<p>隨着人工智能（AI）支出達到歷史新高，許多頂級首席執行官討論未來五年支出將以驚人的幅度增長，顯然 AI 仍然是一個值得投資的有前景的行業。考慮到圍繞這一大規模基礎設施建設的樂觀言辭，很難想象有哪隻股票沒有達到或接近其歷史最高點，尤其是那些預計將從這一建設中獲得鉅額利潤的公司。</p>
<p>然而，<strong>ASML Holding</strong>（ASML -0.62%）的股價距離歷史最高點下跌了約 25%，儘管它負責生產對所有尖端芯片製造至關重要的機器。我認為它不會長時間保持在這個低位。實際上，它可能會在未來五年為投資者提供可觀的回報。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MDgvc3RvY2staW52ZXN0b3ItbG9va2luZy1hdC1hLWdyYXBoLW9uLWEtY29tcHV0ZXItc2NyZWVuLWNlbGVicmF0aW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MDgvc3RvY2staW52ZXN0b3ItbG9va2luZy1hdC1hLWdyYXBoLW9uLWEtY29tcHV0ZXItc2NyZWVuLWNlbGVicmF0aW5nLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>ASML 在其領域擁有罕見的技術壟斷</h2>
<p>總部位於荷蘭的 ASML 製造光刻機，這些機器在芯片上鋪設微觀電氣痕跡。特別是，它的極紫外（EUV）機器是唯一能夠處理最先進芯片生產過程中的那一部分的機器。由於它是全球唯一擁有此技術的公司，每個芯片代工廠在擴大其高端芯片生產能力時都必須購買 ASML 的機器。</p>
<p>因此，每當你聽説某地正在建設新的芯片工廠時，你可以假設 ASML 將會受益。</p>
<p>在 <strong>Nvidia</strong>（NASDAQ: NVDA）上個月的 2026 財年第二季度電話會議上，首席執行官黃仁勳評論稱，公司預計到 2030 年全球數據中心資本支出將達到 3 萬億到 4 萬億美元。這類支出的一部分用於為數據中心配備計算設備，任何包含高端芯片的設備，無論是 <strong>Broadcom</strong>（NASDAQ: AVGO）網絡交換機還是 Nvidia GPU，都是使用 ASML 設備生產的芯片。</p>
<p>隨着數據中心需求激增，芯片代工廠運營商需要通過建設新工廠來增加生產能力，像 <strong>台灣半導體制造</strong>（NYSE: TSM）這樣的頂級企業已經在這樣做。這將為 ASML 帶來長期的推動，其管理層預計在未來五年將實現穩健增長。</p>
<p>具體來説，到 2030 年，ASML 管理層預計其年收入將在 440 億歐元到 600 億歐元之間。在過去四個報告季度中，ASML 的收入為 322 億歐元，因此如果達到該預測範圍的上限，其收入將在未來五年幾乎翻倍。歷史上，ASML 的管理層在給出指導時非常保守。儘管對 2025 年的展望持謹慎態度，但迄今為止卻取得了驚人的業績。在第二季度，收入增長了 23%。</p>
<p>因此，如果 ASML 在 2030 年的收入達到指導範圍的高端，我不會感到驚訝。隨着時間的推移，這種銷售增長應該有助於提升股價，但這並不是唯一可以幫助 ASML 的因素。</p>
<h2>ASML 的交易估值並不高於其通常水平</h2>
<p>在過去十年中，ASML 的平均市盈率約為 38 倍。現在的估值低於這個水平，因此如果它回升到平均估值水平，僅市盈率的擴張就會為股東帶來優厚的回報。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5e469bb6beaf2989c9bb685fd21a2b85.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/5e469bb6beaf2989c9bb685fd21a2b85.png"/></p>
<p>ASML 市盈率數據來源於 YCharts。</p>
<p>ASML 的淨利潤通常與其收入保持一致。因此，如果其市盈率回到平均水平，並且 2030 年的收入預測達到管理層預測的高端，它可能成為現在購買並持有五年的頂級成長股。</p>
<p>該公司有幾個積極的順風因素在推動其發展，而 AI 基礎設施支出熱潮是其中最重要的。由於代工廠運營商需要在需求預計到來之前幾年就購買 ASML 的機器，因此它也面臨較小的被捲入泡沫的風險。這使得 ASML 成為所有風險承受能力的投資者參與 AI 投資趨勢的絕佳方式。</p>

