<p><strong>英偉達</strong>(NVDA -2.78%) 是全球最有價值的公司，市值約為 4.1 萬億美元。每當它面臨逆境時，股票總能找到上漲的機會。</p>
<p>今年年初，投資者因中國開發的預算友好型 AI 模型 DeepSeek R1 的消息而感到不安。這引發了對英偉達下一代芯片大規模投資必要性的質疑，最終導致公司股價下跌。隨後在四月初，關於關税的擔憂使得股價跌至今年最低點，跌破 100 美元。</p>
<p>然而，英偉達的股票一次又一次地證明了其韌性，並持續上漲。它需要再上漲 22% 才能達到另一個里程碑：5 萬億美元的市值。是否有任何因素可能阻礙英偉達的進展，還是説它只是時間問題，才能達到這個價值？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTQvc29tZW9uZS11c2luZy1jaGF0Z3B0LW9uLXRoZWlyLXBob25lLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTQvc29tZW9uZS11c2luZy1jaGF0Z3B0LW9uLXRoZWlyLXBob25lLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達的增長率預計將保持在 50% 以上</h2>
<p>上週，英偉達發佈了最新的財報，需求依然強勁，尤其是其尖端 AI 芯片。其收入同比增長 56%，截至 7 月 27 日的期間總計為 467 億美元。這略高於分析師預期的 460 億美元。而調整後的每股利潤為 1.05 美元，也高於預期的 1.01 美元。</p>
<p>但對投資者來説，最令人鼓舞的是，指引也看起來不錯，因為英偉達仍然預計當前季度的增長率將超過 50%。儘管其增長率正在放緩，但對於英偉達這樣規模的企業來説，這仍然是令人印象深刻的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fcbe0c6efd009cc73ee0a20cb17dae87.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/fcbe0c6efd009cc73ee0a20cb17dae87.png"/></p>
<p>NVDA 收入（季度同比增長）數據來自 YCharts。</p>
<h2>英偉達的估值是否終於過高？</h2>
<p>截至 9 月 2 日，英偉達的股票年初至今上漲了約 25%。其市盈率（P/E）約為 50，雖然不便宜，但考慮到公司的極快增長率，這仍然可能不算太貴。根據分析師的估計，其前瞻市盈率約為 38。</p>
<p>英偉達的股價實際上已成為投資者對 AI 整體增長潛力的衡量標準。DeepSeek AI 模型的消息暫時打擊了其估值，四月份的關税相關消息也影響了整個股市。考慮到對 AI 芯片的強勁需求，我相信即使在當前價格下，英偉達仍然有可能繼續上漲，並且是一個值得投資的選擇。</p>
<p>然而，如果有任何擔憂或傳言稱科技公司正在削減對 AI 的投資，坐擁豐厚收益的投資者可能會急於兑現，這可能導致英偉達的價值在短期內下降。</p>
<h2>英偉達何時可能達到 5 萬億美元？</h2>
<p>考慮到 AI 的巨大潛力及其在未來可預見的時間內在 AI 芯片市場的主導地位，我相信英偉達達到 5 萬億美元市值只是時間問題。但我不認為它會在今年或接下來的 12 個月內達到 5 萬億美元。這可能需要數年時間，因為股票的高估值，加上由於關税和貿易戰導致的市場不確定性，可能會限制其短期回報。</p>
<p>從股票最新的財報超預期可以看出這一點。儘管英偉達表現良好，指引也很強勁，但股票並沒有大幅上漲。投資者顯然在考慮更長期的前景，包括其增長放緩以及未來的挑戰。英偉達在長期內仍然看起來是一個穩健的投資，但在短期內可能會面臨一些挑戰。</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>英偉達目前的市值約為 4.1 萬億美元，面臨挑戰但依然保持韌性。儘管由於競爭和關税的影響，近期股價有所下跌，但其股票年初至今已上漲 25%。英偉達的收入同比增長 56%，預計未來仍將保持超過 50% 的增長。分析師建議的前瞻市盈率為 38，顯示出進一步上漲的潛力。儘管達到 5 萬億美元的市值似乎不可避免，但由於市場的不確定性，這可能需要數年時間。儘管面臨短期挑戰，英偉達仍被視為一個穩健的長期投資</p>

<p><strong>Nvidia</strong>(NVDA -2.78%) is the most valuable company in the world, with a market cap of around $4.1 trillion. Every time it faces adversity, the stock finds a way to go higher.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -2.78%) 是全球最有價值的公司，市值約為 4.1 萬億美元。每當它面臨逆境時，股票總能找到上漲的機會。</p>
</div><p>Early this year, investors were rattled by news of a budget-friendly AI model, DeepSeek R1, developed in China. This raised doubts about the necessity of large investments in Nvidia's next-generation chips, ultimately causing a drop in the company's stock price. Then there were the concerns around tariffs in early April, which resulted in the stock hitting its lowest levels this year, falling to below $100.</p>
