<p>沃倫·巴菲特作為首席執行官的退休標誌着 <strong>伯克希爾哈撒韋</strong> 一個時代的結束。儘管伯克希爾仍然致力於長期持有高質量的複合型企業，但在新領導層下的一些近期投資組合變動表明，對人工智能（AI）中心的複雜高增長機會的接受度有所提高。</p>
<p>這一證據在伯克希爾最近對兩隻 “七大奇蹟” 股票的處理上表現得尤為明顯。在 2025 年第三季度，伯克希爾開始持有 <strong>Alphabet</strong> 的股份。在今年第一季度，這是格雷格·阿貝爾作為伯克希爾首席執行官的第一個完整季度，公司將其在 Alphabet 的持股增加了三倍多，達到近 5400 萬股。同時，文件顯示伯克希爾完全退出了其長期持有的——儘管規模不大——對 亞馬遜 的投資。</p>
<p>這些舉動表明阿貝爾願意在大型科技領袖中進行區分。這種選擇性可能為其他結合技術領導力與持久競爭優勢的公司打開大門。我認為越來越符合伯克希爾投資特徵的一個名字是 <strong>英偉達</strong>（NVDA +0.83%）。繼續閲讀以瞭解原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzM1Ni9udmlkaWEtaGVhZHF1YXJ0ZXJzLXdpdGgtbnZpZGlhLXNpZ24taW4tZnJvbnQtMzIucG5nAjZ3PTM4NDACNm9wPXJlc2l6ZQ?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzM1Ni9udmlkaWEtaGVhZHF1YXJ0ZXJzLXdpdGgtbnZpZGlhLXNpZ24taW4tZnJvbnQtMzIucG5nAjZ3PTM4NDACNm9wPXJlc2l6ZQ"/></p>
<p>圖片來源：英偉達。</p>
<h2>英偉達正在多元化其商業模式</h2>
<p>眾所周知，英偉達在圖形處理單元（GPU）市場上佔據主導地位，領先於其主要競爭對手 <strong>超威半導體</strong>。英偉達的 CUDA 平台 已成為 AI 開發者的事實標準，形成了一個強大的護城河，競爭對手在規模上難以複製。</p>
<p>英偉達並沒有僅僅依靠這一優勢，而是系統性地擴展其在整個 AI 堆棧中的生態系統。該公司通過內部開發和戰略合作的結合，深化了在高性能網絡中的參與。例如，在十月，英偉達 投資了 10 億美元 與 <strong>諾基亞</strong> 建立合作，專注於 AI 原生無線接入網絡（RAN）和邊緣基礎設施。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTlZEQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTlZEQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU"/></p>
<h2>NASDAQ: NVDA</h2>
<p>英偉達</p>
<p>今日變動</p>
<p>(0.83%) $1.62</p>
<p>當前價格</p>
<p>$196.45</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.7T 市值僅基於公開交易的流通股計算。不包括未上市、私有或雙重類別的非交易股份。隱含市值可能有所不同。市值僅基於公開交易的流通股計算。不包括未上市、私有或雙重類別的非交易股份。隱含市值可能有所不同。</p>
<p>日內區間</p>
<p>$193.99 - $197.41</p>
<p>52 周區間</p>
<p>$157.34 - $236.54</p>
<p>成交量</p>
<p>1.7M</p>
<p>平均成交量</p>
<p>159M</p>
<p>毛利率</p>
<p>74.15%</p>
<p>股息收益率</p>
<p>0.14%</p>
<p>英偉達還通過對像 <strong>CoreWeave</strong> 這樣的新雲服務提供商以及光學組件領導者如 <strong>Coherent</strong> 和 <strong>Lumentum</strong> 的定向投資，悄然支持數據中心的建設。此外，英偉達的 NVLink Fusion 平台正在幫助新合作伙伴如 Marvell 開發可以與英偉達架構緊密集成的定製 AI 芯片。</p>
<p>建立多元化的商業模式減少了英偉達對任何單一數據中心產品的依賴，同時將公司推向整個 AI 基礎設施建設的中心。</p>
<h2>英偉達擁有強大的盈利能力、穩健的股票回報和吸引人的估值</h2>
<p>在 AI 革命期間，英偉達將其市場領導地位轉化為卓越的財務成功。由於 AI 驅動的需求，英偉達的收入和盈利大幅上升，這也促成了過去幾年股價超過 1000% 的上漲。</p>
<p>令人鼓舞的是，英偉達通過 擴大其股息計劃 來補充其戰略投資。這表明管理層有信心繼續產生強勁的自由現金流，並願意與投資者分享超額利潤。</p>
<p>從估值的角度來看，英偉達的 前瞻市盈率（P/E）倍數相對於其增長前景變得越來越合理。儘管英偉達的前瞻市盈率顯著高於標準普爾 500 指數長期平均前瞻市盈率約為 17，但阿貝爾對溢價估值的接受度更高，只要它們不是過度膨脹。</p>
<p></p>
<p>NVDA 市盈率（前瞻） 數據由 YCharts. 提供。</p>
<p>根據上圖的趨勢，英偉達的股票顯然不再像 AI 週期早期階段那樣昂貴。目前，英偉達更像是一隻 價值股——正是伯克希爾在識別能夠長期複合資本的新業務時所尋求的那種企業。</p>
<h2>英偉達似乎與伯克希爾的投資紀律高度契合</h2>
<p>伯克希爾的經典投資標準——廣泛的經濟護城河、強大的管理層、易於理解的業務以及長期複合的潛力——與英偉達的特徵高度一致。</p>
<p>該公司在人工智能芯片領域的 品牌實力 和不斷擴展的基礎設施生態系統，構成了強大的市場準入壁壘，併為其客户帶來了高昂的轉換成本。與純粹的半導體公司相比，英偉達在網絡和定製芯片架構方面的穩步多元化也幫助其形成了更具韌性和持久性的形象。</p>
<p>在阿貝爾的領導下，英偉達可能成為一個合乎邏輯的科技投資，因為它提供了對長期人工智能趨勢的曝光，而不需要伯克希爾放棄對 藍籌企業 穩定增長的偏好。在一個已經接觸到許多塑造下一個工業時代的公司的投資組合中，英偉達代表了一個值得長期持有的有吸引力的候選者。</p>

