<p>半導體股票的拋售非常慘烈。<strong>博通</strong> 在 6 月初發布的人工智能（AI）芯片預測低於預期，引發了一場拋售，單日內抹去了超過 1 萬億美元的芯片股票價值，此後拋售再次加劇。受到影響的兩大巨頭是 AI 芯片領導者 <strong>英偉達</strong>（Nvidia）和其最接近的競爭對手 <strong>超威半導體</strong>（AMD）。</p>
<p>這兩隻股票都出現了回調。截至目前，英偉達的交易價格約為 199 美元，較其 52 周高點低約 16%。而超威半導體的價格約為 520 美元，表現相對較好，距離其高點大約只有 8%。</p>
<p>對於希望在芯片股票下跌時買入的投資者來説，這是一個不錯的機會。但在拋售後，哪隻股票更值得購買呢？人們可能會傾向於認為超威半導體——這家較小的公司理論上應該能在較低的基礎上更快增長。但最新的數據卻講述了一個不同的故事。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMjUvbnZpZGlhLXZzLWFtZC5qcGcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMjUvbnZpZGlhLXZzLWFtZC5qcGcmdz0zODQw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達：更大——且仍在更快增長</h2>
<p>英偉達 2027 財年第一季度（截至 2026 年 4 月 26 日）對於其規模的公司來説是驚人的。收入同比增長 85%，達到 816 億美元，而數據中心收入——AI 故事的核心——增長 92%，達到 752 億美元。為了更好地理解，英偉達的數據中心業務現在的規模約為超威半導體整個數據中心部門的 13 倍。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="英偉達股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>英偉達</p>
<p>今日變動</p>
<p>(-0.93%) $-1.85</p>
<p>當前價格</p>
<p>$198.19</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.8 萬億</p>
<p>日內區間</p>
<p>$196.59 - $201.64</p>
<p>52 周區間</p>
<p>$149.26 - $236.54</p>
<p>成交量</p>
<p>440 萬</p>
<p>平均成交量</p>
<p>1.617 億</p>
<p>毛利率</p>
<p>74.15%</p>
<p>股息收益率</p>
<p>0.14%</p>
<p>更重要的是，英偉達的增長率並沒有放緩。英偉達預計其 2027 財年第二季度的收入約為 910 億美元，按中位數計算，比去年同期增長約 95%。而這個數字假設中國的數據中心計算收入為零。</p>
<p>然後是利潤率。英偉達在該季度的 非 GAAP（調整後） 毛利率為 75%——這一水平顯示了公司仍然掌握的定價權。管理層還顯著提高了股息，並增加了 800 億美元的回購授權，在該季度向股東返還了約 200 億美元。</p>
<h2>超威半導體：一個穩健但不那麼令人印象深刻的增長故事</h2>
<p>超威半導體的執行也很出色。</p>
<p>其 2026 財年第一季度的收入同比增長 38%，達到 103 億美元，數據中心收入增長 57%，達到 58 億美元，因為其 EPYC 處理器和 Instinct GPU 獲得了市場份額。調整後的每股收益增長 43%，達到 1.37 美元，公司創造了創紀錄的 26 億美元 自由現金流。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNRC5wbmcmdz0xMjg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="超威半導體股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNRC5wbmcmdz0xMjg"/></p>
<h2>NASDAQ: AMD</h2>
<p>超威半導體</p>
<p>今日變動</p>
<p>(-0.02%) $-0.11</p>
<p>當前價格</p>
<p>$519.74</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$8480 億</p>
<p>日內區間</p>
<p>$503.50 - $524.96</p>
<p>52 周區間</p>
<p>$133.50 - $562.99</p>
<p>成交量</p>
<p>2650 萬</p>
<p>平均成交量</p>
<p>3770 萬</p>
<p>毛利率</p>
<p>47.09%</p>
<p>競爭形勢也在改善。超威半導體的下一代 Instinct 系列正在吸引大型 AI 客户的更多承諾，管理層預計第二季度的收入增長約為 46%。</p>
<p>該公司已經確立了作為英偉達主要替代品的真實地位。</p>
<p>但有兩個差距是難以忽視的。首先，超威半導體的增長率遠低於英偉達，而不是高於它。其調整後的毛利率約為 55%，比英偉達低約 20 個百分點——反映了英偉達更強的定價權和全棧平台。</p>
<h2>哪個更值得購買？</h2>
<p>在比較兩者時，估值 無疑是決定性因素。在回調後，英偉達的市盈率約為 31 倍。對於一家年增長 85%、毛利率為 75% 並在芯片市場最快增長領域佔據領先地位的公司來説，這個價格並不算高。</p>
<p>而超威半導體的市盈率約為 170——即使在其最近的下跌之後。這樣的倍數意味着需要多年的完美執行和市場份額的重大增長——這些結果是可能的，但遠非保證，尤其是在內存芯片成本通脹對整個行業利潤率施加壓力的情況下。</p>
<p>即使在查看公司的前瞻性估值倍數，或基於分析師對未來 12 個月的共識收益預測的估值時，英偉達的前瞻市盈率為 23，而超威半導體為 74——差距巨大。</p>
<p>當然，這兩隻股票都有風險。兩者都依賴於 AI 基礎設施支出的持續強勁，均面臨針對出口到中國的芯片的出口規則收緊，而像投資者剛經歷的那樣的估值重置可能會變得更糟。</p>
<p>儘管如此，當一家公司增長更快、賺取更高的利潤、在市場中處於領先地位，並且交易價格僅為另一家公司的估值的一小部分時，決策就變得更容易。</p>
<p>在這次拋售後，英偉達看起來是兩者中更具吸引力的購買選擇。</p>