ASME

阿斯麥

<p>ASML 控股公司作為人工智能基礎設施的關鍵參與者，儘管人工智能市場蓬勃發展，但其股價仍較歷史最高點下跌了 25%。該公司生產用於先進芯片製造的關鍵光刻機，擁有獨特的技術壟斷地位。預計到 2030 年，收入將增長至 440 億至 600 億歐元，目前的市盈率低於歷史平均水平，ASML 展現出誘人的投資機會。對數據中心和芯片生產能力日益增長的需求進一步支持了其長期增長潛力，使其成為希望利用人工智能趨勢的投資者的強有力候選</p>

<p>With artificial intelligence (AI) spending at an all-time high and many top CEOs discussing five-year trajectories for that spending to increase by an incredible amount, it's clear that AI remains a promising industry to invest in. Given all of the bullish language surrounding this massive ongoing infrastructure build-out, it's hard to imagine a stock that's not at or near its all-time high, especially for companies that are slated to make massive profits from this build-out.</p>
<div class="lb-trans"><p>隨着人工智能（AI）支出達到歷史新高，許多頂級首席執行官討論未來五年支出將以驚人的幅度增長，顯然 AI 仍然是一個值得投資的有前景的行業。考慮到圍繞這一大規模基礎設施建設的樂觀言辭，很難想象有哪隻股票沒有達到或接近其歷史最高點，尤其是那些預計將從這一建設中獲得鉅額利潤的公司。</p>
</div><p>And yet, <strong>ASML Holding</strong>(ASML -0.62%) is down by around 25% from its all-time high despite the fact that it's responsible for producing machines that are vital to the manufacturing of all cutting-edge chips. I don't think it will stay this low for long. Indeed, it could provide investors with impressive returns from here over the next five years.</p>
<div class="lb-trans"><p>然而，<strong>ASML Holding</strong>（ASML -0.62%）的股價距離歷史最高點下跌了約 25%，儘管它負責生產對所有尖端芯片製造至關重要的機器。我認為它不會長時間保持在這個低位。實際上，它可能會在未來五年為投資者提供可觀的回報。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MDgvc3RvY2staW52ZXN0b3ItbG9va2luZy1hdC1hLWdyYXBoLW9uLWEtY29tcHV0ZXItc2NyZWVuLWNlbGVicmF0aW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831908%2Fstock-investor-looking-at-a-graph-on-a-computer-screen-celebrating.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>ASML holds a rare technological monopoly in its space</h2>
<div class="lb-trans"><h2>ASML 在其領域擁有罕見的技術壟斷</h2>
</div><p>Netherlands-based ASML manufactures the lithography machines that lay down microscopic electrical traces on chips. In particular, its extreme ultra-violet (EUV) machines are the only ones that can handle that part of the production process for the most advanced chips. As it's the only company in the world with this technology, every chip foundry must purchase ASML's machines when they're expanding their high-end chip production capacity.</p>
<div class="lb-trans"><p>總部位於荷蘭的 ASML 製造光刻機，這些機器在芯片上鋪設微觀電氣痕跡。特別是，它的極紫外（EUV）機器是唯一能夠處理最先進芯片生產過程中的那一部分的機器。由於它是全球唯一擁有此技術的公司，每個芯片代工廠在擴大其高端芯片生產能力時都必須購買 ASML 的機器。</p>
</div><p>So, whenever you hear about a new chip factory being built somewhere, you can assume that ASML will benefit.</p>
<div class="lb-trans"><p>因此，每當你聽説某地正在建設新的芯片工廠時，你可以假設 ASML 將會受益。</p>
</div><p>During <strong>Nvidia</strong>'s (NASDAQ: NVDA) fiscal 2026 second-quarter conference call last month, CEO Jensen Huang commented that the company expects global data center capital expenditures to reach $3 trillion to $4 trillion by 2030. A decent portion of this type of spending goes toward outfitting data centers with computing equipment, and anything that has high-end chips in it, whether those are <strong>Broadcom</strong>(NASDAQ: AVGO) networking switches or Nvidia GPUs, has chips produced using ASML's equipment.</p>
<div class="lb-trans"><p>在 <strong>Nvidia</strong>（NASDAQ: NVDA）上個月的 2026 財年第二季度電話會議上，首席執行官黃仁勳評論稱，公司預計到 2030 年全球數據中心資本支出將達到 3 萬億到 4 萬億美元。這類支出的一部分用於為數據中心配備計算設備，任何包含高端芯片的設備，無論是 <strong>Broadcom</strong>（NASDAQ: AVGO）網絡交換機還是 Nvidia GPU，都是使用 ASML 設備生產的芯片。</p>
