<p><strong>超微半導體</strong>（AMD -0.14%）和 <strong>英偉達</strong>（NVDA 0.57%）是競爭對手，但在市值方面，前者遠遠落後於後者。雖然英偉達的估值超過 4 萬億美元，但 AMD 的估值接近 2630 億美元。</p>
<p>AMD 的規模遠不及更大的芯片製造商，但由於與人工智能（AI）的關聯，它確實擁有一些令人驚歎的潛力。關鍵的考驗在於其最新的芯片是否能夠提供強有力的競爭，並能夠從英偉達那裏奪取市場份額。</p>
<p>市場是否錯誤定價了 AMD 的股票，它是否可能是一個超值交易？還是英偉達真的比其較小的競爭對手更值錢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTcvYS1wZXJzb24taW50ZXJhY3Rpbmctd2l0aC1hcnRpZmljaWFsLWludGVsbGlnZW5jZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTcvYS1wZXJzb24taW50ZXJhY3Rpbmctd2l0aC1hcnRpZmljaWFsLWludGVsbGlnZW5jZS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>股票在收益方面的比較</h2>
<p>儘管英偉達整體上是更有價值的公司，但它的盈利能力也遠高於 AMD。這就是為什麼根據各自的市盈率（P/E）倍數來比較股票，是衡量一隻股票相對於另一隻股票便宜或昂貴的更有效方法。下面的圖表顯示了它們的前瞻性市盈率倍數，這些倍數是基於分析師對其未來利潤的預期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png"/></p>
<p>數據來源：YCharts。</p>
<p>雖然它們在市值方面的估值差異顯著，但根據它們的前瞻性市盈率倍數，它們的估值相似，而在這一指標上，AMD 實際上是更昂貴的股票。</p>
<h2>為什麼 AMD 可能被低估</h2>
<p>與 AMD 相比，英偉達更大、更有盈利能力，看起來更安全。但可以提出一個理由，説明為什麼 AMD 仍然可能是一個被低估的投資。它最近推出了新的 Instinct MI400 芯片，預計明年上市。首席執行官 Lisa Su 最近告訴分析師，對於其當前版本 MI350，&#34;前 10 名模型構建者和 AI 公司中的七家&#34;已經在使用它。</p>
<p>如果 MI350 已經吸引了頂級 AI 公司，那麼更先進的 MI400 芯片可能會從中受益，併為業務帶來更多增長。AMD 的增長率在最近幾個季度持續上升，而英偉達則正好相反。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png"/></p>
<p>數據來源：YCharts。</p>
<p>如果這些趨勢持續下去，那麼可以想象分析師可能會提高對 AMD 的預測，這可能使其在未來看起來更便宜。作為 AI 芯片市場的一個滯後者，AMD 並沒有像英偉達那樣成為一個令人興奮的成長股，但這種情況可能很快會改變。</p>
<h2>你應該買哪隻股票？</h2>
<p>儘管這兩隻股票在預計的收益倍數上估值相似，但 AMD 在長期內似乎可能有更大的上行空間，簡單來説，因為到目前為止，它的業績並沒有像英偉達那樣令人印象深刻。然而，如果其增長率繼續改善，而英偉達的增長放緩，它可能會迎來一波大反彈。今年到目前為止，AMD 的股票上漲超過 34%，而英偉達上漲了 27%，投資者開始對 AMD 感到更加樂觀。</p>
<p>考慮到英偉達在 AI 芯片市場的主導地位，長期來看，英偉達仍然是更安全的選擇。但如果你希望獲得更多的上行空間，並且不介意承擔一些風險和不確定性，那麼在這個階段，AMD 可能是更好的選擇。儘管它可能不是一個便宜的買入，仍然需要提供更強的財務數據來證明它能夠對英偉達構成顯著競爭，但我認為它正走在正確的道路上，並有潛力成為此時更好的 AI 股票。</p>