英偉達

南方兩倍做空英偉達

<p>在半導體市場拋售之後，英偉達似乎比 AMD 更具購買價值。英偉達展現出更強的增長（同比收入增長 85%）、更高的毛利率（75%）以及比 AMD（市盈率 170 倍）更具吸引力的估值（市盈率 31 倍）。儘管 AMD 表現穩健，但英偉達的市場主導地位、定價能力和較低的風險特徵使其在最近的下跌後成為更具吸引力的投資機會</p>

<p>The sell-off in semiconductor stocks has been brutal. An artificial intelligence (AI) chip forecast from <strong>Broadcom</strong> in early June that was lower than expected set off a rout that erased more than $1 trillion in chip-stock value in a single session, and the selling has flared up again since. Two of the biggest names caught in it are AI chip leader <strong>Nvidia</strong>( NVDA 0.93%) and its closest challenger, <strong>Advanced Micro Devices</strong>( AMD 0.02%).</p>
<div class="lb-trans"><p>半導體股票的拋售非常慘烈。<strong>博通</strong> 在 6 月初發布的人工智能（AI）芯片預測低於預期，引發了一場拋售，單日內抹去了超過 1 萬億美元的芯片股票價值，此後拋售再次加劇。受到影響的兩大巨頭是 AI 芯片領導者 <strong>英偉達</strong>（Nvidia）和其最接近的競爭對手 <strong>超威半導體</strong>（AMD）。</p>
</div><p>Both stocks have pulled back. As of this writing, Nvidia trades around $199, about 16% below its 52-week high. AMD, at about $520, has held up better and sits within roughly 8% of its own high.</p>
<div class="lb-trans"><p>這兩隻股票都出現了回調。截至目前，英偉達的交易價格約為 199 美元，較其 52 周高點低約 16%。而超威半導體的價格約為 520 美元，表現相對較好，距離其高點大約只有 8%。</p>
</div><p>For investors looking to buy the dip on chip stocks, this is a good place to look. But which is the better buy after the sell-off? It is tempting to assume AMD -- the smaller company that should, in theory, grow faster off a lower base. But the latest numbers tell a different story.</p>
<div class="lb-trans"><p>對於希望在芯片股票下跌時買入的投資者來説，這是一個不錯的機會。但在拋售後，哪隻股票更值得購買呢？人們可能會傾向於認為超威半導體——這家較小的公司理論上應該能在較低的基礎上更快增長。但最新的數據卻講述了一個不同的故事。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMjUvbnZpZGlhLXZzLWFtZC5qcGcmdz0zODQw" alt="A line chart with two different lines on the chart." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F876125%2Fnvidia-vs-amd.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Nvidia: bigger -- and still growing faster</h2>
<div class="lb-trans"><h2>英偉達：更大——且仍在更快增長</h2>
</div><p>Nvidia's fiscal first quarter of 2027 (the period ended April 26, 2026) was staggering for a company its size. Revenue rose 85% year over year to $81.6 billion, and data center revenue -- the heart of the AI story -- climbed 92% to $75.2 billion. For perspective, Nvidia's data center business alone is now about 13 times the size of AMD's entire data center segment.</p>
<div class="lb-trans"><p>英偉達 2027 財年第一季度（截至 2026 年 4 月 26 日）對於其規模的公司來説是驚人的。收入同比增長 85%，達到 816 億美元，而數據中心收入——AI 故事的核心——增長 92%，達到 752 億美元。為了更好地理解，英偉達的數據中心業務現在的規模約為超威半導體整個數據中心部門的 13 倍。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4" alt="Nvidia Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FNVDA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: NVDA</h2>
<div class="lb-trans"><h2>NASDAQ: NVDA</h2>
</div><p>Nvidia</p>
<div class="lb-trans"><p>英偉達</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.93%) $-1.85</p>
<div class="lb-trans"><p>(-0.93%) $-1.85</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$198.19</p>
<div class="lb-trans"><p>$198.19</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$4.8T</p>
<div class="lb-trans"><p>$4.8 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$196.59 - $201.64</p>