<div class="lb-trans"><p>今年年初，投資者因中國開發的預算友好型 AI 模型 DeepSeek R1 的消息而感到不安。這引發了對英偉達下一代芯片大規模投資必要性的質疑，最終導致公司股價下跌。隨後在四月初，關於關税的擔憂使得股價跌至今年最低點，跌破 100 美元。</p>
</div><p>However, time and time again, Nvidia's stock has proven to be resilient, and it has continued to rise higher. It would need to rise by another 22% to hit yet another milestone: $5 trillion in market cap. Are there any factors that could hinder Nvidia's progress, or is it just a matter of time before it reaches that value?</p>
<div class="lb-trans"><p>然而，英偉達的股票一次又一次地證明了其韌性，並持續上漲。它需要再上漲 22% 才能達到另一個里程碑：5 萬億美元的市值。是否有任何因素可能阻礙英偉達的進展，還是説它只是時間問題，才能達到這個價值？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTQvc29tZW9uZS11c2luZy1jaGF0Z3B0LW9uLXRoZWlyLXBob25lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830694%2Fsomeone-using-chatgpt-on-their-phone.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>Nvidia's growth rate expected to remain above 50%</h2>
<div class="lb-trans"><h2>英偉達的增長率預計將保持在 50% 以上</h2>
</div><p>Last week, Nvidia posted its latest earnings numbers, and demand remained strong for its cutting-edge AI chips. Its revenue rose by 56% year over year, totaling $46.7 billion for the period ending July 27. That was slightly better than analyst expectations of just over $46 billion. And adjusted per-share profits of $1.05 were also higher than estimates of $1.01.</p>
<div class="lb-trans"><p>上週，英偉達發佈了最新的財報，需求依然強勁，尤其是其尖端 AI 芯片。其收入同比增長 56%，截至 7 月 27 日的期間總計為 467 億美元。這略高於分析師預期的 460 億美元。而調整後的每股利潤為 1.05 美元，也高於預期的 1.01 美元。</p>
</div><p>But what's most encouraging for investors is that the guidance also looks good, as Nvidia still expects to see its growth rate to be above 50% for the current quarter. Although its growth rate is slowing down, that's still incredibly impressive for a business of Nvidia's size.</p>
<div class="lb-trans"><p>但對投資者來説，最令人鼓舞的是，指引也看起來不錯，因為英偉達仍然預計當前季度的增長率將超過 50%。儘管其增長率正在放緩，但對於英偉達這樣規模的企業來説，這仍然是令人印象深刻的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fcbe0c6efd009cc73ee0a20cb17dae87.png" alt="" original-src="https://media.ycharts.com/charts/fcbe0c6efd009cc73ee0a20cb17dae87.png"/></p>
<p>NVDA Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 收入（季度同比增長）數據來自 YCharts。</p>
</div><h2>Has Nvidia's valuation finally gotten too high?</h2>
<div class="lb-trans"><h2>英偉達的估值是否終於過高？</h2>
</div><p>Year to date, Nvidia's stock has risen by about 25% (as of Sept. 2). It's trading at a price-to-earnings (P/E) multiple of around 50, which isn't cheap, but it still may not be all that expensive given the company's incredibly fast growth rate. And based on analyst estimates, it's trading at a forward P/E multiple of 38.</p>
