<p>2025 年的前幾個月對 <strong>英偉達</strong>(NVDA 0.37%) 的投資者來説是痛苦的。早在四月，英偉達的市值跌至約 2.3 萬億美元——比三個月前的峯值下降了 37%。</p>
<p>影響英偉達拋售的因素有很多。</p>
<p>首先是一個名為 DeepSeek 的中國初創公司的出現，該公司聲稱使用舊款英偉達芯片構建其令人印象深刻的 R1 人工智能 (AI) 模型。這讓一些投資者擔心，英偉達最新的高價芯片可能不再是支持全球日益增長的 AI 基礎設施所必需的。</p>
<p>除了 DeepSeek，投資者還擔心新的美國關税政策將如何影響英偉達在海外的增長前景。最後，來自 <strong>超微</strong> 的競爭加上 <strong>微軟</strong>、<strong>亞馬遜</strong> 和 <strong>谷歌</strong> 等雲計算巨頭對定製硅的投資，使得人們更加相信英偉達的最佳時光可能已經過去。</p>
<p>然而，在五月份發佈的樂觀財報之後，投資者似乎認為這些擔憂被誇大了。截至 7 月 11 日，英偉達的市值已超過 4 萬億美元——使這家半導體明星再次成為全球最有價值的公司。</p>
<p>隨着股價飆升，值得關注英偉達的估值趨勢，以評估該股票是否仍然是一個好的投資，或者一些投資者是否已經錯過了機會。</p>
<h2>分析英偉達的估值倍數</h2>
<p>下圖展示了英偉達在過去幾年中的市銷率 (P/S) 和前瞻市盈率 (P/E) 倍數。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png"/></p>
<p>數據來源：YCharts。</p>
<p>如您所見，英偉達當前的市銷率和前瞻市盈率遠低於 AI 革命期間的高點。明確來説，這並不一定意味着英偉達註定要達到或超過之前的市銷率 46 和前瞻市盈率 51。</p>
<p>此外，公司的倍數並不一定需要擴張，才能使公司增值。英偉達未來的估值取決於公司的增長潛力。</p>
<p>讓我們探討一些可能在未來幾年內推動英偉達實現顯著增長的催化劑。</p>
<h2>英偉達有哪些催化劑？</h2>
<p>在過去幾年中，英偉達的增長主要來自其數據中心業務。英偉達設計的行業領先 GPU 被全球最大的企業用於開發生成性 AI 能力。</p>
<p>然而，該公司在 AI 數據中心之外還有許多投資者可能忽視的機會。</p>
<p>首先，像 <strong>特斯拉</strong> 和谷歌這樣的公司已經投資數十億美元開發自動駕駛技術。英偉達也參與了自動駕駛汽車的開發——在第一季度，其汽車服務業務的銷售額達到了 5.67 億美元。這代表了 72% 的同比增長，使該部門的年收入運行率達到了 23 億美元。為了更好地理解這一點，英偉達的數據中心業務每年產生的銷售額遠超過 1000 億美元。</p>
<p>雖然汽車部門不太可能像數據中心業務那樣龐大，但我相信英偉達在這一領域還有很大的增長空間，因為自動駕駛技術正在不斷擴展。與 <strong>通用汽車</strong>、<strong>豐田汽車</strong>、<strong>梅賽德斯 - 奔馳</strong>、<strong>沃爾沃</strong>、<strong>Rivian Automotive</strong>、<strong>比亞迪</strong> 等眾多合作伙伴合作，英偉達將從自動駕駛汽車的廣泛興起中受益，使其成為自動駕駛機會的中立受益者。</p>
<p>另一個相關機會是 AI 驅動的機器人技術的崛起。像特斯拉和 Figure AI 這樣的公司正在開發人形機器人，旨在幫助勞動密集型環境（如倉庫）中的勞動力。此外，亞馬遜正在其履行中心整合多種機器人驅動的流程，以提高效率。</p>
<p>英偉達是 Figure AI 的投資者，首席執行官黃仁勳曾表示，機器人技術在更廣泛的 AI 領域中是一個萬億級的機會。</p>
<p>最後，儘管像 <strong>IonQ</strong> 和 <strong>Rigetti Computing</strong> 這樣的公司在量子計算領域備受關注，但英偉達並不是投資者想要忽視的名字。</p>
<p>除了硬件，英偉達還開發了一種名為 CUDA 的 AI 軟件平台。該公司悄然將這一架構適配到其他應用中，其中量子計算就是通過引入 CUDA-Q 平台實現的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyOTMvZ2V0dHlpbWFnZXMtODY0NzA3NzQwLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyOTMvZ2V0dHlpbWFnZXMtODY0NzA3NzQwLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>現在英偉達股票值得買嗎？</h2>
<p>將自動駕駛、機器人技術和量子計算聯繫在一起的一個線索是，這三種技術都處於非常初期的階段。它們的商業覆蓋範圍仍然有限，但每一種都有潛力在全球範圍內顛覆多個行業。而英偉達正好處於中間，擁有為這些技術提供動力的芯片和軟件。</p>
<p>隨着英偉達的估值倍數從峯值水平回落，許多投資者可能將該業務視為一個成熟的運營。其他人可能對英偉達繼續加速增長的能力產生懷疑，因此在定價中考慮了一些風險。</p>
<p>考慮到上述觀點，我認為英偉達的股票在長期內將會上漲。公司的股價韌性加上眾多能夠解鎖進一步收入和利潤的機會讓我對英偉達在長期內超越當前估值感到樂觀。</p>
<p>基於這些原因，我認為現在是購買一些英偉達股票並準備緊緊握住的絕佳時機。下一波增長浪潮似乎剛剛開始。</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>英偉達已經從今年早些時候的 1 萬億美元市值損失中反彈，目前市值超過 4 萬億美元，再次成為全球最有價值的公司。最初對競爭和關税的擔憂導致了拋售，但強勁的財報改變了投資者的情緒。英偉達的增長主要由其數據中心業務驅動，但在自動駕駛、人工智能驅動的機器人和量子計算等領域的機會也提供了額外的增長潛力。由於估值倍數低於之前的高點，英偉達仍可能是一個良好的投資機會</p>

<p>The first several months of 2025 were painful for <strong>Nvidia</strong>(NVDA 0.37%) investors. Back in April, Nvidia's market capitalization bottomed around $2.3 trillion -- representing a 37% decline from the peak it reached just three months earlier.</p>
<div class="lb-trans"><p>2025 年的前幾個月對 <strong>英偉達</strong>(NVDA 0.37%) 的投資者來説是痛苦的。早在四月，英偉達的市值跌至約 2.3 萬億美元——比三個月前的峯值下降了 37%。</p>
