<p>在 2025 年開局不利後，<strong>英偉達</strong>(NVDA 0.37%) 的股價在過去三個月中表現出色。該芯片製造商在 4 月 7 日創下 52 周低點，此後股價飆升了驚人的 69%，成為全球首家市值達到 4 萬億美元的公司。</p>
<p>英偉達最近的股價上漲並不令人意外，因為年初股價的下跌似乎並不合理，考慮到其因對人工智能（AI）芯片的強勁需求而持續實現的卓越增長。</p>
<p>然而，投資者可能會想知道，在最近的反彈之後，是否值得購買更多英偉達的股票。讓我們來探討一下。</p>
<h2>英偉達再次以高估值交易</h2>
<p>英偉達股票在過去三個月的飆升使其變得昂貴。這一點從以下圖表中可以明顯看出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png"/></p>
<p>NVDA 市盈率數據來源於 YCharts</p>
<p>在 4 月初，當英偉達的市盈率（P/E）在 30 出頭時，投資者以極具吸引力的價格購買了這家快速增長的公司，遠低於其五年平均市盈率 70。低於 25 的前瞻市盈率更是吸引人。那時，這家芯片巨頭的交易價格相較於科技股密集的納斯達克 100 指數的平均市盈率 32 有着不錯的折扣，而那些在那時購買股票的聰明投資者如今都獲得了可觀的收益。</p>
<p>好的一面是，英偉達仍然有能力證明其高估值是合理的，並在未來為投資者帶來更多收益，這得益於其所處的多個催化因素。從 AI 芯片到加速計算，再到雲遊戲和企業軟件，英偉達將從多個數十億美元的終端市場中受益，這些市場將幫助其在未來保持穩健的增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5MTMvcGVyc29uLWZvbGRlZC1oYW5kcy1jb21wdXRlci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="594" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5MTMvcGVyc29uLWZvbGRlZC1oYW5kcy1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>投資者應關注更大的圖景</h2>
<p>共識預測顯示，英偉達在 2026 財年的收入將增長 53%，接近 2000 億美元。該公司的數據中心業務在上一季度貢獻了 88% 的收入，預計將在本財年佔據其收入的很大一部分。假設英偉達的數據中心業務在 2026 財年佔據其收入的 90%，那麼該部門的收入將達到 1800 億美元。</p>
<p>這將比上一財年增長 56%。這種強勁增長得益於對英偉達 AI 圖形處理單元（GPU）的巨大需求，這些 GPU 被部署在數據中心用於 AI 模型的訓練和推理。根據 <strong>美國銀行</strong> 的預測，英偉達預計將繼續成為 AI 芯片市場的最大參與者，市場份額預計在 80% 到 85% 之間。</p>
<p>美國銀行分析師 Vivek Arya 指出，英偉達龐大的客户基礎和對供應鏈的控制將確保這家芯片製造商在這個利潤豐厚的市場中保持領先地位。這正是英偉達的數據中心業務仍有很大增長空間的原因。根據麥肯錫的預測，到 2030 年，預計將在 AI 數據中心上花費高達 5.2 萬億美元，此外還將有 1.5 萬億美元用於處理非 AI 工作負載的數據中心。</p>
<p>該諮詢公司還指出，這項預計投資的最大部分——60%——將用於設計和製造芯片及計算硬件的公司。這可能使英偉達在未來五年內的數據中心芯片收入機會達到驚人的 4 萬億美元，遠超該公司在當前財年可能產生的收入。</p>
<p>即使英偉達在數據中心芯片市場上失去競爭優勢，它在未來五年內仍然可以在這一領域實現指數級增長，從而推動其收入飆升。同時，該公司企業 AI 軟件解決方案的需求也在快速增長，這些解決方案幫助客户構建 AI 代理和其他應用程序，並幫助他們管理 AI 基礎設施以確保生產力和安全性。</p>
<p>在 2025 年 2 月，英偉達管理層指出，其企業收入在季度基礎上同比幾乎翻了一番，因為客户正在部署其解決方案來微調他們的 AI 模型並開發智能 AI 應用程序等。該公司聲稱，其生成式 AI 軟件平台正在幫助客户顯著提高大型語言模型（LLM）的準確性並減少響應時間。</p>
<p>預計到 2030 年，企業 AI 市場將產生 1040 億美元的收入，因此看到這一業務在長期內對公司產生顯著影響並不令人驚訝。</p>
<p>投資者應超越分析師的預測和估值指標，因為即使在近年來收入和盈利的驚人增長之後，英偉達似乎仍處於一個顯著的增長曲線的起點。英偉達潛在的收入機會足夠龐大，可以幫助其超越市場的預期，這可能推動這隻 AI 股票在未來五年內的市值達到甚至 10 萬億美元。</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

<p>英偉達的股票自 4 月觸及 52 周低點以來已上漲 69%，成為首家市值達到 4 萬億美元的公司。儘管其估值較高，但由於對人工智能芯片的強勁需求，分析師預計 2026 財年的收入將增長 53%，主要來自其數據中心業務。英偉達預計將在人工智能芯片市場保持主導市場份額，並在數據中心和企業人工智能軟件市場擁有顯著的增長機會，這可能在未來幾年帶來可觀的收入增長</p>

