<p>量子計算正迅速成為推動人工智能（AI）革命的熱門新主題之一。在過去一年中，<strong>IonQ</strong>、<strong>Rigetti Computing</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Quantum Computing Inc.</strong> 等公司作為令人興奮的機會，試圖在量子計算領域嶄露頭角。</p>
<p>雖然 IonQ 及其同行正在追求獨特的量子計算方法，但目前尚未達到足以表明其產品和服務在這一階段真正具有顛覆性的臨界質量。然而，在此背景下，半導體巨頭 <strong>Nvidia</strong>（NVDA 1.05%）正在悄然進入量子計算領域。</p>
<p>讓我們探討 Nvidia 如何從量子計算中受益，並評估為什麼該股票目前對長期投資者來説看起來是一個毫無疑問的買入機會。</p>
<h2>Nvidia 有量子計算業務嗎？</h2>
<p>除了其行業領先的芯片帝國外，Nvidia 還建立了一個新興的軟件平台，稱為 CUDA。CUDA 作為 Nvidia 整體技術棧的軟件支柱，軟件開發者可以在 CUDA 上運行 AI 應用程序，並在 Nvidia 的硬件上運行這些程序。</p>
<p>CUDA 與圖形處理單元（GPU）的結合使得客户在 Nvidia 生態系統中極為粘性——本質上為公司提供了同時擁有 AI 開發的軟件和硬件方面的能力。</p>
<p>隨着量子計算的持續發展，Nvidia 自然希望在這一新運動的前沿佔據一席之地。更具體地説，該公司提供了 CUDA 平台的擴展，稱為 CUDA-Q，旨在應用於傳統計算和量子處理。</p>
<p>這裏的大想法是，正如 CUDA 已成為現代 AI 開發的基礎層，CUDA-Q 也可以作為量子計算的一個重要層——再次將 Nvidia 定位為硬件和軟件的核心來源，並增強公司的技術護城河。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwODgvZ2V0dHlpbWFnZXMtMTM0NzMxMDM3Ny01LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwODgvZ2V0dHlpbWFnZXMtMTM0NzMxMDM3Ny01LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>注意量子計算的估值</h2>
<p>投資者常犯的一個錯誤是通過公司的股價來看待估值。經驗豐富的投資者明白，股價只是確定企業價值的一個變量。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="507" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png"/></p>
<p>NVDA PS 比率數據來源於 YCharts</p>
<p>在上面的圖表中，Nvidia 與 IonQ 及其較小的同行在市銷率（P/S）倍數基礎上進行了基準比較。</p>
<p>上述同行中主要的異常值是 Quantum Computing Inc.（也稱為 QCi），其市銷率接近 4800。這樣的估值倍數為何會膨脹到如此戲劇性的水平？答案其實很簡單。QCi 的市場價值為 26 億美元，但該公司在過去一年中僅產生了 38.5 萬美元的銷售額。</p>
<p>在我看來，QCi 可以被視為一家前期收入企業，幾乎沒有產品市場契合度，但卻憑藉其技術未來可能有價值的敍述獲得了十億美元的估值。此外，IonQ、Rigetti 和 D-Wave 的市銷率也處於令人不安的類似於股市泡沫的水平。</p>
<p>這些細微差別很重要，需要指出並理解，因為儘管 Nvidia 看起來 “昂貴”，但實際上在這個羣體中，它是最便宜的量子計算股票，基於市銷率倍數。</p>
<p>另一種看待這一點的方法是，IonQ 和較小的投機性量子計算股票的長期上漲潛力似乎已經被定價。相比之下，Nvidia 更合適的估值倍數可能表明投資者尚未將量子計算等新興 AI 應用的潛力納入考慮，仍主要將該公司視為一家芯片股票。</p>
<p>我認為投資者低估了 Nvidia 將其核心芯片業務轉向 AI 領域其他部分的潛力。因此，我認為 Nvidia 股票是一個引人注目的買入和持有機會，因為在未來十年中，量子計算等更先進的 AI 應用將逐漸展開。</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>英偉達正在量子計算領域嶄露頭角，利用其 CUDA 軟件平台整合人工智能和量子處理。儘管 IonQ 和 Quantum Computing Inc.等競爭對手的估值很高，但銷售額有限，英偉達的市銷率則表明其被低估。隨着量子計算的逐漸普及，英偉達的硬件和軟件雙重策略使其在長期增長中處於有利位置，成為希望利用未來人工智能和量子技術進步的投資者的強力買入選擇</p>

<p>Quantum computing is swiftly becoming one of the hottest new themes fueling the artificial intelligence (AI) revolution. Over the last year, companies such as <strong>IonQ</strong>, <strong>Rigetti Computing</strong>, <strong>D-Wave Quantum</strong>, and <strong>Quantum Computing Inc.</strong> have emerged as exciting opportunities seeking to make a splash in the quantum computing realm.</p>
<div class="lb-trans"><p>量子計算正迅速成為推動人工智能（AI）革命的熱門新主題之一。在過去一年中，<strong>IonQ</strong>、<strong>Rigetti Computing</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Quantum Computing Inc.</strong> 等公司作為令人興奮的機會，試圖在量子計算領域嶄露頭角。</p>
</div><p>While IonQ and its peers are pursuing unique approaches to quantum computing, none has yet achieved the critical mass needed to suggest their products and services are truly disruptive at this stage. In the background, however, semiconductor powerhouse <strong>Nvidia</strong>(NVDA 1.05%) has been quietly making inroads in the quantum computing arena.</p>