</div><p>There were a number of factors that influenced Nvidia's sell-off.</p>
<div class="lb-trans"><p>影響英偉達拋售的因素有很多。</p>
</div><p>First was the emergence of a Chinese start-up called DeepSeek, which claimed to build its impressive R1 artificial intelligence (AI) model using older Nvidia chips. This led some investors to fear that Nvidia's newest, high-priced chipsets may no longer be necessary to support the world's growing AI infrastructure.</p>
<div class="lb-trans"><p>首先是一個名為 DeepSeek 的中國初創公司的出現，該公司聲稱使用舊款英偉達芯片構建其令人印象深刻的 R1 人工智能 (AI) 模型。這讓一些投資者擔心，英偉達最新的高價芯片可能不再是支持全球日益增長的 AI 基礎設施所必需的。</p>
</div><p>Beyond DeepSeek, investors were also concerned about how new U.S. tariff policies would impact Nvidia's growth prospects overseas. Lastly, rising competition from <strong>Advanced Micro Devices</strong>, as well as investment in custom silicon from cloud hyperscalers like <strong>Microsoft</strong>, <strong>Amazon</strong>, and <strong>Alphabet</strong>, gave credence to the idea that Nvidia's best days may be in the rearview mirror.</p>
<div class="lb-trans"><p>除了 DeepSeek，投資者還擔心新的美國關税政策將如何影響英偉達在海外的增長前景。最後，來自 <strong>超微</strong> 的競爭加上 <strong>微軟</strong>、<strong>亞馬遜</strong> 和 <strong>谷歌</strong> 等雲計算巨頭對定製硅的投資，使得人們更加相信英偉達的最佳時光可能已經過去。</p>
</div><p>However, following a bullish earnings report back in May, investors seem to now consider these concerns overblown. As of July 11, Nvidia's market cap is just over $4 trillion -- making the semiconductor darling the most valuable business in the world once again.</p>
<div class="lb-trans"><p>然而，在五月份發佈的樂觀財報之後，投資者似乎認為這些擔憂被誇大了。截至 7 月 11 日，英偉達的市值已超過 4 萬億美元——使這家半導體明星再次成為全球最有價值的公司。</p>
</div><p>With shares rocketing higher, it's worth taking a look at Nvidia's valuation trends to assess whether the stock remains a good buy or if some investors have missed the boat.</p>
<div class="lb-trans"><p>隨着股價飆升，值得關注英偉達的估值趨勢，以評估該股票是否仍然是一個好的投資，或者一些投資者是否已經錯過了機會。</p>
</div><h2>Analyzing Nvidia's valuation multiples</h2>
<div class="lb-trans"><h2>分析英偉達的估值倍數</h2>
</div><p>The chart below illustrates Nvidia's price-to-sales (P/S) and forward price-to-earnings (P/E) multiples over the last few years.</p>
<div class="lb-trans"><p>下圖展示了英偉達在過去幾年中的市銷率 (P/S) 和前瞻市盈率 (P/E) 倍數。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png" alt="" original-src="https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>As you can see, Nvidia's current P/S and forward P/E ratios are well below the highs previously seen during the AI revolution. To be clear, this does not necessarily mean Nvidia is destined to reach or eclipse its prior P/S of 46 and forward earnings multiple of 51.</p>
<div class="lb-trans"><p>如您所見，英偉達當前的市銷率和前瞻市盈率遠低於 AI 革命期間的高點。明確來説，這並不一定意味着英偉達註定要達到或超過之前的市銷率 46 和前瞻市盈率 51。</p>
</div><p>Furthermore, the company's multiples do not necessarily need to expand in order for the company to increase in value. Nvidia's future valuation hinges on the company's growth potential.</p>
<div class="lb-trans"><p>此外，公司的倍數並不一定需要擴張，才能使公司增值。英偉達未來的估值取決於公司的增長潛力。</p>
