<p>人工智能（AI）風向標最近受到了一些衝擊。這聲響是機會投資者的召喚嗎？<strong>Nvidia</strong>（NVDA 1.24%）可能在幾年前開啓了 AI 革命，但最近市場卻在逐漸拋售這家全球領軍企業。</p>
<p>自 5 月份創下歷史新高以來，Nvidia 的股價已下跌 14%。儘管本週前三個交易日股價略有回升，但過去一個月股價仍然下跌。這與整體市場形成了鮮明對比，後者正在向新高攀升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzgyNTYvZ2V0dHlpbWFnZXMtMTM0MzI0MDg2Mi0xNDA2eDEwMDAtYWYwNjFhMi5qcGcmdz0zODQw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzgyNTYvZ2V0dHlpbWFnZXMtMTM0MzI0MDg2Mi0xNDA2eDEwMDAtYWYwNjFhMi5qcGcmdz0zODQw"/></p>
<p>圖片來源：Getty Images。</p>
<p>在業務仍然蓬勃發展的情況下，從領先的 AI 芯片製造商中撤資令人驚訝，但這並非沒有先例。更重要的是，這種情況不太可能是永久性的。今年早些時候，市場情緒轉向 AI 受益者的下一步，包括內存和數據存儲製造商，這並不離譜，儘管該領域最近受到了一些賣壓。</p>
<p>在短期內，你可以在挖掘和鏟子生態系統中上下波動。似乎從長遠來看，你無法忽視這匹領頭馬。</p>
<p>Nvidia 股票 目前面臨許多挑戰，但與機會相比，這些挑戰似乎微不足道。讓我們仔細看看這家繼續成為市值最大公司的公司，但根據一種流行的估值指標，現在的股價是多年來最低的。</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="Nvidia 股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>Nvidia</p>
<p>今日變動</p>
<p>(-1.24%) $-2.52</p>
<p>當前價格</p>
<p>$201.60</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.9T 市值僅計算已上市的流通股，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。市值僅計算已上市的流通股，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>$198.96 - $204.46</p>
<p>52 周區間</p>
<p>$161.61 - $236.54</p>
<p>成交量</p>
<p>2.3M</p>
<p>平均成交量</p>
<p>158.9M</p>
<p>毛利率</p>
<p>74.15%</p>
<p>股息收益率</p>
<p>0.14%</p>
<h2>你可以以僅 16 倍的價格購買 Nvidia 明年的收益</h2>
<p>你沒看錯。Nvidia 目前的交易價格為本財年收益的 23 倍，但明年分析師利潤目標的交易價格更是令人震驚的 16 倍。雖然有一些潛在的阻力，我並不想忽視它們。</p>
<p>中國的 DeepSeek 再次引起關注。其最新的 DSpark 推理模塊 據説提高了 AI 渲染速度 高達 85%，而無需新硬件。如果你能在現有硬件上做得更多，就沒有必要升級到 Nvidia 最新的閃亮芯片。這不是可以輕易忽視的事情，但你還記得在 2025 年初 DeepSeek 登上頭條時 Nvidia 的股價暴跌嗎？Nvidia 日益增長的客户羣更需要可靠性，而不是冒險削減成本。</p>
<p>Nvidia 的收入已經連續三個季度加速增長。它在財年第一季度的 85% 營收增長是一年半以來最強勁的增幅。儘管這種增長率不可持續，但它表明最初的 DeepSeek 頭條新聞並沒有減緩 Nvidia 的飛速軌跡。</p>
<p>空頭可以指出 AI 芯片競爭加劇 和中國貿易限制。Nvidia 剛剛進行了五年來的 首次重大債務發行。需求超過了競爭對手的增長和貿易限制。在這種情況下，押注 Nvidia 可能是個錯誤，尤其是 Nvidia 的股價處於多年來的最低水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzgyNTYvc2NyZWVuc2hvdC0yMDI2LTA3LTA5LWF0LTk0NzQ0YW0ucG5nJnc9Mzg0MA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzgyNTYvc2NyZWVuc2hvdC0yMDI2LTA3LTA5LWF0LTk0NzQ0YW0ucG5nJnc9Mzg0MA"/></p>
<p>NVDA 數據： YCharts。</p>
<h2>一切都在計算之中</h2>
<p>這張圖很有趣。紫色線是 Nvidia 的股票，作為市場領頭羊，其表現出色，過去三年股價增長超過三倍。藍色線是 Nvidia 當前財年的收益倍數。你會看到它在 1 月底下降，當時接力棒傳遞給下一個財年，但注意到在 2024 年（Nvidia 的財年 2025）時，炒作超過了現實，隨後在一年後恢復正常，並在今年徹底逆轉。橙色線——展望下一個財年的底線預測——顯然領先於估值動量的變化。</p>
<p>説 Nvidia 的交易價格僅為明年華爾街利潤目標的 16 倍，意味着它比 <strong>標準普爾 500</strong> 本身還要便宜。當 Nvidia 的增長速度遠遠快於市場時，它真的應該以折扣價交易嗎？Nvidia 的增長在這一點上將減速，隨着競爭對手改善其硬件替代品，利潤率可能會收縮。</p>
<p>問題是——也是你的機會——這是在最近幾個季度被駁斥的同樣空頭論點。Nvidia 不斷增強，分析師的利潤預期不斷上升。簡而言之，到下一個財年結束時，Nvidia 股票今天的快照可能交易的價格遠低於明年收益的 16 倍。</p>
<p>叮？該你行動了。</p>

