<p><strong>英偉達</strong> 在人工智能（AI）加速器芯片領域開創了先河，過去三年一直是市場上表現最好的股票之一，受益於其圖形處理單元（GPU）需求的強勁增長，股價上漲超過 1200%。這些 GPU 被廣泛用於訓練 AI 模型和運行推理應用程序。</p>
<p>這就是為什麼英偉達在 2025 年迄今為止 32% 的回報對投資者來説可能顯得平淡無奇。畢竟，英偉達的市值超過 4.3 萬億美元，現已成為全球最大的公司。因此，期待英偉達複製近年來令人矚目的回報並不合理，尤其是考慮到其增長率雖然健康，但相較於之前相對較慢。</p>
<p>然而，市場上還有一些較小的公司正在利用對 AI 硬件快速增長的需求，仍然能夠為投資者帶來驚人的回報。其中之一是 <strong>Cloudflare</strong>（NET 1.46%），今年迄今為止其表現顯著超過英偉達——上漲了驚人的 110%——並且有潛力進一步上漲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5MzkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5MzkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images</p>
<h2>Cloudflare 專注於構建全球 GPU 網絡，成效顯著</h2>
<p>Cloudflare 傳統上以提供內容分發網絡（CDN）服務和反向代理網絡而聞名，這些服務幫助加快、保護和提高互聯網連接的可靠性。其雲安全解決方案還保護公共雲網絡、私有云網絡和軟件即服務（SaaS）應用程序等系統中的數據。</p>
<p>然而，AI 趨勢幫助其開啓了一個有利可圖的增長途徑。它現在正在利用其龐大的全球服務器網絡部署圖形處理單元（GPU），為客户提供邊緣 AI 處理能力。公司的網絡覆蓋 300 個城市，管理層去年表示，整個網絡將配備 GPU，以便在離最終用户更近的地方運行 AI 推理應用程序，這將有助於減少延遲並提高性能。</p>
<p>根據管理層在公司最新的財報電話會議上所説，Cloudflare 已經實現了這一目標。其 Workers AI 無服務器 GPU 平台的需求——該平台允許客户在 Cloudflare 的網絡上運行 AI 模型，而無需投資和管理昂貴的硬件——也相當穩健。</p>
<p>Cloudflare 的客户可以在 Workers AI 平台上訪問超過 50 個 AI 模型，以根據其需求構建應用程序。他們還可以以具有競爭力的成本在 Cloudflare 網絡上存儲大型數據集。重要的是，Workers AI 採用按需付費的商業模式，因此客户不必被鎖定在訂閲合同中。</p>
<p>這種以消費為導向的模式對 Cloudflare 運作良好，因為它幫助公司降低了希望在雲中運行 AI 推理的公司的進入門檻。該公司在第二季度獲得了幾份數百萬美元的 Workers AI 合同，這也解釋了其剩餘履約義務（RPO）同比增長 39% 至近 20 億美元的令人印象深刻的表現。</p>
<p>這一指標指的是公司未履行合同的總價值，值得注意的是，Cloudflare 的 RPO 增長大大超過了其第二季度收入同比增長 28% 至 5.12 億美元。這意味着 Cloudflare 正在以更快的速度獲得新合同，為長期建立良好的收入管道，預計將導致收入增長加速。此外，Fortune Business Insights 的分析師預測，邊緣 AI 的需求將在 2032 年前以 33% 的年化率增長。</p>
<p>在這種背景下，我不會驚訝看到 Cloudflare 的收入管道進一步改善，尤其是考慮到對 GPU 驅動的 AI 雲計算能力的巨大需求。</p>
<h2>但在其驚人上漲後，這隻股票值得購買嗎？</h2>
<p>Cloudflare 在 2025 年的大幅上漲使其交易時的市銷率達到 40 倍。與英偉達的市銷率 26 倍相比，這顯得昂貴。然而，Cloudflare 的 RPO 增長正在加速。該公司在 2024 年第二季度報告了該指標同比增長 37%，這表明其未來收入管道的增長正在上升。</p>
<p>因此，看到 Cloudflare 的收入增長在未來加速並不令人驚訝——這正是分析師們所預測的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b2498eef44cf193db239ea5e2c2c40c.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/7b2498eef44cf193db239ea5e2c2c40c.png"/></p>
<p>當前財年 NET 收入預估數據來自 YCharts。</p>
<p>從某種角度來看，英偉達的收入增長率預計將放緩。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5bc94f1114d983c20b669e0193262088.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/5bc94f1114d983c20b669e0193262088.png"/></p>
<p>當前財年 NVDA 收入預估數據來自 YCharts。</p>
<p>因此，Cloudflare 有很大機會通過實現比 AI 芯片領導者更快的增長來證明其昂貴的銷售倍數。這就是為什麼那些能夠承受風險並願意為這隻 AI 股票支付溢價估值的投資者應該考慮在今年的顯著上漲後繼續增持。</p>

<p>Cloudflare 在 2025 年的表現顯著優於 Nvidia，增長率達到 110%，而 Nvidia 為 32%。該公司正在利用其全球 GPU 網絡來增強 AI 處理能力，實現了剩餘業績義務（RPO）同比增長 39%，接近 20 億美元。分析師預測，儘管 Cloudflare 的市銷率為 40，高於 Nvidia 的 26，但由於邊緣 AI 需求的上升，Cloudflare 未來將實現強勁增長。具有風險承受能力的投資者可以考慮將 Cloudflare 作為其投資組合的有價值補充</p>

