<p><strong>英偉達</strong>(NVDA 2.09%) 仍然是市場上最好的人工智能 (AI) 股票之一。但隨着這家芯片製造商的市銷率達到 26.4，許多投資者可能會想，股票是否已經變得太貴而無法購買。不要被誤導：英偉達的股票仍然是合理定價的。</p>
<h2>英偉達股票並不像看起來那麼貴</h2>
<p>英偉達設計的圖形處理單元 (GPU) 提供了支持現代 AI 和機器學習軟件所需的處理能力。該公司的毛利率約為 60%——幾乎是 <strong>英特爾</strong> 的兩倍——這反映了其尖端芯片相較於競爭對手產品的優越性。英偉達可以因為其產品的性能優勢以及其廣泛使用的軟件平台的價值而收取更高的價格，這使得開發者更容易為特定任務編程芯片。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMDIvZ2V0dHlpbWFnZXMtMTk4MDM1Nzk0Ni0xMjAweDc1MC03ZDU5MzkxLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="437" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMDIvZ2V0dHlpbWFnZXMtMTk4MDM1Nzk0Ni0xMjAweDc1MC03ZDU5MzkxLmpwZyZ3PTcwMA"/></p>
<p>來源：Getty Images。</p>
<p>英偉達的硬件本質上正在推動 AI 革命：大多數分析師認為它在 AI 加速器芯片市場的份額高達 85% 到 90%。由於預計 AI 基礎設施支出將在 2033 年之前每年增長超過 30%，英偉達有潛力在未來至少十年內大幅增長其銷售基礎，甚至更久。</p>
<p>由於投資者對這一切的樂觀情緒，其股票的市銷率高達 26.4 倍。但當你將股票與公司的利潤和底線前景進行比較時，估值情況顯著改善。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="604" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png"/></p>
<p>數據來源：YCharts。</p>
<p>英偉達的股票目前交易約為 51 倍的收益。這仍然是相當高的溢價。但由於收益增長如此迅速，股票僅以 36.9 倍的明年收益交易。如果它能夠保持高毛利率，股票的估值可能會因其快速的銷售增長而年復一年顯著改善。與像英特爾這樣的競爭對手相比，後者在過去三個季度均虧損，英偉達的估值看起來相當合理。</p>
<p>可以肯定的是，股票並不便宜，而且該股票剛剛突破 4 萬億美元的市值門檻。但對於願意支付前期溢價的耐心投資者來説，它們仍然可能會帶來盈利。</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>英偉達（Nvidia，股票代碼：NVDA）被認為是頂尖的人工智能股票之一，目前的市銷率為 26.4。儘管對其估值存在擔憂，英偉達的毛利率約為 60%，顯著高於競爭對手如英特爾。預計在人工智能加速器芯片市場中，英偉達的市場份額達到 85-90%，並且人工智能基礎設施支出的增長預期使得英偉達的銷售潛力強勁。儘管其股票的市盈率為 51 倍，但明年的市盈率降至 36.9 倍，相較於競爭對手而言，這一估值是合理的。對於長期投資者來説，儘管英偉達的估值較高，但仍可能提供盈利機會</p>