英偉達

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

<p>這篇文章指出，英偉達可能成為下一個萬億美金的人工智能股票，並且是伯克希爾哈撒韋在首席執行官格雷格·阿貝爾領導下的強有力候選者。文章強調了英偉達在 GPU 市場的主導地位、CUDA 護城河，以及在網絡和定製芯片領域的多元化發展。隨着收入的指數級增長、強勁的盈利能力以及更合理的前瞻市盈率估值，英偉達符合伯克希爾對廣泛經濟護城河和長期複合增長的標準</p>

<p>Warren Buffett's retirement as CEO marked the end of an era at <strong>Berkshire Hathaway</strong>. While Berkshire remains committed to long-term ownership of high-quality compounders, some recent portfolio moves under new leadership suggest that there is a greater comfort with sophisticated, high-growth opportunities that sit at the center of artificial intelligence (AI).</p>
<div class="lb-trans"><p>沃倫·巴菲特作為首席執行官的退休標誌着 <strong>伯克希爾哈撒韋</strong> 一個時代的結束。儘管伯克希爾仍然致力於長期持有高質量的複合型企業，但在新領導層下的一些近期投資組合變動表明，對人工智能（AI）中心的複雜高增長機會的接受度有所提高。</p>
</div><p>The evidence appears clearly in Berkshire's recent handling of two &#34;Magnificent Seven&#34; stocks. During the third quarter of 2025, Berkshire initiated a stake in <strong>Alphabet</strong>. During the first quarter of this year, which was Greg Abel's first full quarter as CEO of Berkshire, the company more than tripled its Alphabet position to nearly 54 million shares. At the same time, filings show that Berkshire completely exited its long-standing -- albeit modest -- investment in Amazon.</p>
<div class="lb-trans"><p>這一證據在伯克希爾最近對兩隻 “七大奇蹟” 股票的處理上表現得尤為明顯。在 2025 年第三季度，伯克希爾開始持有 <strong>Alphabet</strong> 的股份。在今年第一季度，這是格雷格·阿貝爾作為伯克希爾首席執行官的第一個完整季度，公司將其在 Alphabet 的持股增加了三倍多，達到近 5400 萬股。同時，文件顯示伯克希爾完全退出了其長期持有的——儘管規模不大——對 亞馬遜 的投資。</p>
</div><p>These moves suggest that Abel is willing to differentiate among mega-cap technology leaders. Such selectivity could open the door to other companies that combine technological leadership with durable competitive advantage. One name that I think increasingly fits Berkshire's investment profile is <strong>Nvidia</strong>( NVDA +0.83%). Read on to learn why.</p>
<div class="lb-trans"><p>這些舉動表明阿貝爾願意在大型科技領袖中進行區分。這種選擇性可能為其他結合技術領導力與持久競爭優勢的公司打開大門。我認為越來越符合伯克希爾投資特徵的一個名字是 <strong>英偉達</strong>（NVDA +0.83%）。繼續閲讀以瞭解原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzczNTYvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LTMyLnBuZyZ3PTM4NDA" alt="Nvidia headquarters with company logo on a sign." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F877356%2Fnvidia-headquarters-with-nvidia-sign-in-front-32.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>圖片來源：英偉達。</p>
</div><h2>Nvidia is diversifying its business model</h2>
<div class="lb-trans"><h2>英偉達正在多元化其商業模式</h2>
</div><p>It's no secret that Nvidia holds a commanding position in the graphics processing unit (GPU) market over its primary rival, <strong>Advanced Micro Devices</strong>. Nvidia's CUDA platform has become the de facto standard for AI developers, creating a powerful moat in hardware and software that competitors are struggling to replicate at scale.</p>
<div class="lb-trans"><p>眾所周知，英偉達在圖形處理單元（GPU）市場上佔據主導地位，領先於其主要競爭對手 <strong>超威半導體</strong>。英偉達的 CUDA 平台 已成為 AI 開發者的事實標準，形成了一個強大的護城河，競爭對手在規模上難以複製。</p>