<div class="lb-trans"><p>$196.59 - $201.64</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$149.26 - $236.54</p>
<div class="lb-trans"><p>$149.26 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>4.4M</p>
<div class="lb-trans"><p>440 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>161.7M</p>
<div class="lb-trans"><p>1.617 億</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>74.15%</p>
<div class="lb-trans"><p>74.15%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.14%</p>
<div class="lb-trans"><p>0.14%</p>
</div><p>Even more, Nvidia's growth rate isn't slowing. Nvidia guided for revenue of about $91 billion in its fiscal second quarter, which at the midpoint would be up about 95% from a year earlier. And that figure assumes no data center compute revenue from China at all.</p>
<div class="lb-trans"><p>更重要的是，英偉達的增長率並沒有放緩。英偉達預計其 2027 財年第二季度的收入約為 910 億美元，按中位數計算，比去年同期增長約 95%。而這個數字假設中國的數據中心計算收入為零。</p>
</div><p>Then there are the margins. Nvidia's non-GAAP (adjusted) gross margin was 75% in the quarter -- a level that shows how much pricing power the company still commands. Management also notably raised the dividend and added $80 billion to its buyback authorization, returning about $20 billion to shareholders during the quarter.</p>
<div class="lb-trans"><p>然後是利潤率。英偉達在該季度的 非 GAAP（調整後） 毛利率為 75%——這一水平顯示了公司仍然掌握的定價權。管理層還顯著提高了股息，並增加了 800 億美元的回購授權，在該季度向股東返還了約 200 億美元。</p>
</div><h2>AMD: a solid but less impressive growth story</h2>
<div class="lb-trans"><h2>超威半導體：一個穩健但不那麼令人印象深刻的增長故事</h2>
</div><p>AMD is executing well, too.</p>
<div class="lb-trans"><p>超威半導體的執行也很出色。</p>
</div><p>Its first-quarter 2026 revenue rose 38% year over year to $10.3 billion, with data center revenue up 57% to $5.8 billion as its EPYC processors and Instinct GPUs gained ground. Adjusted earnings per share grew 43% to $1.37, and the company generated a record $2.6 billion in free cash flow.</p>
<div class="lb-trans"><p>其 2026 財年第一季度的收入同比增長 38%，達到 103 億美元，數據中心收入增長 57%，達到 58 億美元，因為其 EPYC 處理器和 Instinct GPU 獲得了市場份額。調整後的每股收益增長 43%，達到 1.37 美元，公司創造了創紀錄的 26 億美元 自由現金流。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNRC5wbmcmdz0xMjg" alt="Advanced Micro Devices Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMD.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMD</h2>
<div class="lb-trans"><h2>NASDAQ: AMD</h2>
</div><p>Advanced Micro Devices</p>
<div class="lb-trans"><p>超威半導體</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.02%) $-0.11</p>
<div class="lb-trans"><p>(-0.02%) $-0.11</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$519.74</p>
<div class="lb-trans"><p>$519.74</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$848B</p>
<div class="lb-trans"><p>$8480 億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$503.50 - $524.96</p>
<div class="lb-trans"><p>$503.50 - $524.96</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$133.50 - $562.99</p>
<div class="lb-trans"><p>$133.50 - $562.99</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>26.5M</p>
<div class="lb-trans"><p>2650 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>37.7M</p>
<div class="lb-trans"><p>3770 萬</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>47.09%</p>
