<p>今年對於 <strong>英偉達</strong>(NVDA 0.58%) 的股東來説，猶如一場情緒過山車。在新關税的消息以及中國競爭加劇的影響下，公司的股價在今年早些時候暴跌了多達 30%，市值蒸發近 1 萬億美元。</p>
<p>如此急劇的下跌可能暗示英偉達的最佳時光已經過去，但該股最近的表現卻表明並非如此。</p>
<p>截至 8 月 7 日，其股價已從 2025 年的低點反彈了 93%，目前市值達到 4.4 萬億美元，成為全球最有價值的公司。</p>
<p>在如此強勁的勢頭推動下，投資英偉達是否已經為時已晚？繼續閲讀以瞭解更多。</p>
<h2>大型科技公司在英偉達的芯片上花費巨資</h2>
<p>英偉達最大的收入來源是其計算和網絡業務。該部門包括公司的數據中心服務和備受追捧的圖形處理單元（GPU）。</p>
<p>評估其業務健康狀況的一個好方法是觀察人工智能（AI）的支出。下圖展示了過去三年雲超大規模公司 <strong>亞馬遜</strong>、<strong>微軟</strong> 和 <strong>字母表</strong> 以及社交媒體公司 <strong>Meta Platforms</strong> 的資本支出情況。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="490" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png"/></p>
<p>AMZN 資本支出（TTM）數據來源於 YCharts；TTM = 最近 12 個月。</p>
<p>這些&#34;七大巨頭&#34;公司證明，加速的 AI 基礎設施支出是英偉達芯片帝國的強大助力。</p>
<p>除了通常的科技巨頭，<strong>甲骨文</strong> 的雲基礎設施服務的日益採用，以及 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong> 等新雲平台，提供了另一種 GPU 需求來源，尤其是針對英偉達最新的 Blackwell 架構。新雲平台目前受到關注，因為它們以高性能計算（HPC）服務和通過基於雲的基礎設施訪問 GPU 集羣的形式提供靈活的軟件硬件堆棧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg0OTEvZ2V0dHlpbWFnZXMtMTQxMjg2MDA2MC0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg0OTEvZ2V0dHlpbWFnZXMtMTQxMjg2MDA2MC0yLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>新機會正在出現</h2>
<p>在過去幾年中，投資者反覆聽到評論員談論數據中心在推動生成性 AI 發展中的重要性。這一點是正確的，但我認為許多投資者在 AI 基礎設施支出的演變方面錯過了更廣泛的視角。</p>
<p>AI 採用的新階段涉及機器人技術、自動駕駛和量子計算等複雜工作負載。像字母表和 <strong>特斯拉</strong> 這樣的公司開始將其自動駕駛汽車貨幣化，而微軟、字母表和亞馬遜都在開發自己的定製量子計算芯片。</p>
<p>英偉達剛剛開始在這些新興機會中擴大其芯片和 CUDA 軟件平台的規模。鑑於公司與大型科技公司的深度整合，我對其產品組合在未來更先進的 AI 發展中仍將至關重要持樂觀態度。</p>
<h2>到 2025 年底，英偉達的股票價值將是多少？</h2>
<p>下圖展示了公司在 AI 革命期間的前瞻市盈率（P/E）倍數。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png"/></p>
<p>NVDA 市盈率（前瞻）數據來源於 YCharts。</p>
<p>考慮到上述趨勢，前瞻市盈率在 24 到 30 之間的區間可以視為英偉達的支撐區或估值底線。每當其前瞻市盈率跌入此區間時，股價都會強勁反彈。在我看來，這表明投資者仍然看好公司的長期強勁增長，儘管偶爾會出現情緒低迷的短暫時期。</p>
<p>我認為這些估值趨勢微妙地暗示市場可能低估了英偉達無處不在的平台的全部潛力。儘管公司在 AI 基礎設施方面的影響力巨大，但許多投資者仍然僅僅將其視為半導體業務。隨着這些新機會的實現，我認為該股有望實現長期突破——類似於幾年前 AI 驅動的初次熱潮。</p>
<p>儘管其前瞻市盈率迅速接近之前的高點，但我認為可以合理地認為公司有望進一步擴展估值，並可能達到或超過歷史水平。我的邏輯是，未來在機器人技術、自動駕駛汽車和量子計算方面的貨幣化潛力仍在形成中，尚未完全反映在投資者的股價中。</p>
<p>如果英偉達當前的前瞻市盈率在年底前擴展到與之前高點相符的水平，股價可能會突破 200 美元，接近 220 美元——這意味着相較於當前價格水平上漲 10% 到 20%。因此，我認為到年底，英偉達的股票交易價格將顯著高於現在的水平。</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>英偉達的股票自 2025 年低點反彈了 93%，目前市值為 4.4 萬億美元。公司的增長受到主要科技公司增加人工智能基礎設施支出的推動。分析師預測，到 2025 年底，英偉達的股票可能達到 220 美元，反映出相較於當前水平有 10-20% 的潛在增長，因為機器人技術、自動駕駛汽車和量子計算等新機會正在出現。儘管過去曾出現下滑，市場可能低估了英偉達的長期增長潛力</p>

<p>This year has been an emotional roller coaster for shareholders of <strong>Nvidia</strong>(NVDA 0.58%). Following the news of new tariffs, in combination with intensifying competition in China, the company's shares plummeted by as much as 30% earlier this year, wiping out nearly $1 trillion in market value.</p>
<div class="lb-trans"><p>今年對於 <strong>英偉達</strong>(NVDA 0.58%) 的股東來説，猶如一場情緒過山車。在新關税的消息以及中國競爭加劇的影響下，公司的股價在今年早些時候暴跌了多達 30%，市值蒸發近 1 萬億美元。</p>
</div><p>Such precipitous declines may have suggested that Nvidia's best days were in the rearview mirror, but the stock's more recent performance says otherwise.</p>
<div class="lb-trans"><p>如此急劇的下跌可能暗示英偉達的最佳時光已經過去，但該股最近的表現卻表明並非如此。</p>
</div><p>As of Aug. 7, it had rebounded by 93% from its 2025 lows and now has a market capitalization of $4.4 trillion, making it the most valuable company in the world.</p>
<div class="lb-trans"><p>截至 8 月 7 日，其股價已從 2025 年的低點反彈了 93%，目前市值達到 4.4 萬億美元，成為全球最有價值的公司。</p>