<p><strong>Nvidia</strong>, which pioneered the artificial intelligence (AI) accelerator chip space, has been one of the top performing stocks on the market in the past three years, delivering gains of more than 1,200% on the back of the remarkably strong demand for its graphics processing units (GPUs), which are widely used for training AI models and running inference applications.</p>
<div class="lb-trans"><p><strong>英偉達</strong> 在人工智能（AI）加速器芯片領域開創了先河，過去三年一直是市場上表現最好的股票之一，受益於其圖形處理單元（GPU）需求的強勁增長，股價上漲超過 1200%。這些 GPU 被廣泛用於訓練 AI 模型和運行推理應用程序。</p>
</div><p>That's why Nvidia's returns of 32% so far in 2025 may appear lukewarm to investors. After all, with a market cap in excess of $4.3 trillion, it is now the world's largest company. So, expecting Nvidia to replicate the eye-popping returns that it has clocked in recent years isn't reasonable, especially considering that its growth rate, though healthy, is relatively slower than it was before.</p>
<div class="lb-trans"><p>這就是為什麼英偉達在 2025 年迄今為止 32% 的回報對投資者來説可能顯得平淡無奇。畢竟，英偉達的市值超過 4.3 萬億美元，現已成為全球最大的公司。因此，期待英偉達複製近年來令人矚目的回報並不合理，尤其是考慮到其增長率雖然健康，但相較於之前相對較慢。</p>
</div><p>However, there are smaller companies out there capitalizing on the fast-growing demand for AI hardware that can still deliver phenomenal returns to investors. One of these is <strong>Cloudflare</strong>(NET 1.46%), which has significantly outperformed Nvidia so far this year -- it's up by a remarkable 110% -- and has the potential to fly higher.</p>
<div class="lb-trans"><p>然而，市場上還有一些較小的公司正在利用對 AI 硬件快速增長的需求，仍然能夠為投資者帶來驚人的回報。其中之一是 <strong>Cloudflare</strong>（NET 1.46%），今年迄今為止其表現顯著超過英偉達——上漲了驚人的 110%——並且有潛力進一步上漲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5MzkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832939%2Fperson-holding-smartphone-smiling.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>Cloudflare's focus on building a global GPU network is paying off</h2>
<div class="lb-trans"><h2>Cloudflare 專注於構建全球 GPU 網絡，成效顯著</h2>
</div><p>Cloudflare was traditionally known for offering content delivery network (CDN) services and a reverse proxy network that helps make internet connections faster, secure, and more reliable. Its cloud security solutions also secure data across public cloud networks, private cloud networks, and software-as-a-service (SaaS) applications, among other systems.</p>
<div class="lb-trans"><p>Cloudflare 傳統上以提供內容分發網絡（CDN）服務和反向代理網絡而聞名，這些服務幫助加快、保護和提高互聯網連接的可靠性。其雲安全解決方案還保護公共雲網絡、私有云網絡和軟件即服務（SaaS）應用程序等系統中的數據。</p>
</div><p>However, the AI trend has helped it unlock a lucrative growth avenue. It is now leveraging its massive global network of servers to deploy graphics processing units (GPUs) and bring edge AI processing capabilities to its customers. The company's network spans 300 cities, and management said last year that the entire network would be equipped with GPUs to run AI inference applications closer to end users, which will help reduce latency and improve performance.</p>