</div><p>Rather than resting on this dominance alone, Nvidia is systematically expanding its ecosystem across the entire AI stack. The company is deepening its involvement in high-performance networking through a combination of internal development and strategic partnerships. For example, in October, Nvidia invested $1 billion into <strong>Nokia</strong> in a partnership focused on AI-native radio access networks (RAN) and edge infrastructure.</p>
<div class="lb-trans"><p>英偉達並沒有僅僅依靠這一優勢，而是系統性地擴展其在整個 AI 堆棧中的生態系統。該公司通過內部開發和戰略合作的結合，深化了在高性能網絡中的參與。例如，在十月，英偉達 投資了 10 億美元 與 <strong>諾基亞</strong> 建立合作，專注於 AI 原生無線接入網絡（RAN）和邊緣基礎設施。</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>(0.83%) $1.62</p>
<div class="lb-trans"><p>(0.83%) $1.62</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$196.45</p>
<div class="lb-trans"><p>$196.45</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>$4.7TMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.</p>
<div class="lb-trans"><p>$4.7T 市值僅基於公開交易的流通股計算。不包括未上市、私有或雙重類別的非交易股份。隱含市值可能有所不同。市值僅基於公開交易的流通股計算。不包括未上市、私有或雙重類別的非交易股份。隱含市值可能有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$193.99 - $197.41</p>
<div class="lb-trans"><p>$193.99 - $197.41</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$157.34 - $236.54</p>
<div class="lb-trans"><p>$157.34 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.7M</p>
<div class="lb-trans"><p>1.7M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>159M</p>
<div class="lb-trans"><p>159M</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>Nvidia is also quietly supporting data center build-outs through targeted investments in neocloud providers like <strong>CoreWeave</strong> and optical component leaders such as <strong>Coherent</strong> and <strong>Lumentum</strong>. Additionally, Nvidia's NVLink Fusion platform is helping enable new partners like Marvell to develop custom AI chips that can integrate tightly with Nvidia's architecture.</p>
<div class="lb-trans"><p>英偉達還通過對像 <strong>CoreWeave</strong> 這樣的新雲服務提供商以及光學組件領導者如 <strong>Coherent</strong> 和 <strong>Lumentum</strong> 的定向投資，悄然支持數據中心的建設。此外，英偉達的 NVLink Fusion 平台正在幫助新合作伙伴如 Marvell 開發可以與英偉達架構緊密集成的定製 AI 芯片。</p>
</div><p>Building a diversified business model reduces Nvidia's reliance on any single data center product while pushing the company closer to the center of the entire AI infrastructure build-out.</p>
<div class="lb-trans"><p>建立多元化的商業模式減少了英偉達對任何單一數據中心產品的依賴，同時將公司推向整個 AI 基礎設施建設的中心。</p>
</div><h2>Nvidia has strong profitability, robust stock returns, and an attractive valuation</h2>
<div class="lb-trans"><h2>英偉達擁有強大的盈利能力、穩健的股票回報和吸引人的估值</h2>
</div><p>Throughout the AI revolution, Nvidia has translated its market leadership into exceptional financial success. Nvidia's revenue and earnings have risen exponentially thanks to AI-driven demand, which has contributed to share price appreciation of more than 1,000% over the last few years.</p>
<div class="lb-trans"><p>在 AI 革命期間，英偉達將其市場領導地位轉化為卓越的財務成功。由於 AI 驅動的需求，英偉達的收入和盈利大幅上升，這也促成了過去幾年股價超過 1000% 的上漲。</p>