</div><p>With such strong momentum fueling the stock to new highs, is it too late to invest in Nvidia? Read on to find out.</p>
<div class="lb-trans"><p>在如此強勁的勢頭推動下，投資英偉達是否已經為時已晚？繼續閲讀以瞭解更多。</p>
</div><h2>Big tech is spending big bucks on Nvidia's chips</h2>
<div class="lb-trans"><h2>大型科技公司在英偉達的芯片上花費巨資</h2>
</div><p>Nvidia's largest source of revenue is its computing and networking business. This segment comprises the company's data center services and highly coveted graphics processing units (GPUs).</p>
<div class="lb-trans"><p>英偉達最大的收入來源是其計算和網絡業務。該部門包括公司的數據中心服務和備受追捧的圖形處理單元（GPU）。</p>
</div><p>A good way to gauge the health of its business is to look at spending on artificial intelligence (AI). The chart below illustrates capital expenditures over the last three years for cloud hyperscalers <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong>, along with social media company <strong>Meta Platforms</strong>.</p>
<div class="lb-trans"><p>評估其業務健康狀況的一個好方法是觀察人工智能（AI）的支出。下圖展示了過去三年雲超大規模公司 <strong>亞馬遜</strong>、<strong>微軟</strong> 和 <strong>字母表</strong> 以及社交媒體公司 <strong>Meta Platforms</strong> 的資本支出情況。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png" alt="" original-src="https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png"/></p>
<p>AMZN Capital Expenditures (TTM) data by YCharts; TTM = trailing 12 months.</p>
<div class="lb-trans"><p>AMZN 資本支出（TTM）數據來源於 YCharts；TTM = 最近 12 個月。</p>
</div><p>These &#34;Magnificent Seven&#34; companies prove that accelerating AI infrastructure spending is a powerful tailwind for Nvidia's chip empire.</p>
<div class="lb-trans"><p>這些&#34;七大巨頭&#34;公司證明，加速的 AI 基礎設施支出是英偉達芯片帝國的強大助力。</p>
</div><p>Beyond the usual tech titan suspects, rising adoption of cloud infrastructure services from <strong>Oracle</strong> -- as well as neocloud platforms such as <strong>Nebius Group</strong> and <strong>CoreWeave</strong> -- offer another source for GPU demand, especially for Nvidia's latest Blackwell architecture. Neoclouds are gaining interest at the moment as they offer flexible software-hardware stacks in the form of high-performance computing (HPC) services and access to GPU clusters via cloud-based infrastructures.</p>
<div class="lb-trans"><p>除了通常的科技巨頭，<strong>甲骨文</strong> 的雲基礎設施服務的日益採用，以及 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong> 等新雲平台，提供了另一種 GPU 需求來源，尤其是針對英偉達最新的 Blackwell 架構。新雲平台目前受到關注，因為它們以高性能計算（HPC）服務和通過基於雲的基礎設施訪問 GPU 集羣的形式提供靈活的軟件硬件堆棧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg0OTEvZ2V0dHlpbWFnZXMtMTQxMjg2MDA2MC0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828491%2Fgettyimages-1412860060-2.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>New opportunities are emerging</h2>
<div class="lb-trans"><h2>新機會正在出現</h2>
</div><p>Over the last few years, investors have repeatedly heard pundits chirp about the importance of data centers in powering generative AI development. This point is valid, but I think many investors are missing the broader picture when it comes to the evolution of AI infrastructure spending.</p>
<div class="lb-trans"><p>在過去幾年中，投資者反覆聽到評論員談論數據中心在推動生成性 AI 發展中的重要性。這一點是正確的，但我認為許多投資者在 AI 基礎設施支出的演變方面錯過了更廣泛的視角。</p>
</div><p>A new phase of AI adoption involves sophisticated workloads across robotics, autonomous driving, and quantum computing. Companies such as Alphabet and <strong>Tesla</strong> are beginning to monetize their autonomous vehicles, while Microsoft, Alphabet, and Amazon are all developing their own custom quantum computing chips.</p>