</div><p>Lets explore some catalysts that could lead to meaningful growth for Nvidia over the next several years.</p>
<div class="lb-trans"><p>讓我們探討一些可能在未來幾年內推動英偉達實現顯著增長的催化劑。</p>
</div><h2>What catalysts does Nvidia have?</h2>
<div class="lb-trans"><h2>英偉達有哪些催化劑？</h2>
</div><p>For the last few years, the majority of Nvidia's growth has come from its data center operation. Nvidia designs industry-leading GPUs that are used by the world's largest businesses in their development of generative AI capabilities.</p>
<div class="lb-trans"><p>在過去幾年中，英偉達的增長主要來自其數據中心業務。英偉達設計的行業領先 GPU 被全球最大的企業用於開發生成性 AI 能力。</p>
</div><p>However, the company has a number of opportunities outside of AI data centers that investors may be overlooking.</p>
<div class="lb-trans"><p>然而，該公司在 AI 數據中心之外還有許多投資者可能忽視的機會。</p>
</div><p>First, companies such as <strong>Tesla</strong> and Alphabet have invested billions developing autonomous driving technology. Nvidia is tapped into self-driving cars too -- during the first quarter, it generated $567 million in sales from its automotive services businesses. This represented 72% year-over-year growth, giving the segment an annual revenue run rate of $2.3 billion. To put that into perspective, Nvidia's data center business generates well over $100 billion in sales per year.</p>
<div class="lb-trans"><p>首先，像 <strong>特斯拉</strong> 和谷歌這樣的公司已經投資數十億美元開發自動駕駛技術。英偉達也參與了自動駕駛汽車的開發——在第一季度，其汽車服務業務的銷售額達到了 5.67 億美元。這代表了 72% 的同比增長，使該部門的年收入運行率達到了 23 億美元。為了更好地理解這一點，英偉達的數據中心業務每年產生的銷售額遠超過 1000 億美元。</p>
</div><p>While the automotive segment is unlikely to become as large as the data center business, I'm confident Nvidia has much more room to grow in this area as autonomous vehicle technology continues to scale. With partners including <strong>General Motors</strong>, <strong>Toyota Motor</strong>, <strong>Mercedes-Benz</strong>, <strong>Volvo</strong>, <strong>Rivian Automotive</strong>, <strong>BYD</strong> and many more, Nvidia stands to benefit from the broader rise of self-driving cars, making the company an agnostic beneficiary of the autonomous vehicle opportunity.</p>
<div class="lb-trans"><p>雖然汽車部門不太可能像數據中心業務那樣龐大，但我相信英偉達在這一領域還有很大的增長空間，因為自動駕駛技術正在不斷擴展。與 <strong>通用汽車</strong>、<strong>豐田汽車</strong>、<strong>梅賽德斯 - 奔馳</strong>、<strong>沃爾沃</strong>、<strong>Rivian Automotive</strong>、<strong>比亞迪</strong> 等眾多合作伙伴合作，英偉達將從自動駕駛汽車的廣泛興起中受益，使其成為自動駕駛機會的中立受益者。</p>
</div><p>Another related opportunity is the rise of AI-powered robotics. Companies such as Tesla and Figure AI are building humanoid robots that are meant to facilitate the workforce in labor-intensive environments such as warehouses. Moreover, Amazon is integrating a number of robotics-driven processes into its fulfillment centers in order to drive more efficiency.</p>
<div class="lb-trans"><p>另一個相關機會是 AI 驅動的機器人技術的崛起。像特斯拉和 Figure AI 這樣的公司正在開發人形機器人，旨在幫助勞動密集型環境（如倉庫）中的勞動力。此外，亞馬遜正在其履行中心整合多種機器人驅動的流程，以提高效率。</p>
</div><p>Nvidia is an investor in Figure AI, and CEO Jensen Huang has touted robotics as multitrillion-dollar opportunity within the broader AI realm.</p>