<div class="lb-trans"><p>然而，AI 趨勢幫助其開啓了一個有利可圖的增長途徑。它現在正在利用其龐大的全球服務器網絡部署圖形處理單元（GPU），為客户提供邊緣 AI 處理能力。公司的網絡覆蓋 300 個城市，管理層去年表示，整個網絡將配備 GPU，以便在離最終用户更近的地方運行 AI 推理應用程序，這將有助於減少延遲並提高性能。</p>
</div><p>Based on what management said on the company's latest earnings conference call, Cloudflare has achieved that goal. And demand for its Workers AI serverless GPU platform -- which allows customers to run AI models on Cloudflare's network and forego investing in and managing expensive hardware -- has been solid.</p>
<div class="lb-trans"><p>根據管理層在公司最新的財報電話會議上所説，Cloudflare 已經實現了這一目標。其 Workers AI 無服務器 GPU 平台的需求——該平台允許客户在 Cloudflare 的網絡上運行 AI 模型，而無需投資和管理昂貴的硬件——也相當穩健。</p>
</div><p>Cloudflare customers can access more than 50 AI models on the Workers AI platform to build applications based on their needs. They can also store large datasets on the Cloudflare network at competitive costs. Importantly, Workers AI has a pay-as-you-go business model, so customers aren't locked into subscription contracts.</p>
<div class="lb-trans"><p>Cloudflare 的客户可以在 Workers AI 平台上訪問超過 50 個 AI 模型，以根據其需求構建應用程序。他們還可以以具有競爭力的成本在 Cloudflare 網絡上存儲大型數據集。重要的是，Workers AI 採用按需付費的商業模式，因此客户不必被鎖定在訂閲合同中。</p>
</div><p>This consumption-oriented model is working well for Cloudflare as it helps the company lower the barrier to entry for companies looking to run AI inference in the cloud. The company landed several multimillion-dollar contracts for Workers AI in the second quarter, which explains the impressive 39% year-over-year increase in its remaining performance obligations (RPO) to almost $2 billion.</p>
<div class="lb-trans"><p>這種以消費為導向的模式對 Cloudflare 運作良好，因為它幫助公司降低了希望在雲中運行 AI 推理的公司的進入門檻。該公司在第二季度獲得了幾份數百萬美元的 Workers AI 合同，這也解釋了其剩餘履約義務（RPO）同比增長 39% 至近 20 億美元的令人印象深刻的表現。</p>
</div><p>This metric refers to the total value of a company's unfulfilled contracts, and it's worth noting that Cloudflare's RPO growth substantially exceeded the 28% year-over-year spike in its Q2 revenue to $512 million. What this means is that Cloudflare is landing new contracts at a faster pace, setting up a nice revenue pipeline for the long run that should lead to accelerating top-line growth. Moreover, the analysts at Fortune Business Insights forecast that demand for edge AI will increase at an impressive annualized rate of 33% through 2032.</p>
<div class="lb-trans"><p>這一指標指的是公司未履行合同的總價值，值得注意的是，Cloudflare 的 RPO 增長大大超過了其第二季度收入同比增長 28% 至 5.12 億美元。這意味着 Cloudflare 正在以更快的速度獲得新合同，為長期建立良好的收入管道，預計將導致收入增長加速。此外，Fortune Business Insights 的分析師預測，邊緣 AI 的需求將在 2032 年前以 33% 的年化率增長。</p>
