<p><strong>英偉達</strong>(NVDA 0.53%) 是今天市場上最熱門的股票之一。在過去五年中，英偉達的股價上漲了近 1,500%，其中在過去 12 個月中又上漲了 20%。</p>
<p>認為漲勢結束了嗎？再想想。由於一個關鍵因素，英偉達的股票仍然遠比大多數投資者意識到的便宜。</p>
<h2>英偉達的利潤將在未來幾十年內增長</h2>
<p>人工智能（AI）革命正在全面展開。但我們仍處於早期階段。2023 年，聯合國估計全球人工智能市場的價值約為 1900 億美元。到 2033 年，該組織認為人工智能市場的價值將飆升至近 5 萬億美元。這是超過 30% 的複合年增長率。</p>
<p>到目前為止，英偉達的增長率超過了人工智能市場的增長率。去年，英偉達的銷售額翻了一番。今年，分析師預計銷售額將再次增長超過 50%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png"/></p>
<p>NVDA 當前財政年度的收入增長估計數據來自 YCharts</p>
<p>為什麼英偉達的增長速度超過整體市場？因為它憑藉其卓越的硬件和軟件產品迅速獲得了市場份額。目前，英偉達的人工智能 GPU 市場份額估計超過 90%。其新款 Blackwell 芯片曾一度售罄超過 12 個月。地球上幾乎每個雲計算基礎設施公司都在爭相購買更多英偉達產品。同時，英偉達的 CUDA 開發者平台確保客户被鎖定在其硬件和軟件生態系統中。</p>
<p>總之，通過早期投資，英偉達在性能方面擁有市場上最好的人工智能 GPU。與此同時，其軟件集成確保開發者長期依賴其產品。所有這些使得英偉達能夠實現行業領先的毛利率——是 <strong>英特爾</strong> 等競爭對手的兩倍多。儘管競爭將會出現，但英偉達已經獲得了關鍵的資本和聲譽優勢——這種優勢應該會持續多年，使其能夠比競爭對手收取更高的產品價格。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1ODgvZ2V0dHlpbWFnZXMtMTAzODI2MTk5MC0xMjAweDgwNC1lZDM5NGVlLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="469" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1ODgvZ2V0dHlpbWFnZXMtMTAzODI2MTk5MC0xMjAweDgwNC1lZDM5NGVlLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>耐心的 NVDA 投資者將獲得最大收益</h2>
<p>以 27 倍銷售額交易，英偉達的股票對於一個價值 4 萬億美元的企業來説看起來非常昂貴。在盈利方面，股票以 53 倍的歷史盈利交易。再一次，這乍一看似乎很貴。但銷售額在未來十年或更長時間內有強勁的增長潛力，年增長率超過 30%。考慮到英偉達的競爭優勢，利潤應該與這一增長密切相關，即使由於競爭加劇，利潤率有所壓縮。</p>
<p>在前瞻性盈利基礎上——即基於分析師對英偉達 <em>明年</em> 預期的收益——股票僅以 38 倍 2026 年盈利交易。這已經是一個更為可接受的估值。再加上另外兩年 30% 的利潤增長，股票突然以僅 22 倍 2028 年盈利交易。請記住，英偉達可能會繼續以這種速度增長到 2033 年及以後。</p>
<p>所以，是的，英偉達的股票在前期是昂貴的。但對於願意在長期持有期間分攤這一前期溢價的長期投資者來説，股票出乎意料地便宜。但前提是你願意耐心等待多年，甚至幾十年。</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>英偉達的股票在過去五年中飆升了近 1500%，去年增長了 20%。儘管以 27 倍銷售額和 53 倍市盈率來看似乎價格昂貴，但分析師預測，由於蓬勃發展的人工智能市場，預計到 2033 年將達到近 5 萬億美元，英偉達將實現強勁增長。英偉達在人工智能 GPU 市場中佔據了超過 90% 的份額，受益於其卓越的硬件和軟件整合。如果長期投資者能夠保持耐心，他們可能會發現英偉達的股票出乎意料地便宜，因為預計未來十年利潤將顯著增長</p>