英偉達

2 倍做空 NVDA ETF - GraniteShares

NVDB

<p>英偉達的股票自 5 月份的高點下跌了 14%，目前的估值為明年收益的 16 倍，處於歷史低位。儘管面臨中國競爭對手 DeepSeek 和貿易限制等逆風，收入增長依然強勁，第一季度增長了 85%。分析師認為，英偉達在市場上的主導地位和加速的收入使得當前的下跌成為一個機會，因為歷史上的熊市案例已被持續的財務實力所駁斥</p>

<p>The artificial intelligence (AI) bellwether has had its bell rung lately. Is the ding a dinner bell for opportunistic investors? <strong>Nvidia</strong>( NVDA 1.24%) may have kicked off the AI revolution a couple of years ago, but the market has been rotating out of the global leader lately.</p>
<div class="lb-trans"><p>人工智能（AI）風向標最近受到了一些衝擊。這聲響是機會投資者的召喚嗎？<strong>Nvidia</strong>（NVDA 1.24%）可能在幾年前開啓了 AI 革命，但最近市場卻在逐漸拋售這家全球領軍企業。</p>
</div><p>Nvidia stock has fallen 14% since hitting an all-time high in May. Despite inching higher through the first three trading days of this week, the shares are lower over the past month. It's a stunning contrast to the overall market, which is clawing toward fresh highs.</p>
<div class="lb-trans"><p>自 5 月份創下歷史新高以來，Nvidia 的股價已下跌 14%。儘管本週前三個交易日股價略有回升，但過去一個月股價仍然下跌。這與整體市場形成了鮮明對比，後者正在向新高攀升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzgyNTYvZ2V0dHlpbWFnZXMtMTM0MzI0MDg2Mi0xNDA2eDEwMDAtYWYwNjFhMi5qcGcmdz0zODQw" alt="Two people checking in on a data center." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F878256%2Fgettyimages-1343240862-1406x1000-af061a2.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><p>Rotation out of the leading AI chipmaker while business is still booming is surprising, but it's not without precedent. More importantly, it's not likely to be permanent. Bullish market sentiment turning its buy order attention to the next step of AI beneficiaries, including memory and data storage manufacturers, earlier this year, isn't outlandish, even if that segment has come under selling pressure in recent weeks.</p>
<div class="lb-trans"><p>在業務仍然蓬勃發展的情況下，從領先的 AI 芯片製造商中撤資令人驚訝，但這並非沒有先例。更重要的是，這種情況不太可能是永久性的。今年早些時候，市場情緒轉向 AI 受益者的下一步，包括內存和數據存儲製造商，這並不離譜，儘管該領域最近受到了一些賣壓。</p>
</div><p>You can go up and down the pick-and-shovel ecosystem in the near term. It just seems as if you can't ignore the lead horse over the long run.</p>
<div class="lb-trans"><p>在短期內，你可以在挖掘和鏟子生態系統中上下波動。似乎從長遠來看，你無法忽視這匹領頭馬。</p>
</div><p>Nvidia stock is facing plenty of challenges right now, but they seem small compared to the opportunity. Let's take a closer look at the company that continues to be the largest player by market cap, but one that is now the cheapest that it's been in years, according to one popular valuation metric.</p>
<div class="lb-trans"><p>Nvidia 股票 目前面臨許多挑戰，但與機會相比，這些挑戰似乎微不足道。讓我們仔細看看這家繼續成為市值最大公司的公司，但根據一種流行的估值指標，現在的股價是多年來最低的。</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>Nvidia</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-1.24%) $-2.52</p>
<div class="lb-trans"><p>(-1.24%) $-2.52</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$201.60</p>