<div class="lb-trans"><p>雖然 IonQ 及其同行正在追求獨特的量子計算方法，但目前尚未達到足以表明其產品和服務在這一階段真正具有顛覆性的臨界質量。然而，在此背景下，半導體巨頭 <strong>Nvidia</strong>（NVDA 1.05%）正在悄然進入量子計算領域。</p>
</div><p>Let's explore how Nvidia stands to benefit from quantum computing and assess why the stock looks like a no-brainer buy for investors with a long-term time horizon right now.</p>
<div class="lb-trans"><p>讓我們探討 Nvidia 如何從量子計算中受益，並評估為什麼該股票目前對長期投資者來説看起來是一個毫無疑問的買入機會。</p>
</div><h2>Does Nvidia have a quantum computing business?</h2>
<div class="lb-trans"><h2>Nvidia 有量子計算業務嗎？</h2>
</div><p>In addition to its industry-leading chip empire, Nvidia has also built a budding software platform known as CUDA. CUDA serves as the software backbone for Nvidia's overall tech stack. In essence, software developers can run AI applications on CUDA and run these programs on top of Nvidia's hardware.</p>
<div class="lb-trans"><p>除了其行業領先的芯片帝國外，Nvidia 還建立了一個新興的軟件平台，稱為 CUDA。CUDA 作為 Nvidia 整體技術棧的軟件支柱，軟件開發者可以在 CUDA 上運行 AI 應用程序，並在 Nvidia 的硬件上運行這些程序。</p>
</div><p>The combination of CUDA and graphics processing units (GPUs) has kept customers extremely sticky within the Nvidia ecosystem -- essentially providing the company with an ability to own both the software and hardware aspects of AI development.</p>
<div class="lb-trans"><p>CUDA 與圖形處理單元（GPU）的結合使得客户在 Nvidia 生態系統中極為粘性——本質上為公司提供了同時擁有 AI 開發的軟件和硬件方面的能力。</p>
</div><p>As quantum computing continues to gain momentum, Nvidia is naturally looking to position itself at the forefront of this new movement. More specifically, the company offers an extension of the CUDA platform known as CUDA-Q, which is geared toward applications across both traditional computing and quantum processing.</p>
<div class="lb-trans"><p>隨着量子計算的持續發展，Nvidia 自然希望在這一新運動的前沿佔據一席之地。更具體地説，該公司提供了 CUDA 平台的擴展，稱為 CUDA-Q，旨在應用於傳統計算和量子處理。</p>
</div><p>The big idea here is that much like CUDA has become a foundational layer for modern AI development, CUDA-Q could serve as an essential layer for quantum computing -- once again positioning Nvidia as a central source across both hardware and software and strengthening the company's technological moat.</p>
<div class="lb-trans"><p>這裏的大想法是，正如 CUDA 已成為現代 AI 開發的基礎層，CUDA-Q 也可以作為量子計算的一個重要層——再次將 Nvidia 定位為硬件和軟件的核心來源，並增強公司的技術護城河。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwODgvZ2V0dHlpbWFnZXMtMTM0NzMxMDM3Ny01LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828088%2Fgettyimages-1347310377-5.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>Pay attention to quantum computing valuations</h2>
<div class="lb-trans"><h2>注意量子計算的估值</h2>
</div><p>A common mistake investors make is viewing valuation through the lens of a company's stock price. Seasoned investors understand that share price is simply one variable in determining the value of a business.</p>
<div class="lb-trans"><p>投資者常犯的一個錯誤是通過公司的股價來看待估值。經驗豐富的投資者明白，股價只是確定企業價值的一個變量。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png" alt="" original-src="https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png"/></p>