<p><strong>Nvidia</strong>(NVDA 0.53%) is one of the hottest stocks on the market today. Over the past five years, Nvidia shares have soared in value by nearly 1,500%, including another 20% in the last 12 months.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 0.53%) 是今天市場上最熱門的股票之一。在過去五年中，英偉達的股價上漲了近 1,500%，其中在過去 12 個月中又上漲了 20%。</p>
</div><p>Think the run is over? Think again. Nvidia stock remains far cheaper than most investors realize due to one critical factor.</p>
<div class="lb-trans"><p>認為漲勢結束了嗎？再想想。由於一個關鍵因素，英偉達的股票仍然遠比大多數投資者意識到的便宜。</p>
</div><h2>Nvidia's profits will rise for decades to come</h2>
<div class="lb-trans"><h2>英偉達的利潤將在未來幾十年內增長</h2>
</div><p>The artificial intelligence (AI) revolution is in full swing. But we're still in the early innings. In 2023, the United Nations estimated the global artificial intelligence market to be worth roughly $190 billion. By 2033, the organization believes the AI market's value will soar to nearly $5 trillion. That's a compound annual growth rate of more than 30%.</p>
<div class="lb-trans"><p>人工智能（AI）革命正在全面展開。但我們仍處於早期階段。2023 年，聯合國估計全球人工智能市場的價值約為 1900 億美元。到 2033 年，該組織認為人工智能市場的價值將飆升至近 5 萬億美元。這是超過 30% 的複合年增長率。</p>
</div><p>Thus far, Nvidia's growth rates have exceeded the AI market's growth rate. Last year, Nvidia's sales more than doubled. This year, analysts expect sales to jump again by more than 50%.</p>
<div class="lb-trans"><p>到目前為止，英偉達的增長率超過了人工智能市場的增長率。去年，英偉達的銷售額翻了一番。今年，分析師預計銷售額將再次增長超過 50%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png" alt="" original-src="https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png"/></p>
<p>NVDA Revenue Growth Estimate for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>NVDA 當前財政年度的收入增長估計數據來自 YCharts</p>
</div><p>Why is Nvidia growing faster than the market overall? Because it rapidly gained market share due to its superior hardware and software offerings. Right now, Nvidia is estimated to have more than 90% of the AI GPU market. Its new Blackwell chips were at one time sold out for more than 12 months. Essentially every cloud computing infrastructure business on the planet is racing to buy more Nvidia products. Nvidia's CUDA developer platform, meanwhile, keeps customers locked in to its hardware and software ecosystem.</p>
<div class="lb-trans"><p>為什麼英偉達的增長速度超過整體市場？因為它憑藉其卓越的硬件和軟件產品迅速獲得了市場份額。目前，英偉達的人工智能 GPU 市場份額估計超過 90%。其新款 Blackwell 芯片曾一度售罄超過 12 個月。地球上幾乎每個雲計算基礎設施公司都在爭相購買更多英偉達產品。同時，英偉達的 CUDA 開發者平台確保客户被鎖定在其硬件和軟件生態系統中。</p>
</div><p>In summary, through early investment, Nvidia has the best AI GPUs on the market from a performance standpoint. Its software integration, meanwhile, ensures developers are locked in to their products for the long haul. All of this has allowed Nvidia to post an industry-leading gross margin -- more than double that of competitors like <strong>Intel</strong>. While competition will emerge, Nvidia has gained a critical capital and reputational advantage -- an advantage that should persist for years to come, allowing it to charge more for its products than the competition.</p>
<div class="lb-trans"><p>總之，通過早期投資，英偉達在性能方面擁有市場上最好的人工智能 GPU。與此同時，其軟件集成確保開發者長期依賴其產品。所有這些使得英偉達能夠實現行業領先的毛利率——是 <strong>英特爾</strong> 等競爭對手的兩倍多。儘管競爭將會出現，但英偉達已經獲得了關鍵的資本和聲譽優勢——這種優勢應該會持續多年，使其能夠比競爭對手收取更高的產品價格。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1ODgvZ2V0dHlpbWFnZXMtMTAzODI2MTk5MC0xMjAweDgwNC1lZDM5NGVlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824588%2Fgettyimages-1038261990-1200x804-ed394ee.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>Patient NVDA investors will profit most</h2>
<div class="lb-trans"><h2>耐心的 NVDA 投資者將獲得最大收益</h2>
</div><p>Trading at 27 times sales, Nvidia stock looks incredibly pricey for a $4 trillion business. On an earnings basis, shares trade at 53 times trailing earnings. Again, this looks expensive at first glance. But sales have a strong potential to grow by more than 30% per year for a decade or more. And given Nvidia's competitive advantages, profits should closely track this growth, even if margins do compress somewhat due to rising competition.</p>
<div class="lb-trans"><p>以 27 倍銷售額交易，英偉達的股票對於一個價值 4 萬億美元的企業來説看起來非常昂貴。在盈利方面，股票以 53 倍的歷史盈利交易。再一次，這乍一看似乎很貴。但銷售額在未來十年或更長時間內有強勁的增長潛力，年增長率超過 30%。考慮到英偉達的競爭優勢，利潤應該與這一增長密切相關，即使由於競爭加劇，利潤率有所壓縮。</p>
</div><p>On a forward earnings basis -- that is, based on what analysts expect Nvidia to earn <em>next</em> year -- shares trade at just 38 times 2026 earnings. That's already a much more palatable valuation. Add another two years of 30% profit growth and shares suddenly trade at just 22 times 2028 earnings. And remember, Nvidia could continue to grow at this rate through 2033 and beyond.</p>
<div class="lb-trans"><p>在前瞻性盈利基礎上——即基於分析師對英偉達 <em>明年</em> 預期的收益——股票僅以 38 倍 2026 年盈利交易。這已經是一個更為可接受的估值。再加上另外兩年 30% 的利潤增長，股票突然以僅 22 倍 2028 年盈利交易。請記住，英偉達可能會繼續以這種速度增長到 2033 年及以後。</p>
</div><p>So yes, Nvidia stock is expensive up front. But for long-term investors willing to spread that upfront premium over a long holding period, shares are surprisingly cheap. But only if you're willing to stay patient for years, or even decades at a time.</p>
<div class="lb-trans"><p>所以，是的，英偉達的股票在前期是昂貴的。但對於願意在長期持有期間分攤這一前期溢價的長期投資者來説，股票出乎意料地便宜。但前提是你願意耐心等待多年，甚至幾十年。</p>
</div>

Nvidia Stock Is Way Cheaper Than You Think. Here's 1 Reason Why.

- Nvidia 股票在過去五年中上漲近 1,500%，預計未來仍將增長。  
- 預計到 2033 年，全球人工智能市場將達到近 5 萬億美元，年均增長率超過 30%。  
- Nvidia 擁有超過 90% 的 AI GPU 市場份額，競爭優勢將持續多年。  

英偉達的股票比你想象中便宜得多。以下是其中一個原因