<div class="lb-trans"><p>47.09%</p>
</div><p>And the competitive case is improving, too. AMD's next-generation Instinct lineup is drawing larger commitments from big AI customers, and management guided for about 46% revenue growth in the second quarter.</p>
<div class="lb-trans"><p>競爭形勢也在改善。超威半導體的下一代 Instinct 系列正在吸引大型 AI 客户的更多承諾，管理層預計第二季度的收入增長約為 46%。</p>
</div><p>The company has carved out a genuine position as the main alternative to Nvidia.</p>
<div class="lb-trans"><p>該公司已經確立了作為英偉達主要替代品的真實地位。</p>
</div><p>But two gaps are hard to ignore. First, AMD's growth rate is well below Nvidia's, not above it. And its adjusted gross margin of about 55% trails Nvidia's by roughly 20 percentage points -- a reflection of Nvidia's stronger pricing power and full-stack platform.</p>
<div class="lb-trans"><p>但有兩個差距是難以忽視的。首先，超威半導體的增長率遠低於英偉達，而不是高於它。其調整後的毛利率約為 55%，比英偉達低約 20 個百分點——反映了英偉達更強的定價權和全棧平台。</p>
</div><h2>Which is the better buy?</h2>
<div class="lb-trans"><h2>哪個更值得購買？</h2>
</div><p>This is where valuation arguably seals the deal when comparing the two. After the pullback, Nvidia trades at about 31 times earnings. That is hardly a demanding price for a company growing 85% a year, with 75% gross margins and a leading position in the fastest-growing corner of the chip market.</p>
<div class="lb-trans"><p>在比較兩者時，估值 無疑是決定性因素。在回調後，英偉達的市盈率約為 31 倍。對於一家年增長 85%、毛利率為 75% 並在芯片市場最快增長領域佔據領先地位的公司來説，這個價格並不算高。</p>
</div><p>AMD, meanwhile, trades at a price-to-earnings ratio of about 170 -- even after its recent dip. A multiple like that prices in years of flawless execution and major market share gains -- outcomes that are possible but far from guaranteed, especially as memory-chip cost inflation pressures margins across the industry.</p>
<div class="lb-trans"><p>而超威半導體的市盈率約為 170——即使在其最近的下跌之後。這樣的倍數意味着需要多年的完美執行和市場份額的重大增長——這些結果是可能的，但遠非保證，尤其是在內存芯片成本通脹對整個行業利潤率施加壓力的情況下。</p>
</div><p>Even when looking at the company's forward valuation multiples, or their valuations based on analysts' consensus earnings forecasts over the next 12 months, Nvidia has a forward price-to-earnings ratio of 23, and AMD's is 74 -- a huge difference.</p>
<div class="lb-trans"><p>即使在查看公司的前瞻性估值倍數，或基於分析師對未來 12 個月的共識收益預測的估值時，英偉達的前瞻市盈率為 23，而超威半導體為 74——差距巨大。</p>
</div><p>Of course, both stocks come with risks. Both depend on AI infrastructure spending staying strong, both face tightening export rules on chips bound for China, and a valuation reset like the one investors just lived through can always get even worse.</p>
<div class="lb-trans"><p>當然，這兩隻股票都有風險。兩者都依賴於 AI 基礎設施支出的持續強勁，均面臨針對出口到中國的芯片的出口規則收緊，而像投資者剛經歷的那樣的估值重置可能會變得更糟。</p>
</div><p>Still, when one company is growing faster, earning much higher margins, leading its market, and trading at a fraction of the other's valuation, the decision gets easier.</p>
<div class="lb-trans"><p>儘管如此，當一家公司增長更快、賺取更高的利潤、在市場中處於領先地位，並且交易價格僅為另一家公司的估值的一小部分時，決策就變得更容易。</p>
</div><p>After this sell-off, Nvidia looks like the more attractive buy of the two.</p>
<div class="lb-trans"><p>在這次拋售後，英偉達看起來是兩者中更具吸引力的購買選擇。</p>
</div>

Better Buy After the Chip Sell-Off: Nvidia or AMD?

- 半導體股票遭遇重挫，創下超 1 萬億美元市值蒸發。  
- Nvidia 和 AMD 的業績對比顯示，Nvidia 增長更快，毛利率更高。  
- 根據估值，Nvidia 被認為是更具吸引力的購買選擇。

在芯片拋售之後，英偉達和 AMD 哪個更值得購買？