</div><p>In that context, I won't be surprised to see Cloudflare's revenue pipeline improve further, especially considering that there is a tremendous need for GPU-powered AI cloud computing capacity.</p>
<div class="lb-trans"><p>在這種背景下，我不會驚訝看到 Cloudflare 的收入管道進一步改善，尤其是考慮到對 GPU 驅動的 AI 雲計算能力的巨大需求。</p>
</div><h2>But is the stock worth buying following its phenomenal surge?</h2>
<div class="lb-trans"><h2>但在其驚人上漲後，這隻股票值得購買嗎？</h2>
</div><p>Cloudflare's big rally so far in 2025 has left it trading at 40 times sales. That's expensive when compared to Nvidia's price-to-sales ratio of 26. However, Cloudflare's RPO growth is accelerating. The company reported a 37% year-over-year increase in the metric in Q2 2024, indicating that its future revenue pipeline growth is ticking up.</p>
<div class="lb-trans"><p>Cloudflare 在 2025 年的大幅上漲使其交易時的市銷率達到 40 倍。與英偉達的市銷率 26 倍相比，這顯得昂貴。然而，Cloudflare 的 RPO 增長正在加速。該公司在 2024 年第二季度報告了該指標同比增長 37%，這表明其未來收入管道的增長正在上升。</p>
</div><p>As a result, it wouldn't be surprising to see Cloudflare's top-line growth accelerate in the future -- which is precisely what analysts are predicting.</p>
<div class="lb-trans"><p>因此，看到 Cloudflare 的收入增長在未來加速並不令人驚訝——這正是分析師們所預測的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b2498eef44cf193db239ea5e2c2c40c.png" alt="" original-src="https://media.ycharts.com/charts/7b2498eef44cf193db239ea5e2c2c40c.png"/></p>
<p>NET Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>當前財年 NET 收入預估數據來自 YCharts。</p>
</div><p>For some perspective, Nvidia's top-line growth rate is expected to slow down.</p>
<div class="lb-trans"><p>從某種角度來看，英偉達的收入增長率預計將放緩。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5bc94f1114d983c20b669e0193262088.png" alt="" original-src="https://media.ycharts.com/charts/5bc94f1114d983c20b669e0193262088.png"/></p>
<p>NVDA Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>當前財年 NVDA 收入預估數據來自 YCharts。</p>
</div><p>So, there is a good chance that Cloudflare may be able to justify its expensive sales multiple by clocking faster growth than the AI chip leader. That's why investors who have a tolerance for risk and a willingness to pay a premium valuation for this AI stock should consider accumulating it, even after its remarkable rally this year.</p>
<div class="lb-trans"><p>因此，Cloudflare 有很大機會通過實現比 AI 芯片領導者更快的增長來證明其昂貴的銷售倍數。這就是為什麼那些能夠承受風險並願意為這隻 AI 股票支付溢價估值的投資者應該考慮在今年的顯著上漲後繼續增持。</p>
</div>

Meet the Skyrocketing Artificial Intelligence (AI) Stock That's Leaving Nvidia in the Dust

- Nvidia 在過去三年中股價上漲超過 1,200%，成為全球市值最高公司。  
- Cloudflare 通過全球 GPU 網絡實現 110% 的股價增長，需求強勁。  
- 預計 Cloudflare 將繼續加速增長，可能超越 Nvidia 的增長率。  

認識這隻正在迅速崛起的人工智能（AI）股票，它已經將英偉達遠遠甩在了後面