<div class="lb-trans"><p>英偉達是 Figure AI 的投資者，首席執行官黃仁勳曾表示，機器人技術在更廣泛的 AI 領域中是一個萬億級的機會。</p>
</div><p>Lastly, while companies such as <strong>IonQ</strong> and <strong>Rigetti Computing</strong> fetch most of the attention in the world of quantum computing, Nvidia is not a name investors want to sleep on.</p>
<div class="lb-trans"><p>最後，儘管像 <strong>IonQ</strong> 和 <strong>Rigetti Computing</strong> 這樣的公司在量子計算領域備受關注，但英偉達並不是投資者想要忽視的名字。</p>
</div><p>Outside of hardware, Nvidia also develops an AI software platform called CUDA. The company has quietly adapted this architecture for other applications with quantum computing being one of them via the introduction of the CUDA-Q platform.</p>
<div class="lb-trans"><p>除了硬件，英偉達還開發了一種名為 CUDA 的 AI 軟件平台。該公司悄然將這一架構適配到其他應用中，其中量子計算就是通過引入 CUDA-Q 平台實現的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyOTMvZ2V0dHlpbWFnZXMtODY0NzA3NzQwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824293%2Fgettyimages-864707740.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 a buy right now?</h2>
<div class="lb-trans"><h2>現在英偉達股票值得買嗎？</h2>
</div><p>One thread that stitches autonomous driving, robotics, and quantum computing together is that all three technologies are incredibly nascent. Their commercial reach remains limited, but each has the potential to disrupt a number of industries on a global scale. And Nvidia sits right in the middle with the chips and software to power these technologies.</p>
<div class="lb-trans"><p>將自動駕駛、機器人技術和量子計算聯繫在一起的一個線索是，這三種技術都處於非常初期的階段。它們的商業覆蓋範圍仍然有限，但每一種都有潛力在全球範圍內顛覆多個行業。而英偉達正好處於中間，擁有為這些技術提供動力的芯片和軟件。</p>
</div><p>With Nvidia's valuation multiples down from their peak levels, many investors may see the business as a maturing operation. Others may have doubts around Nvidia's ability to continue accelerating growth and are therefore pricing in some of this risk.</p>
<div class="lb-trans"><p>隨着英偉達的估值倍數從峯值水平回落，許多投資者可能將該業務視為一個成熟的運營。其他人可能對英偉達繼續加速增長的能力產生懷疑，因此在定價中考慮了一些風險。</p>
</div><p>Given the ideas explored above, I think Nvidia stock is headed higher in the long-run. The resiliency of the company's share price combined with numerous opportunities capable of unlocking further revenue and profits has me optimistic that Nvidia will eclipse its current valuation in the long run.</p>
<div class="lb-trans"><p>考慮到上述觀點，我認為英偉達的股票在長期內將會上漲。公司的股價韌性加上眾多能夠解鎖進一步收入和利潤的機會讓我對英偉達在長期內超越當前估值感到樂觀。</p>
</div><p>For these reasons, I think now is a compelling time to scoop up some shares of Nvidia and prepare to hold on tight. The next growth wave appears to be just getting started.</p>
<div class="lb-trans"><p>基於這些原因，我認為現在是購買一些英偉達股票並準備緊緊握住的絕佳時機。下一波增長浪潮似乎剛剛開始。</p>
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After Losing More Than $1 Trillion in Market Cap Earlier This Year, Nvidia Has Reclaimed Its Position as the World's Most Valuable Company. Here's Why I Think It's Headed Even Higher.

- 2025 年初，Nvidia 市值降至約 2.3 萬億美元，較高峰下跌 37%。  
- 主要因素包括中國初創公司 DeepSeek 的競爭及美國關税政策影響。  
- 目前 Nvidia 市值已回升至 4 萬億美元，未來增長潛力仍被看好。

在今年早些時候市值損失超過 1 萬億美元后，NVIDIA 重新奪回了全球最有價值公司的地位。以下是我認為它將繼續走高的原因