</div><p>What's encouraging is that Nvidia has supplemented its strategic investments by expanding its dividend program as well. This demonstrates management's confidence to continue generating robust free cash flow and a willingness to share excess profits with investors.</p>
<div class="lb-trans"><p>令人鼓舞的是，英偉達通過 擴大其股息計劃 來補充其戰略投資。這表明管理層有信心繼續產生強勁的自由現金流，並願意與投資者分享超額利潤。</p>
</div><p>From a valuation standpoint, Nvidia's forward price-to-earnings (P/E) multiple has become increasingly reasonable relative to its growth prospects. While Nvidia's forward P/E is notably higher than the long-run average <strong>S&amp;P 500</strong> forward earnings multiple of roughly 17, Abel has a bigger appetite for premium valuations, as long as they aren't overstretched.</p>
<div class="lb-trans"><p>從估值的角度來看，英偉達的 前瞻市盈率（P/E）倍數相對於其增長前景變得越來越合理。儘管英偉達的前瞻市盈率顯著高於標準普爾 500 指數長期平均前瞻市盈率約為 17，但阿貝爾對溢價估值的接受度更高，只要它們不是過度膨脹。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>NVDA PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻） 數據由 YCharts. 提供。</p>
</div><p>Given the trends in the chart above, Nvidia stock is clearly no longer as expensive as it was during earlier phases of the AI cycle. Currently, Nvidia looks more like a value stock -- precisely the kind of business that Berkshire historically seeks out when it identifies a new business capable of compounding capital over the long run.</p>
<div class="lb-trans"><p>根據上圖的趨勢，英偉達的股票顯然不再像 AI 週期早期階段那樣昂貴。目前，英偉達更像是一隻 價值股——正是伯克希爾在識別能夠長期複合資本的新業務時所尋求的那種企業。</p>
</div><h2>Nvidia looks like a strong match for Berkshire's investment discipline</h2>
<div class="lb-trans"><h2>英偉達似乎與伯克希爾的投資紀律高度契合</h2>
</div><p>Berkshire's classic investment criteria -- wide economic moats, strong C-Suite, understandable businesses, and the potential for long-term compounding -- align closely with Nvidia's mold.</p>
<div class="lb-trans"><p>伯克希爾的經典投資標準——廣泛的經濟護城河、強大的管理層、易於理解的業務以及長期複合的潛力——與英偉達的特徵高度一致。</p>
</div><p>The company's brand strength in AI chips and expanding infrastructure ecosystem function as formidable barriers to entry and present high switching costs for its customers. Nvidia's steady diversification into networking and custom-chip architectures also helps give it a more resilient, durable profile compared to pure semiconductor plays.</p>
<div class="lb-trans"><p>該公司在人工智能芯片領域的 品牌實力 和不斷擴展的基礎設施生態系統，構成了強大的市場準入壁壘，併為其客户帶來了高昂的轉換成本。與純粹的半導體公司相比，英偉達在網絡和定製芯片架構方面的穩步多元化也幫助其形成了更具韌性和持久性的形象。</p>
</div><p>Under Abel's leadership, Nvidia could emerge as a logical technology investment because it offers exposure to secular AI tailwinds without requiring Berkshire to abandon its preference for steady growth from blue chip businesses. In a portfolio already touching many of the companies shaping the next industrial era, Nvidia represents a compelling candidate for a long-term holding.</p>
<div class="lb-trans"><p>在阿貝爾的領導下，英偉達可能成為一個合乎邏輯的科技投資，因為它提供了對長期人工智能趨勢的曝光，而不需要伯克希爾放棄對 藍籌企業 穩定增長的偏好。在一個已經接觸到許多塑造下一個工業時代的公司的投資組合中，英偉達代表了一個值得長期持有的有吸引力的候選者。</p>
</div>