<div class="lb-trans"><p>AI 採用的新階段涉及機器人技術、自動駕駛和量子計算等複雜工作負載。像字母表和 <strong>特斯拉</strong> 這樣的公司開始將其自動駕駛汽車貨幣化，而微軟、字母表和亞馬遜都在開發自己的定製量子計算芯片。</p>
</div><p>Nvidia has just started to scale up its chips and CUDA software platform across these emerging opportunities. Given the company's existing deep integration with big tech, I'm optimistic that its product suite will still be crucial in future, more-advanced AI development.</p>
<div class="lb-trans"><p>英偉達剛剛開始在這些新興機會中擴大其芯片和 CUDA 軟件平台的規模。鑑於公司與大型科技公司的深度整合，我對其產品組合在未來更先進的 AI 發展中仍將至關重要持樂觀態度。</p>
</div><h2>What will Nvidia stock be worth by the end of 2025?</h2>
<div class="lb-trans"><h2>到 2025 年底，英偉達的股票價值將是多少？</h2>
</div><p>The chart below illustrates the company's forward price-to-earnings (P/E) multiple throughout the AI revolution.</p>
<div class="lb-trans"><p>下圖展示了公司在 AI 革命期間的前瞻市盈率（P/E）倍數。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png" alt="" original-src="https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻）數據來源於 YCharts。</p>
</div><p>Given the trends cited above, the forward P/E range between 24 and 30 could be seen as a support zone or valuation floor for Nvidia. Each time its forward P/E dipped into this range, the stock has rebounded strongly. To me, this suggests that investors still see robust long-term growth for the company despite occasional fleeting periods of souring sentiment.</p>
<div class="lb-trans"><p>考慮到上述趨勢，前瞻市盈率在 24 到 30 之間的區間可以視為英偉達的支撐區或估值底線。每當其前瞻市盈率跌入此區間時，股價都會強勁反彈。在我看來，這表明投資者仍然看好公司的長期強勁增長，儘管偶爾會出現情緒低迷的短暫時期。</p>
</div><p>I think these valuation trends subtly imply that the market could be underestimating the full breadth of Nvidia's ubiquitous platform. Despite the company's influence across AI infrastructure, many investors still view it purely through the lens of a semiconductor business. As these new opportunities are realized, I think the stock is well positioned for a prolonged breakout -- similar to the initial wave of AI-driven enthusiasm a couple of years ago.</p>
<div class="lb-trans"><p>我認為這些估值趨勢微妙地暗示市場可能低估了英偉達無處不在的平台的全部潛力。儘管公司在 AI 基礎設施方面的影響力巨大，但許多投資者仍然僅僅將其視為半導體業務。隨着這些新機會的實現，我認為該股有望實現長期突破——類似於幾年前 AI 驅動的初次熱潮。</p>
</div><p>Although its forward P/E is fast-approaching prior highs, I think there is a solid case to be made that the company is positioned for further valuation expansion and could reach or exceed historical levels. My logic is that the monetization potential of future opportunities in robotics, autonomous vehicles, and quantum computing is still taking shape and not yet fully priced into the stock by investors.</p>
<div class="lb-trans"><p>儘管其前瞻市盈率迅速接近之前的高點，但我認為可以合理地認為公司有望進一步擴展估值，並可能達到或超過歷史水平。我的邏輯是，未來在機器人技術、自動駕駛汽車和量子計算方面的貨幣化潛力仍在形成中，尚未完全反映在投資者的股價中。</p>
</div><p>If Nvidia's current forward P/E expands to levels congruent with prior highs by the end of the year, the stock could blow past the $200 price point and reach closer to $220 -- implying an increase between 10% and 20% over current price levels. For this reason, I think Nvidia stock will be trading significantly higher by the end of the year than where it is today.</p>
<div class="lb-trans"><p>如果英偉達當前的前瞻市盈率在年底前擴展到與之前高點相符的水平，股價可能會突破 200 美元，接近 220 美元——這意味着相較於當前價格水平上漲 10% 到 20%。因此，我認為到年底，英偉達的股票交易價格將顯著高於現在的水平。</p>
</div>

Prediction: Nvidia Stock Will Be Worth This Much by the End of 2025

- Nvidia 股價經歷波動，年初因關税和競爭下跌 30%。  
- 目前股價已反彈 93%，市值達 4.4 萬億美元。  
- AI 基礎設施支出推動 Nvidia 未來增長，預計股價將進一步上漲。

預測：到 2025 年底，英偉達的股票將達到這個價值