<p>芯片製造商 <strong>英偉達</strong>(NVDA 3.91%) 在近年來實現了巨大的增長。其人工智能 (AI) 芯片已成為投資於 AI 和下一代技術的科技公司的必需品。考慮到其芯片在聊天機器人和其他與 AI 相關的產品和服務開發中的重要性，該公司的品牌與所有與 AI 相關的事物密切相關。</p>
<p>但令人擔憂的是，英偉達的增長可能會停滯。競爭將加劇，尤其是在投資於 AI 的回報不明確的情況下，公司可能會削減支出。在最近幾個季度，英偉達的增長率確實在放緩。然而，我認為它有很大機會逆轉這一趨勢，明年其增長率可能會實際 <em>加速</em>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTAvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTAvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>中國市場是英偉達的巨大機會</h2>
<p>最近，中美之間的貿易條件有所改善。首席執行官黃仁勳對公司的尖端 Blackwell 芯片能夠很快在中國銷售表示樂觀，稱這是一個 &#34;真實的可能性&#34;。目前，預計公司基於舊技術的 H20 芯片將可供中國使用，甚至這也涉及到黃與美國總統唐納德·特朗普之間的談判。作為向中國客户銷售該芯片的交換，科技公司已同意將 15% 的銷售額上交政府。</p>
<p>由於對中國市場的模糊性和不確定性，英偉達並未將 H20 銷售納入其預測。該公司估計，如果能夠銷售其更新的 Blackwell 芯片，可能會向中國銷售數十億美元的芯片。黃仁勳表示，中國是 AI 的頂級市場，稱今年對英偉達來説是一個 500 億美元的機會，並預計每年將增長約 50%。</p>
<p>如果英偉達明年能夠進入中國市場並銷售其最新的芯片，那麼從那裏產生的增長可能會彌補北美和其他市場的增長放緩，從而提升其整體增長率。</p>
<h2>英偉達仍在快速增長</h2>
<p>在其最近一個季度（截至 7 月 27 日），英偉達的收入總計為 467 億美元，同比增長 56%。這期間公司表示沒有向任何中國客户銷售 H20 芯片。儘管其增長率最近有所下降，但這並不意味着沒有其他因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a6035add96fa3ca6fc18ae4c1cf16fd1.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/a6035add96fa3ca6fc18ae4c1cf16fd1.png"/></p>
<p>NVDA 收入（季度同比增長）數據來自 YCharts</p>
<p>上述圖表可能表明一個令人擔憂的趨勢，但考慮到英偉達在過去幾年中平均如此高的增長率，出現一定的放緩是不可避免的；如此出色的表現不太可能長期持續。</p>
<p>但令人鼓舞的是，增長率仍高於 50%，而且這是在英偉達無法進入全球頂級 AI 市場中國的情況下。如果英偉達能夠向中國銷售其 Blackwell 芯片，這可能對其收入和利潤產生巨大的影響。</p>
<h2>英偉達的股票現在仍然是便宜的買入嗎？</h2>
<p>很難説世界上最有價值的公司英偉達仍然便宜。它的市值超過 4 萬億美元。但考慮到中國市場巨大的增長機會，可能會有一個令人信服的理由支持這一觀點。</p>
<p>英偉達的市盈率為 48，但如果其增長率明年加速，並且公司能夠保持高利潤率，那麼這個比率可能會降低。如果是這樣，這可能使其成為一個比看起來便宜得多的買入。其市盈率增長 (PEG) 比率為 1.25，也表明考慮到其長期增長前景，這並不是一隻非常昂貴的股票。</p>
<p>只要 AI 支出保持強勁，今天購買英偉達股票的投資者仍可能面臨更大的上行空間，尤其是在公司能夠進入中國這樣的熱門增長市場的情況下。</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>英偉達因其人工智能芯片經歷了顯著增長，但對增長放緩的擔憂依然存在。首席執行官黃仁勳看到了中國市場的潛力，估計今年有 500 億美元的機會。如果英偉達能夠在中國銷售其新款 Blackwell 芯片，可能會抵消其他市場的下滑。儘管最近的收入為 467 億美元，但增長已放緩，仍保持在 50% 以上。英偉達的高市值和市盈率表明其可能並不便宜，但強勁的人工智能支出和進入中國市場的機會可能會增強其增長前景</p>

<p>Chipmaker <strong>Nvidia</strong>(NVDA 3.91%) has been generating monstrous growth in recent years. Its artificial intelligence (AI) chips have been a necessity for tech companies investing in AI and next-gen technologies. The company's brand has been synonymous with all things AI, given how integral its chips have been in the development of chatbots and other AI-related products and services.</p>
<div class="lb-trans"><p>芯片製造商 <strong>英偉達</strong>(NVDA 3.91%) 在近年來實現了巨大的增長。其人工智能 (AI) 芯片已成為投資於 AI 和下一代技術的科技公司的必需品。考慮到其芯片在聊天機器人和其他與 AI 相關的產品和服務開發中的重要性，該公司的品牌與所有與 AI 相關的事物密切相關。</p>
</div><p>But the nagging concern is that the growth will dry up for Nvidia. Competition will intensify, and companies may cut back on spending, especially if the payoff isn't clear from the investments that they're making in AI. And in recent quarters, Nvidia's growth rate has indeed been slowing down. However, I think there's a good chance it may reverse the trend, and that next year, its growth rate may actually <em>accelerate</em>.</p>