Prediction: Following Alphabet, This Could Be the Next Trillion-Dollar Artificial Intelligence (AI) Stock Greg Abel Adds to Berkshire's Portfolio

- 沃倫·巴菲特的退休標誌着伯克希爾哈撒韋時代結束。  
- 新 CEO 阿貝爾調增對 Alphabet 的持股並完全退出亞馬遜投資。  
- 英偉達的多元化商業模式符合伯克希爾投資標準，可能成為新投資重點。

Motley Fool

南方兩倍做空英偉達

2 倍做空 NVDA ETF - T-Rex

2 倍做多英偉達 ETF - GraniteShares

1.5 倍做空英偉達 ETF - Tradr

2 倍做多 NVDA ETF - T-Rex

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

南方兩倍做多英偉達

2 倍做空 NVDA ETF - GraniteShares

2 倍做多英偉達 ETF - Direxion

2 倍做多 BRKB ETF - Direxion

YieldMax BRK.B Option Income Stgy ETF

Roundhill BRKB WeeklyPay ETF

南方兩倍做多伯克希爾

ProShares Ultra NVDA

2 倍做多英偉達 ETF - Leverage Shares

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

NVDA 週配息 ETF - Roundhill​

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

NVDA 期權收益策略 ETF - YieldMax

XI二南英偉-U

2 倍做多 MAG7 指數 ETF - Roundhill

半導體 ETF - VanEck Vectors

費城交易所 半導體 ETF - iShares

半導體 3 倍做多 - Direxion

Invesco PHLX Semiconductor ETF

標普半導體 ETF - SPDR

動態半導體 ETF - Invesco

納斯達克半導體 ETF - First Trust

谷歌-A

谷歌-C

亞馬遜

諾基亞

Coreweave

Coherent Corp.

Lumentum控股

邁威爾科技

標普 500 指數

NVIDIA Corporation

Nokia Oyj

預測：繼 Alphabet 之後，這可能是 Greg Abel 將添加到伯克希爾投資組合中的下一個市值達萬億美元的人工智能（AI）股票