<p>NVDA PS Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA PS 比率數據來源於 YCharts</p>
</div><p>In the chart above, Nvidia is benchmarked against IonQ and its smaller peers on a price-to-sales (P/S) multiple basis.</p>
<div class="lb-trans"><p>在上面的圖表中，Nvidia 與 IonQ 及其較小的同行在市銷率（P/S）倍數基礎上進行了基準比較。</p>
</div><p>The main outlier in the peer set above is Quantum Computing Inc. (also called QCi), which boasts a P/S ratio of nearly 4,800. How could a valuation multiple balloon to such dramatic levels? The answer is quite simple, really. QCi boasts a market value of $2.6 billion, and yet the company has only generated $385,000 in sales over the past year.</p>
<div class="lb-trans"><p>上述同行中主要的異常值是 Quantum Computing Inc.（也稱為 QCi），其市銷率接近 4800。這樣的估值倍數為何會膨脹到如此戲劇性的水平？答案其實很簡單。QCi 的市場價值為 26 億美元，但該公司在過去一年中僅產生了 38.5 萬美元的銷售額。</p>
</div><p>In my eyes, QCi could be seen in the same light as a pre-revenue business with little product-market fit and yet somehow has garnered a billion-dollar valuation purely based on the narrative that its technology might one day be worth something. In addition, IonQ, Rigetti, and D-Wave each boast P/S multiples at levels that are eerily reminiscent of stock market bubbles.</p>
<div class="lb-trans"><p>在我看來，QCi 可以被視為一家前期收入企業，幾乎沒有產品市場契合度，但卻憑藉其技術未來可能有價值的敍述獲得了十億美元的估值。此外，IonQ、Rigetti 和 D-Wave 的市銷率也處於令人不安的類似於股市泡沫的水平。</p>
</div><p>These nuances are important to call out and understand because even though Nvidia may look &#34;expensive,&#34; it's actually the cheapest quantum computing stock in this cohort based on P/S multiples.</p>
<div class="lb-trans"><p>這些細微差別很重要，需要指出並理解，因為儘管 Nvidia 看起來 “昂貴”，但實際上在這個羣體中，它是最便宜的量子計算股票，基於市銷率倍數。</p>
</div><p>Another way of looking at this is that much (if not all) of the long-run upside appears to be priced in to IonQ and the smaller speculative quantum computing stocks. By contrast, Nvidia's more appropriate valuation multiple could suggest that investors are not yet pricing in the upside of emerging AI applications such as quantum computing and still primarily view the company as solely a chip stock.</p>
<div class="lb-trans"><p>另一種看待這一點的方法是，IonQ 和較小的投機性量子計算股票的長期上漲潛力似乎已經被定價。相比之下，Nvidia 更合適的估值倍數可能表明投資者尚未將量子計算等新興 AI 應用的潛力納入考慮，仍主要將該公司視為一家芯片股票。</p>
</div><p>I think investors are discounting Nvidia's potential to parlay its core chip business to other pockets of the AI realm. For these reasons, I think Nvidia stock is a compelling buy-and-hold opportunity as more advanced AI applications such as quantum computing unfold over the next decade.</p>
<div class="lb-trans"><p>我認為投資者低估了 Nvidia 將其核心芯片業務轉向 AI 領域其他部分的潛力。因此，我認為 Nvidia 股票是一個引人注目的買入和持有機會，因為在未來十年中，量子計算等更先進的 AI 應用將逐漸展開。</p>
</div>

When You Look Back in 10 Years, You'll Wish You'd Bought This Magnificent Quantum Computing Stock (Hint: It's Not IonQ)

- 量子計算正迅速成為人工智能革命的新主題。  
- Nvidia 在量子計算領域逐漸嶄露頭角，推出 CUDA-Q 平台。  
- 儘管 Nvidia 股價看似昂貴，但其估值在同行中相對便宜。  

十年後回顧時，你會希望自己曾購買過這隻出色的量子計算股票（提示：它不是 IonQ）