<div class="lb-trans"><p>但令人擔憂的是，英偉達的增長可能會停滯。競爭將加劇，尤其是在投資於 AI 的回報不明確的情況下，公司可能會削減支出。在最近幾個季度，英偉達的增長率確實在放緩。然而，我認為它有很大機會逆轉這一趨勢，明年其增長率可能會實際 <em>加速</em>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTAvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832190%2Ffuturistic-image-showing-many-ideas-going-through-a-persons-mind.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>The Chinese market is a huge opportunity for Nvidia</h2>
<div class="lb-trans"><h2>中國市場是英偉達的巨大機會</h2>
</div><p>Recently, trade conditions between China and the U.S. have been improving. And CEO Jensen Huang is hopeful that the company's cutting-edge Blackwell chip could soon be sold there, saying that it is a &#34;real possibility.&#34; For now, it's the company's H20 chip, which is based on older technology, that is expected to be available to China, and even that involved negotiations between Huang and U.S. President Donald Trump. In exchange for selling the chip to Chinese customers, the tech company has agreed that 15% of those sales will go to the government.</p>
<div class="lb-trans"><p>最近，中美之間的貿易條件有所改善。首席執行官黃仁勳對公司的尖端 Blackwell 芯片能夠很快在中國銷售表示樂觀，稱這是一個 &#34;真實的可能性&#34;。目前，預計公司基於舊技術的 H20 芯片將可供中國使用，甚至這也涉及到黃與美國總統唐納德·特朗普之間的談判。作為向中國客户銷售該芯片的交換，科技公司已同意將 15% 的銷售額上交政府。</p>
</div><p>Due to the ambiguity and uncertainty around the Chinese market, Nvidia does not include H20 sales as part of its forecast. The company estimates it could sell billions of dollars worth of chips to China, especially if they are its newer Blackwell chips. Huang says China is a top market for AI, calling it a $50 billion opportunity for Nvidia just this year, and he's projecting it to grow by around 50% per year.</p>
<div class="lb-trans"><p>由於對中國市場的模糊性和不確定性，英偉達並未將 H20 銷售納入其預測。該公司估計，如果能夠銷售其更新的 Blackwell 芯片，可能會向中國銷售數十億美元的芯片。黃仁勳表示，中國是 AI 的頂級市場，稱今年對英偉達來説是一個 500 億美元的機會，並預計每年將增長約 50%。</p>
</div><p>If Nvidia can access the Chinese market next year and sell its latest chips, the growth it generates from there could more than make up for declining growth in North America and other markets, thus boosting its overall growth rate.</p>
<div class="lb-trans"><p>如果英偉達明年能夠進入中國市場並銷售其最新的芯片，那麼從那裏產生的增長可能會彌補北美和其他市場的增長放緩，從而提升其整體增長率。</p>
</div><h2>Nvidia is still growing at a fast clip</h2>
<div class="lb-trans"><h2>英偉達仍在快速增長</h2>
</div><p>In its most recent quarter, which ended on July 27, Nvidia's revenue totaled $46.7 billion, which represented a year-over-year increase of 56%. This was with the company saying it had <em>no sales</em> of its H20 chip to any Chinese-based customers. While its growth rate has been declining of late, that does come with an asterisk.</p>