英偉達

<p>先進微電子公司（AMD）的市值顯著低於英偉達，市值為 2630 億美元，而英偉達則為 4 萬億美元。儘管如此，AMD 在人工智能領域顯示出潛力，特別是其新芯片。雖然英偉達的盈利能力更強，但 AMD 的前瞻市盈率倍數表明其可能被低估。AMD 的增長率正在改善，今年其股票上漲了 34%。投資者可能會發現 AMD 是一個風險更高但潛在回報更豐厚的選擇，而英偉達由於其市場主導地位仍然是更安全的選擇</p>

<p><strong>Advanced Micro Devices</strong>(AMD -0.14%) and <strong>Nvidia</strong>(NVDA 0.57%) are rival companies, but the former is well behind the latter when it comes to market cap. While Nvidia's valuation is north of $4 <em>trillion</em>, AMD's valuation is closer to $263 billion.</p>
<div class="lb-trans"><p><strong>超微半導體</strong>（AMD -0.14%）和 <strong>英偉達</strong>（NVDA 0.57%）是競爭對手，但在市值方面，前者遠遠落後於後者。雖然英偉達的估值超過 4 萬億美元，但 AMD 的估值接近 2630 億美元。</p>
</div><p>AMD is nowhere near the size of the larger chipmaker, but it does possess some incredible potential because of its association with artificial intelligence (AI). The key test is whether its latest chips will provide formidable competition and be able to take market share from Nvidia.</p>
<div class="lb-trans"><p>AMD 的規模遠不及更大的芯片製造商，但由於與人工智能（AI）的關聯，它確實擁有一些令人驚歎的潛力。關鍵的考驗在於其最新的芯片是否能夠提供強有力的競爭，並能夠從英偉達那裏奪取市場份額。</p>
</div><p>Is the market mispricing AMD's stock, and could it be a steal of a deal? Or is Nvidia really worth that much more than its smaller rival?</p>
<div class="lb-trans"><p>市場是否錯誤定價了 AMD 的股票，它是否可能是一個超值交易？還是英偉達真的比其較小的競爭對手更值錢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTcvYS1wZXJzb24taW50ZXJhY3Rpbmctd2l0aC1hcnRpZmljaWFsLWludGVsbGlnZW5jZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830697%2Fa-person-interacting-with-artificial-intelligence.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>How the stocks compare with respect to earnings</h2>
<div class="lb-trans"><h2>股票在收益方面的比較</h2>
</div><p>Although Nvidia is the more valuable company overall, it's also much more profitable than AMD. That's why comparing stocks based on their respective price-to-earnings (P/E) multiples is a much more effective way to gauge how cheap or expensive one stock is in relation to another. And the chart below shows what their forward P/E multiples are, which are based on analysts' expectations of their future profits.</p>
<div class="lb-trans"><p>儘管英偉達整體上是更有價值的公司，但它的盈利能力也遠高於 AMD。這就是為什麼根據各自的市盈率（P/E）倍數來比較股票，是衡量一隻股票相對於另一隻股票便宜或昂貴的更有效方法。下面的圖表顯示了它們的前瞻性市盈率倍數，這些倍數是基於分析師對其未來利潤的預期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png" alt="" original-src="https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>While their valuations are significantly different in terms of market cap, based on their forward P/E multiples, they are similarly valued, and AMD is in fact the more expensive stock when looking at this metric.</p>
<div class="lb-trans"><p>雖然它們在市值方面的估值差異顯著，但根據它們的前瞻性市盈率倍數，它們的估值相似，而在這一指標上，AMD 實際上是更昂貴的股票。</p>
</div><h2>Why AMD may be a bit underrated</h2>
<div class="lb-trans"><h2>為什麼 AMD 可能被低估</h2>
</div><p>Nvidia is bigger, more profitable, and the safer-looking stock when compared to AMD. But a case can be made for why AMD could still be an underrated investment. It recently rolled out its new Instinct MI400 chip, which will be available next year. And CEO Lisa Su recently told analysts that for its current version, the MI350, &#34;seven of the top 10 model builders and AI companies&#34; already use it.</p>