<div class="lb-trans"><p>截至 9 月 2 日，英偉達的股票年初至今上漲了約 25%。其市盈率（P/E）約為 50，雖然不便宜，但考慮到公司的極快增長率，這仍然可能不算太貴。根據分析師的估計，其前瞻市盈率約為 38。</p>
</div><p>Nvidia's stock price has effectively become a gauge of how much growth potential investors see for AI in general. News of the DeepSeek AI model hurt its valuation temporarily, as did tariff-related news back in April, which affected the stock market as a whole. Given the robust demand anticipated for AI chips, I believe Nvidia, even at its current price, could still climb higher and be a worthwhile investment.</p>
<div class="lb-trans"><p>英偉達的股價實際上已成為投資者對 AI 整體增長潛力的衡量標準。DeepSeek AI 模型的消息暫時打擊了其估值，四月份的關税相關消息也影響了整個股市。考慮到對 AI 芯片的強勁需求，我相信即使在當前價格下，英偉達仍然有可能繼續上漲，並且是一個值得投資的選擇。</p>
</div><p>However, if there are any concerns or rumblings that tech companies are cutting back on AI investments, investors who are sitting on big gains may be eager to cash out, which could lead to a decline in Nvidia's value, at least in the short term.</p>
<div class="lb-trans"><p>然而，如果有任何擔憂或傳言稱科技公司正在削減對 AI 的投資，坐擁豐厚收益的投資者可能會急於兑現，這可能導致英偉達的價值在短期內下降。</p>
</div><h2>When might Nvidia hit $5 trillion?</h2>
<div class="lb-trans"><h2>英偉達何時可能達到 5 萬億美元？</h2>
</div><p>I believe it's only a matter of time before Nvidia hits a $5 trillion market cap, considering the enormous potential of AI and its likely dominance in the AI chip market for the foreseeable future. But I wouldn't expect it to reach $5 trillion this year or even within the next 12 months. It could take multiple years, as the stock's high valuation, combined with uncertainty in the markets due to tariffs and trade wars, may limit its near-term returns.</p>
<div class="lb-trans"><p>考慮到 AI 的巨大潛力及其在未來可預見的時間內在 AI 芯片市場的主導地位，我相信英偉達達到 5 萬億美元市值只是時間問題。但我不認為它會在今年或接下來的 12 個月內達到 5 萬億美元。這可能需要數年時間，因為股票的高估值，加上由於關税和貿易戰導致的市場不確定性，可能會限制其短期回報。</p>
</div><p>That's clear from the stock's latest earnings beat. Even though Nvidia did well and its guidance was strong, the stock hasn't been taking off. Investors are clearly thinking about the longer-term picture, including its slowing growth, and what lies ahead. Nvidia still looks to be a solid buy for the long term, but there could be some challenges ahead for it in the short term.</p>
<div class="lb-trans"><p>從股票最新的財報超預期可以看出這一點。儘管英偉達表現良好，指引也很強勁，但股票並沒有大幅上漲。投資者顯然在考慮更長期的前景，包括其增長放緩以及未來的挑戰。英偉達在長期內仍然看起來是一個穩健的投資，但在短期內可能會面臨一些挑戰。</p>
</div>

Nvidia Stock: Is a $5 Trillion Valuation Inevitable?

- Nvidia 市值約為 4.1 萬億美元，面臨挑戰時股價仍表現強勁。  
- 最新財報顯示，營收同比增長 56%，預計當前季度增長率將超過 50%。  
- 儘管估值較高，分析師認為 Nvidia 仍具投資價值，但短期內可能面臨挑戰。  

英偉達的股票：五萬億美元的估值是否勢在必行？