<p>After starting 2025 poorly, shares of <strong>Nvidia</strong>(NVDA 0.37%) have rallied impressively in the past three months. The chipmaker hit a 52-week low on April 7, and it has since shot up a remarkable 69% since then to become the first company in the world to achieve a $4 trillion market capitalization.</p>
<div class="lb-trans"><p>在 2025 年開局不利後，<strong>英偉達</strong>(NVDA 0.37%) 的股價在過去三個月中表現出色。該芯片製造商在 4 月 7 日創下 52 周低點，此後股價飆升了驚人的 69%，成為全球首家市值達到 4 萬億美元的公司。</p>
</div><p>Nvidia's recent jump isn't surprising, as the stock's dip earlier in the year didn't seem justified considering the outstanding growth it has been consistently clocking on account of the terrific demand for its artificial intelligence (AI) chips.</p>
<div class="lb-trans"><p>英偉達最近的股價上漲並不令人意外，因為年初股價的下跌似乎並不合理，考慮到其因對人工智能（AI）芯片的強勁需求而持續實現的卓越增長。</p>
</div><p>However, investors may be wondering right now if it is worth buying more shares of Nvidia following its latest rally. Let's try to find out.</p>
<div class="lb-trans"><p>然而，投資者可能會想知道，在最近的反彈之後，是否值得購買更多英偉達的股票。讓我們來探討一下。</p>
</div><h2>Nvidia is trading at a rich valuation once again</h2>
<div class="lb-trans"><h2>英偉達再次以高估值交易</h2>
</div><p>Nvidia stock's surge in the past three-odd months has made it expensive. This is evident from the following chart.</p>
<div class="lb-trans"><p>英偉達股票在過去三個月的飆升使其變得昂貴。這一點從以下圖表中可以明顯看出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png" alt="" original-src="https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率數據來源於 YCharts</p>
</div><p>Investors were getting a great deal on this fast-growing company in early April when its trailing price-to-earnings (P/E) ratio was in the low 30s, well below its five-year average earnings multiple of 70. The forward P/E ratio of less than 25 was even more attractive. The chip giant was trading at a nice discount to the tech-laden Nasdaq-100's average earnings multiple of 32 at that time, and savvy investors who bought the stock then are sitting on impressive gains as of this writing.</p>
<div class="lb-trans"><p>在 4 月初，當英偉達的市盈率（P/E）在 30 出頭時，投資者以極具吸引力的價格購買了這家快速增長的公司，遠低於其五年平均市盈率 70。低於 25 的前瞻市盈率更是吸引人。那時，這家芯片巨頭的交易價格相較於科技股密集的納斯達克 100 指數的平均市盈率 32 有着不錯的折扣，而那些在那時購買股票的聰明投資者如今都獲得了可觀的收益。</p>
</div><p>The good part is that Nvidia still has the ability to justify its expensive multiples and deliver more gains to investors in the future thanks to the multiple catalysts it is sitting on. From AI chips to accelerated computing to cloud gaming to enterprise software, Nvidia is set to benefit from several multibillion-dollar end markets that could help it keep growing at a solid pace for a long time to come.</p>
<div class="lb-trans"><p>好的一面是，英偉達仍然有能力證明其高估值是合理的，並在未來為投資者帶來更多收益，這得益於其所處的多個催化因素。從 AI 芯片到加速計算，再到雲遊戲和企業軟件，英偉達將從多個數十億美元的終端市場中受益，這些市場將幫助其在未來保持穩健的增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5MTMvcGVyc29uLWZvbGRlZC1oYW5kcy1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824913%2Fperson-folded-hands-computer.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>Investors would do well to look at the bigger picture</h2>
<div class="lb-trans"><h2>投資者應關注更大的圖景</h2>
</div><p>Consensus estimates are projecting a 53% increase in Nvidia's revenue in fiscal 2026 to almost $200 billion. The company's data center business, which produced 88% of its revenue in the previous quarter, is going to account for a huge chunk of its top line in the ongoing fiscal year. Assuming Nvidia's data center business produces 90% of its top line in fiscal 2026, its revenue from this segment would land at $180 billion.</p>
<div class="lb-trans"><p>共識預測顯示，英偉達在 2026 財年的收入將增長 53%，接近 2000 億美元。該公司的數據中心業務在上一季度貢獻了 88% 的收入，預計將在本財年佔據其收入的很大一部分。假設英偉達的數據中心業務在 2026 財年佔據其收入的 90%，那麼該部門的收入將達到 1800 億美元。</p>
</div><p>That would be a 56% increase over the previous fiscal year. This robust growth is being driven by the huge demand for Nvidia's AI graphics processing units (GPUs) which are being deployed in data centers for AI model training and inference purposes. Nvidia is expected to remain the biggest player in the AI chip market with an estimated market share of 80% to 85%, according to <strong>Bank of America</strong>.</p>