<div class="lb-trans"><p>與 AMD 相比，英偉達更大、更有盈利能力，看起來更安全。但可以提出一個理由，説明為什麼 AMD 仍然可能是一個被低估的投資。它最近推出了新的 Instinct MI400 芯片，預計明年上市。首席執行官 Lisa Su 最近告訴分析師，對於其當前版本 MI350，&#34;前 10 名模型構建者和 AI 公司中的七家&#34;已經在使用它。</p>
</div><p>If the MI350 is already attracting top AI companies, then the more advanced MI400 chip may be able to benefit from that and drive even more growth for the business. AMD's growth rate has been climbing in recent quarters while Nvidia's has been going in the opposite direction.</p>
<div class="lb-trans"><p>如果 MI350 已經吸引了頂級 AI 公司，那麼更先進的 MI400 芯片可能會從中受益，併為業務帶來更多增長。AMD 的增長率在最近幾個季度持續上升，而英偉達則正好相反。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png" alt="" original-src="https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>Should these patterns continue, then it may not be difficult to envision a scenario in which analysts hike their forecasts for AMD, which may make it appear to be a cheaper buy down the road. As a bit of a laggard in the AI chip market, AMD hasn't been nearly as exciting a growth stock as Nvidia, but that could soon change.</p>
<div class="lb-trans"><p>如果這些趨勢持續下去，那麼可以想象分析師可能會提高對 AMD 的預測，這可能使其在未來看起來更便宜。作為 AI 芯片市場的一個滯後者，AMD 並沒有像英偉達那樣成為一個令人興奮的成長股，但這種情況可能很快會改變。</p>
</div><h2>Which stock should you buy?</h2>
<div class="lb-trans"><h2>你應該買哪隻股票？</h2>
</div><p>Although these two stocks are similarly valued based on their projected earnings multiples, AMD still looks like it may have more upside in the long run, simply because its results haven't been as impressive as Nvidia's thus far. However, if its growth rate continues to improve as Nvidia's slows down, it may be due for a big rally. So far this year, AMD's stock is up over 34% while Nvidia's has risen by 27%, as investors are starting to feel a bit more bullish on AMD.</p>
<div class="lb-trans"><p>儘管這兩隻股票在預計的收益倍數上估值相似，但 AMD 在長期內似乎可能有更大的上行空間，簡單來説，因為到目前為止，它的業績並沒有像英偉達那樣令人印象深刻。然而，如果其增長率繼續改善，而英偉達的增長放緩，它可能會迎來一波大反彈。今年到目前為止，AMD 的股票上漲超過 34%，而英偉達上漲了 27%，投資者開始對 AMD 感到更加樂觀。</p>
</div><p>Nvidia remains the safer stock to go with in the long run, given its dominance in the AI chip market. But if you're looking for a bit more upside and don't mind taking on some risk and a bit more uncertainty, then AMD could be the better option at this stage. Even though it may not be a bargain buy and still has to deliver some stronger financials to show that it can offer significant competition to Nvidia, I think it's on the right path and has the potential to be the better AI stock to buy at this point.</p>
<div class="lb-trans"><p>考慮到英偉達在 AI 芯片市場的主導地位，長期來看，英偉達仍然是更安全的選擇。但如果你希望獲得更多的上行空間，並且不介意承擔一些風險和不確定性，那麼在這個階段，AMD 可能是更好的選擇。儘管它可能不是一個便宜的買入，仍然需要提供更強的財務數據來證明它能夠對英偉達構成顯著競爭，但我認為它正走在正確的道路上，並有潛力成為此時更好的 AI 股票。</p>
</div>

Is Advanced Micro Devices Stock a Deal Compared to Nvidia?

- AMD 和 Nvidia 是競爭對手，但市值差距顯著，前者約為 2630 億美元。  
- 儘管 Nvidia 更具盈利能力，AMD 的新芯片可能吸引更多 AI 公司，推動增長。  
- 投資者對 AMD 的看法逐漸樂觀，股價上漲 34%，可能成為更具潛力的選擇。  

與 NVIDIA 相比，Advanced Micro Devices 的股票是否值得購買？