<div class="lb-trans"><p>$201.60</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>$4.9TMarket 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>$4.9T 市值僅計算已上市的流通股，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。市值僅計算已上市的流通股，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>$198.96 - $204.46</p>
<div class="lb-trans"><p>$198.96 - $204.46</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$161.61 - $236.54</p>
<div class="lb-trans"><p>$161.61 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>2.3M</p>
<div class="lb-trans"><p>2.3M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>158.9M</p>
<div class="lb-trans"><p>158.9M</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><h2>You can buy Nvidia for just 16 times next year's earnings</h2>
<div class="lb-trans"><h2>你可以以僅 16 倍的價格購買 Nvidia 明年的收益</h2>
</div><p>You read that subhead correctly. Nvidia is now trading for 23 times this fiscal year's earnings, but an even more jaw-dropping 16 times next year's analyst profit target. There are some potential headwinds out there, and I don't want to dismiss them.</p>
<div class="lb-trans"><p>你沒看錯。Nvidia 目前的交易價格為本財年收益的 23 倍，但明年分析師利潤目標的交易價格更是令人震驚的 16 倍。雖然有一些潛在的阻力，我並不想忽視它們。</p>
</div><p>China's DeepSeek is making waves again. Its latest DSpark inference module reportedly improves AI rendering speed by up to 85% without requiring new hardware. If you can do more with existing hardware, there is no need to upgrade to Nvidia's shiniest new chips. That's not something you just sweep under the rug, but do you remember when Nvidia tumbled in early 2025, when DeepSeek made headlines? Nvidia's growing client base needs reliability more than it craves the gamble of cutting corners.</p>
<div class="lb-trans"><p>中國的 DeepSeek 再次引起關注。其最新的 DSpark 推理模塊 據説提高了 AI 渲染速度 高達 85%，而無需新硬件。如果你能在現有硬件上做得更多，就沒有必要升級到 Nvidia 最新的閃亮芯片。這不是可以輕易忽視的事情，但你還記得在 2025 年初 DeepSeek 登上頭條時 Nvidia 的股價暴跌嗎？Nvidia 日益增長的客户羣更需要可靠性，而不是冒險削減成本。</p>
</div><p>Nvidia's revenue has accelerated for three consecutive quarters. The 85% top-line jump it posted in its fiscal first quarter is the strongest increase in a year and a half. The growth rate isn't sustainable, but it shows that the initial DeepSeek headlines didn't slow Nvidia's skyrocketing trajectory.</p>
<div class="lb-trans"><p>Nvidia 的收入已經連續三個季度加速增長。它在財年第一季度的 85% 營收增長是一年半以來最強勁的增幅。儘管這種增長率不可持續，但它表明最初的 DeepSeek 頭條新聞並沒有減緩 Nvidia 的飛速軌跡。</p>
</div><p>Bears can point to growing competition in AI chips and Chinese trade restrictions. Nvidia just had its first major debt offering in five years. Demand is outpacing the uptick in competitors and trade restrictions. Betting against Nvidia could be a mistake here, especially with Nvidia shares at their cheapest level in years.</p>