<div class="lb-trans"><p>在其最近一個季度（截至 7 月 27 日），英偉達的收入總計為 467 億美元，同比增長 56%。這期間公司表示沒有向任何中國客户銷售 H20 芯片。儘管其增長率最近有所下降，但這並不意味着沒有其他因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a6035add96fa3ca6fc18ae4c1cf16fd1.png" alt="" original-src="https://media.ycharts.com/charts/a6035add96fa3ca6fc18ae4c1cf16fd1.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><p>The above chart may indicate a troubling trend, but when you consider that Nvidia has averaged such a ridiculously high rate of growth over the past couple of years, it's inevitable to see a bit of a slowdown; such an impressive performance isn't likely to be sustainable for long.</p>
<div class="lb-trans"><p>上述圖表可能表明一個令人擔憂的趨勢，但考慮到英偉達在過去幾年中平均如此高的增長率，出現一定的放緩是不可避免的；如此出色的表現不太可能長期持續。</p>
</div><p>But what's encouraging is that it's still above 50%, and that's without Nvidia being able to access one of the top AI markets in the world, in China. If Nvidia is able to sell its Blackwell chips to China, that could have a tremendous impact on both its top and bottom lines.</p>
<div class="lb-trans"><p>但令人鼓舞的是，增長率仍高於 50%，而且這是在英偉達無法進入全球頂級 AI 市場中國的情況下。如果英偉達能夠向中國銷售其 Blackwell 芯片，這可能對其收入和利潤產生巨大的影響。</p>
</div><h2>Could Nvidia stock still be a bargain buy right now?</h2>
<div class="lb-trans"><h2>英偉達的股票現在仍然是便宜的買入嗎？</h2>
</div><p>It may seem tough to make a case that the most valuable company in the world, Nvidia, is still cheap. It has a market cap of more than $4 trillion. But there could be a compelling case to be made for it, given the potential for massive growth opportunities in the Chinese market.</p>
<div class="lb-trans"><p>很難説世界上最有價值的公司英偉達仍然便宜。它的市值超過 4 萬億美元。但考慮到中國市場巨大的增長機會，可能會有一個令人信服的理由支持這一觀點。</p>
</div><p>Nvidia trades at a price-to-earnings multiple of 48, but if its growth rate accelerates next year and the company is able to maintain high profit margins, that ratio could conceivably come down. And if it does, that could make it a much cheaper buy than it looks to be. Its price-to-earnings-growth (PEG) multiple of 1.25 also suggests that this isn't a terribly expensive stock to own, given the long-term growth prospects it possesses.</p>
<div class="lb-trans"><p>英偉達的市盈率為 48，但如果其增長率明年加速，並且公司能夠保持高利潤率，那麼這個比率可能會降低。如果是這樣，這可能使其成為一個比看起來便宜得多的買入。其市盈率增長 (PEG) 比率為 1.25，也表明考慮到其長期增長前景，這並不是一隻非常昂貴的股票。</p>
</div><p>As long as AI spending remains strong, there could still be much more upside ahead for investors who buy shares of Nvidia today, especially if the company is able to access a hot growth market such as China.</p>
<div class="lb-trans"><p>只要 AI 支出保持強勁，今天購買英偉達股票的投資者仍可能面臨更大的上行空間，尤其是在公司能夠進入中國這樣的熱門增長市場的情況下。</p>
</div>

Why Nvidia's Growth Might Ramp Up Next Year

- Nvidia 的 AI 芯片在技術公司中至關重要，推動了其增長。  
- 預計中國市場將為 Nvidia 帶來巨大的銷售機會，可能達 500 億美元。  
- 儘管增長放緩，Nvidia 仍有潛力通過進入中國市場加速增長。  

為什麼英偉達的增長可能在明年加速