<p><strong>Nvidia</strong>(NVDA 2.09%) remains one of the best artificial intelligence (AI) stocks on the market. But with the chipmaker now trading at a price-to-sales multiple of 26.4, many investors may wonder if shares have gotten too expensive to buy. Don't be fooled: Nvidia stock is still reasonably priced.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 2.09%) 仍然是市場上最好的人工智能 (AI) 股票之一。但隨着這家芯片製造商的市銷率達到 26.4，許多投資者可能會想，股票是否已經變得太貴而無法購買。不要被誤導：英偉達的股票仍然是合理定價的。</p>
</div><h2>Nvidia stock isn't as expensive as it seems</h2>
<div class="lb-trans"><h2>英偉達股票並不像看起來那麼貴</h2>
</div><p>Nvidia designs graphics processing units (GPUs) that provide the processing power required to support modern AI and machine-learning software. The company's gross margins are around 60% -- nearly twice those of competitors like <strong>Intel</strong> -- a reflection of how superior its cutting-edge chips are compared to the offerings of rivals. Nvidia can simply charge more for its products due largely to their performance superiority, as well as the value of its widely used software platform, which makes it easier for developers to program chips for specific tasks.</p>
<div class="lb-trans"><p>英偉達設計的圖形處理單元 (GPU) 提供了支持現代 AI 和機器學習軟件所需的處理能力。該公司的毛利率約為 60%——幾乎是 <strong>英特爾</strong> 的兩倍——這反映了其尖端芯片相較於競爭對手產品的優越性。英偉達可以因為其產品的性能優勢以及其廣泛使用的軟件平台的價值而收取更高的價格，這使得開發者更容易為特定任務編程芯片。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMDIvZ2V0dHlpbWFnZXMtMTk4MDM1Nzk0Ni0xMjAweDc1MC03ZDU5MzkxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824202%2Fgettyimages-1980357946-1200x750-7d59391.jpg&amp;op=resize&amp;w=700"/></p>
<p>Source: Getty Images.</p>
<div class="lb-trans"><p>來源：Getty Images。</p>
</div><p>Nvidia's hardware is essentially powering the AI revolution: Most analysts believe it has an 85% to 90% market share in AI accelerator chips right now. Because AI infrastructure spending is expected to grow by more than 30% annually through 2033, Nvidia has the potential to grow its sales base aggressively over at least the next decade, and likely beyond.</p>
<div class="lb-trans"><p>英偉達的硬件本質上正在推動 AI 革命：大多數分析師認為它在 AI 加速器芯片市場的份額高達 85% 到 90%。由於預計 AI 基礎設施支出將在 2033 年之前每年增長超過 30%，英偉達有潛力在未來至少十年內大幅增長其銷售基礎，甚至更久。</p>
</div><p>Due to investors' optimism about all of this, its shares trade at a pricey 26.4 times sales. But when you measure the stock against the company's profits and bottom-line outlook, the valuation picture improves considerably.</p>
<div class="lb-trans"><p>由於投資者對這一切的樂觀情緒，其股票的市銷率高達 26.4 倍。但當你將股票與公司的利潤和底線前景進行比較時，估值情況顯著改善。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png" alt="" original-src="https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>Nvidia shares currently trade at roughly 51 times earnings. That's still quite a premium. But because earnings are growing so fast, shares trade at just 36.9 times next year's earnings. If it can maintain its high gross margins, the stock's valuation could continue to improve dramatically year after year due to its rapid sales growth. Compared to a competitor like Intel, which lost money in each of the last three quarters, Nvidia's valuation looks quite reasonable.</p>
<div class="lb-trans"><p>英偉達的股票目前交易約為 51 倍的收益。這仍然是相當高的溢價。但由於收益增長如此迅速，股票僅以 36.9 倍的明年收益交易。如果它能夠保持高毛利率，股票的估值可能會因其快速的銷售增長而年復一年顯著改善。與像英特爾這樣的競爭對手相比，後者在過去三個季度均虧損，英偉達的估值看起來相當合理。</p>
</div><p>To be sure, shares aren't cheap, and the stock just hit the $4 trillion market cap threshold. But for patient investors willing to pay an up-front premium, they could still prove profitable.</p>
<div class="lb-trans"><p>可以肯定的是，股票並不便宜，而且該股票剛剛突破 4 萬億美元的市值門檻。但對於願意支付前期溢價的耐心投資者來説，它們仍然可能會帶來盈利。</p>
</div>

Think Nvidia Stock Is Expensive? These 3 Charts Might Change Your Mind.

- Nvidia 仍是市場上最佳的人工智能股票之一。  
- 儘管市銷率為 26.4，Nvidia 股票仍被認為合理定價。  
- 預計 AI 基礎設施支出將年均增長 30%，未來十年銷售有望快速增長。

覺得英偉達的股票價格過高？這三張圖表可能會讓你改變看法