<div class="lb-trans"><p>空頭可以指出 AI 芯片競爭加劇 和中國貿易限制。Nvidia 剛剛進行了五年來的 首次重大債務發行。需求超過了競爭對手的增長和貿易限制。在這種情況下，押注 Nvidia 可能是個錯誤，尤其是 Nvidia 的股價處於多年來的最低水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzgyNTYvc2NyZWVuc2hvdC0yMDI2LTA3LTA5LWF0LTk0NzQ0YW0ucG5nJnc9Mzg0MA" alt="Nvida stock chart over the past three years, showing its forward and next year's earnings multiple near lows." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F878256%2Fscreenshot-2026-07-09-at-94744am.png&amp;w=3840&amp;op=resize"/></p>
<p>NVDA data: YCharts.</p>
<div class="lb-trans"><p>NVDA 數據： YCharts。</p>
</div><h2>It all adds up</h2>
<div class="lb-trans"><h2>一切都在計算之中</h2>
</div><p>The chart is interesting. The purple line is Nvidia's stock, which has had a stellar run as a market leader, more than tripling over the past three years. The blue line is Nvidia's earnings multiple for the current fiscal year. You see it drop come late January, when the baton is passed to the next fiscal year, but notice how hype exceeded reality in 2024 (Nvidia's fiscal 2025) before normalizing a year later and outright reversing this year. The orange line -- looking out to bottom-line forecasts for the following fiscal year -- is understandably a year ahead of that swing in valuation momentum.</p>
<div class="lb-trans"><p>這張圖很有趣。紫色線是 Nvidia 的股票，作為市場領頭羊，其表現出色，過去三年股價增長超過三倍。藍色線是 Nvidia 當前財年的收益倍數。你會看到它在 1 月底下降，當時接力棒傳遞給下一個財年，但注意到在 2024 年（Nvidia 的財年 2025）時，炒作超過了現實，隨後在一年後恢復正常，並在今年徹底逆轉。橙色線——展望下一個財年的底線預測——顯然領先於估值動量的變化。</p>
</div><p>Saying that Nvidia is trading for just 16 times next year's Wall Street profit target means that it's cheaper than the <strong>S&amp;P 500</strong> itself. Should Nvidia really be trading at a discount to the market when it's growing considerably faster? Nvidia's growth will decelerate at this point, and margins may contract as rivals improve their hardware alternatives.</p>
<div class="lb-trans"><p>説 Nvidia 的交易價格僅為明年華爾街利潤目標的 16 倍，意味着它比 <strong>標準普爾 500</strong> 本身還要便宜。當 Nvidia 的增長速度遠遠快於市場時，它真的應該以折扣價交易嗎？Nvidia 的增長在這一點上將減速，隨着競爭對手改善其硬件替代品，利潤率可能會收縮。</p>
</div><p>The problem -- and your opportunity -- is that this is the same bear case that has been debunked in recent quarters. Nvidia keeps getting stronger, and analyst profit estimates keep rising. In short, by the end of the next fiscal year, there's a fair chance that Nvidia stock's snapshot today was trading for a lot <em>less</em> than 16 times next year's earnings.</p>
<div class="lb-trans"><p>問題是——也是你的機會——這是在最近幾個季度被駁斥的同樣空頭論點。Nvidia 不斷增強，分析師的利潤預期不斷上升。簡而言之，到下一個財年結束時，Nvidia 股票今天的快照可能交易的價格遠低於明年收益的 16 倍。</p>
</div><p>Ding? It's your move.</p>
<div class="lb-trans"><p>叮？該你行動了。</p>
</div>

Is Nvidia Stock Too Cheap to Ignore Right Now?

- 英偉達股價自 5 月創歷史新高以來下跌 14%。  
- 儘管面臨挑戰，英偉達的市場機會仍顯著。  
- 當前市盈率為 16 倍，低於標普 500，顯示出投資價值。

英偉達的股票現在是否便宜到無法忽視？