</div><p>With demand for data centers skyrocketing, chip foundry operators will need to increase production capacity by building new factories, as top businesses like <strong>Taiwan Semiconductor Manufacturing</strong>(NYSE: TSM) are already doing. This will give a long-term boost to ASML, and its management forecasts solid growth over the next five years.</p>
<div class="lb-trans"><p>隨着數據中心需求激增，芯片代工廠運營商需要通過建設新工廠來增加生產能力，像 <strong>台灣半導體制造</strong>（NYSE: TSM）這樣的頂級企業已經在這樣做。這將為 ASML 帶來長期的推動，其管理層預計在未來五年將實現穩健增長。</p>
</div><p>To be specific, by 2030, ASML management expects its annual revenue to be between 44 billion euros and 60 billion euros. Over the past four reported quarters, ASML has generated 32.2 billion euros, so if it hits the top end of that projected range, its revenue will almost double in the next five years. Historically, ASML's management has been extremely conservative with the guidance it gives. It was cautious with its 2025 outlook, yet it has so far produced phenomenal results. In Q2, revenue rose 23%.</p>
<div class="lb-trans"><p>具體來説，到 2030 年，ASML 管理層預計其年收入將在 440 億歐元到 600 億歐元之間。在過去四個報告季度中，ASML 的收入為 322 億歐元，因此如果達到該預測範圍的上限，其收入將在未來五年幾乎翻倍。歷史上，ASML 的管理層在給出指導時非常保守。儘管對 2025 年的展望持謹慎態度，但迄今為止卻取得了驚人的業績。在第二季度，收入增長了 23%。</p>
</div><p>As a result, I won't be surprised if ASML's revenuesin 2030 comes in at the high end of the guidance range. That sales growth over time should help lift the stock, but that's not the only factor that could assist ASML.</p>
<div class="lb-trans"><p>因此，如果 ASML 在 2030 年的收入達到指導範圍的高端，我不會感到驚訝。隨着時間的推移，這種銷售增長應該有助於提升股價，但這並不是唯一可以幫助 ASML 的因素。</p>
</div><h2>ASML isn't trading at its usual valuation</h2>
<div class="lb-trans"><h2>ASML 的交易估值並不高於其通常水平</h2>
</div><p>Over the past decade, ASML has traded at an average of about 38 times trailing earnings. It's cheaper than that right now, so if it rises to its average valuation level, that multiple expansion alone would give shareholders an excellent return.</p>
<div class="lb-trans"><p>在過去十年中，ASML 的平均市盈率約為 38 倍。現在的估值低於這個水平，因此如果它回升到平均估值水平，僅市盈率的擴張就會為股東帶來優厚的回報。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5e469bb6beaf2989c9bb685fd21a2b85.png" alt="" original-src="https://media.ycharts.com/charts/5e469bb6beaf2989c9bb685fd21a2b85.png"/></p>
<p>ASML PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>ASML 市盈率數據來源於 YCharts。</p>
</div><p>ASML's bottom line generally tracks with its top line. So if its P/E ratio returns to its average level and its 2030 revenue projection comes in at the high end of management's projection, it could be a top growth stock to buy now and hold for the next five years.</p>
<div class="lb-trans"><p>ASML 的淨利潤通常與其收入保持一致。因此，如果其市盈率回到平均水平，並且 2030 年的收入預測達到管理層預測的高端，它可能成為現在購買並持有五年的頂級成長股。</p>
</div><p>The company has several positive tailwinds blowing in its favor, and the AI infrastructure spending spree is chief among them. Because foundry operators need to buy ASML's machines years in advance of when demand is expected to arrive, it's also at a smaller risk of being caught up in a bubble. This makes ASML a great way for investors of all risk tolerances to participate in the AI investment trend.</p>
<div class="lb-trans"><p>該公司有幾個積極的順風因素在推動其發展，而 AI 基礎設施支出熱潮是其中最重要的。由於代工廠運營商需要在需求預計到來之前幾年就購買 ASML 的機器，因此它也面臨較小的被捲入泡沫的風險。這使得 ASML 成為所有風險承受能力的投資者參與 AI 投資趨勢的絕佳方式。</p>
</div>

這隻遭受重創的 AI 股票可能準備迎來大幅反彈