-year gain, its valuation has decreased when looking at price-to-free cash flow (P/FCF) and P/E ratios. That makes sense with sales exploding thanks to unprecedented demand for its GPU chips and other products supporting artificial intelligence (AI) infrastructure.</p>
<div class="lb-trans"><p>即使考慮到該股票在三年內的顯著漲幅，其估值在考慮自由現金流市盈率（P/FCF）和市盈率（P/E）時也有所下降。這是合理的，因為由於對其 GPU 芯片和其他支持人工智能（AI）基礎設施產品的前所未有的需求，銷售額激增。</p>
</div><p>Both of those financial metrics hit one-year lows as recently as early April. The stock has surged higher since then, but both P/FCF and trailing P/E remain below their respective averages over the past 12 months. A P/E of almost 50 based on last year's earnings still may seem excessively high to some, but investors need to look forward, not back.</p>
<div class="lb-trans"><p>這兩個財務指標在最近的四月初達到了年度低點。自那時以來，股價飆升，但 P/FCF 和滯後市盈率仍低於過去 12 個月的各自平均水平。基於去年收益的近 50 的市盈率對某些人來説仍然顯得過高，但投資者需要向前看，而不是向後看。</p>
</div><p>An estimated forward P/E of about 35 is much more reasonable for a growth stock like Nvidia. And growth is what is driving the story. Ongoing global data center construction is driving unprecedented demand for Nvidia products. Clusters of servers containing its GPUs, networking products, and AI architecture power these centers.</p>
<div class="lb-trans"><p>預計的前瞻市盈率約為 35，對於像英偉達這樣的成長型股票來説，這更為合理。而增長正是推動故事發展的動力。全球數據中心的持續建設推動了對英偉達產品的前所未有的需求。包含其 GPU、網絡產品和 AI 架構的服務器集羣為這些中心提供動力。</p>
</div><p>That's led to rocketing sales in Nvidia's data center segment. A visual display of that growth is what should give investors confidence to buy the stock at recent levels.</p>
<div class="lb-trans"><p>這導致英偉達的數據中心部門銷售額飆升。該增長的可視化展示應該讓投資者有信心在近期的價格水平上購買該股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvbnZpZGlhLXF1YXJ0ZXJseS1kYXRhLWNlbnRlci1yZXZlbnVlLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821171%2Fnvidia-quarterly-data-center-revenue.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>Nvidia's data center sales continue to increase to record levels every quarterly period. The company plans to release next-generation chips on an annual cadence as well. That should keep sales thriving and the stock moving higher as a result.</p>
<div class="lb-trans"><p>英偉達的數據中心銷售額每個季度都在不斷增加，達到創紀錄的水平。該公司計劃每年發佈下一代芯片。這應該會保持銷售的繁榮，並推動股價上漲。</p>
</div>

Think Nvidia Stock Is Expensive? This Chart Might Change Your Mind.

- Nvidia 股價在過去三年上漲近 980%，但估值仍被認為較高。  
- 儘管 P/E 比率接近 50，前瞻 P/E 約 35 更合理，反映出增長潛力。  
- 數據中心銷售持續創新高，推動 Nvidia 產品需求，未來增長可期。  

覺得英偉達的股票價格過高？這張圖表可能會讓你改變看法