<div class="lb-trans"><p>這將比上一財年增長 56%。這種強勁增長得益於對英偉達 AI 圖形處理單元（GPU）的巨大需求，這些 GPU 被部署在數據中心用於 AI 模型的訓練和推理。根據 <strong>美國銀行</strong> 的預測，英偉達預計將繼續成為 AI 芯片市場的最大參與者，市場份額預計在 80% 到 85% 之間。</p>
</div><p>Bank of America analyst Vivek Arya points out that the scale of Nvidia's customer base and its control over the supply chain will ensure that the chipmaker remains the top dog in this lucrative market. That's precisely the reason why Nvidia's data center business still has a lot of room for growth. According toMcKinsey, a whopping $5.2 trillion is expected to be spent on AI data centers by 2030, along with an additional $1.5 trillion on data centers for handling non-AI workloads.</p>
<div class="lb-trans"><p>美國銀行分析師 Vivek Arya 指出，英偉達龐大的客户基礎和對供應鏈的控制將確保這家芯片製造商在這個利潤豐厚的市場中保持領先地位。這正是英偉達的數據中心業務仍有很大增長空間的原因。根據麥肯錫的預測，到 2030 年，預計將在 AI 數據中心上花費高達 5.2 萬億美元，此外還將有 1.5 萬億美元用於處理非 AI 工作負載的數據中心。</p>
</div><p>The consulting firm also points out that the largest chunk of this projected investment -- 60% -- will go toward companies that design and manufacture chips and computing hardware. That could put Nvidia's potential data center chip revenue opportunity at a whopping $4 trillion after five years, much more than the revenue that the company is likely to generate in the current fiscal year.</p>
<div class="lb-trans"><p>該諮詢公司還指出，這項預計投資的最大部分——60%——將用於設計和製造芯片及計算硬件的公司。這可能使英偉達在未來五年內的數據中心芯片收入機會達到驚人的 4 萬億美元，遠超該公司在當前財年可能產生的收入。</p>
</div><p>Even if Nvidia loses ground in the data center chip market to its rivals, it can still witness exponential growth in this segment over the next five years that could send its revenue soaring. At the same time, demand for the company's enterprise AI software solutions, which help customers build AI agents and other applications, apart from helping them manage their AI infrastructure to ensure productivity and security, has been growing at a nice clip.</p>
<div class="lb-trans"><p>即使英偉達在數據中心芯片市場上失去競爭優勢，它在未來五年內仍然可以在這一領域實現指數級增長，從而推動其收入飆升。同時，該公司企業 AI 軟件解決方案的需求也在快速增長，這些解決方案幫助客户構建 AI 代理和其他應用程序，並幫助他們管理 AI 基礎設施以確保生產力和安全性。</p>
</div><p>In February 2025, Nvidia management pointed out that its enterprise revenue almost doubled year over year on a quarterly basis as customers are deploying its solutions to fine-tune their AI models and to develop agentic AI applications, among others. The company claims that its generative AI software platform is helping customers to significantly increase accuracy and reduce the response time of their large language models (LLMs).</p>
<div class="lb-trans"><p>在 2025 年 2 月，英偉達管理層指出，其企業收入在季度基礎上同比幾乎翻了一番，因為客户正在部署其解決方案來微調他們的 AI 模型並開發智能 AI 應用程序等。該公司聲稱，其生成式 AI 軟件平台正在幫助客户顯著提高大型語言模型（LLM）的準確性並減少響應時間。</p>
</div><p>With the enterprise AI market expected to generate $104 billion in revenue in 2030, it won't be surprising to see this business move the needle in a significant way for the company in the long run.</p>
<div class="lb-trans"><p>預計到 2030 年，企業 AI 市場將產生 1040 億美元的收入，因此看到這一業務在長期內對公司產生顯著影響並不令人驚訝。</p>
</div><p>Investors would do well to look past analysts' estimates and the valuation metrics, as Nvidia seems to be at the beginning of a remarkable growth curve even after the scintillating gains that it has recorded in revenue and earnings in recent years. Nvidia's potential revenue opportunity is massive enough to help it crush the market's expectations, and that could fuel this AI stock's rise to even a $10 trillion valuation in the next five years.</p>
<div class="lb-trans"><p>投資者應超越分析師的預測和估值指標，因為即使在近年來收入和盈利的驚人增長之後，英偉達似乎仍處於一個顯著的增長曲線的起點。英偉達潛在的收入機會足夠龐大，可以幫助其超越市場的預期，這可能推動這隻 AI 股票在未來五年內的市值達到甚至 10 萬億美元。</p>
</div>

Is Nvidia Stock a Buy Now?

- 英偉達股價在過去三個月上漲 69%，市值達 4 萬億美元。  
- 預計 2026 財年收入將增長 53%，數據中心業務佔比將達 90%。  
- AI 芯片市場需求強勁，英偉達有望在未來五年實現顯著增長。  

英偉達的股票現在是否值得購買？