<p>過去幾年，對於一些世界上最知名的公司來説，經歷了繁榮與蕭條的交替。人工智能（AI）的出現成為了處於技術前沿公司的催化劑。</p>
<p><strong>英偉達</strong>（ NVDA 3.23%）在數據中心運行 AI 模型的圖形處理單元（GPU）領域處於領先地位。<strong>亞馬遜</strong>（ AMZN +0.86%）利用 AI 提高了業務效率，同時向其雲基礎設施服務（AWS）的客户提供 AI 模型。<strong>微軟</strong>（ MSFT +1.53%）早期與 ChatGPT 的創始人 OpenAI 合作，將生成性 AI 工具整合到其龐大的業務中，同時向雲客户提供 AI 工具和模型。此外，這些科技巨頭在近年來藉助 AI 實現了超越市場的回報。</p>
<p>然而，今年標誌着一個轉折點。截至目前（寫作時），英偉達、亞馬遜和微軟的表現均落後於 <strong>標準普爾 500 指數</strong>，最近幾個月估值降至至少五年來的低點。歷史清楚地表明接下來會發生什麼。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2Nkbi5jb250ZW50LmZvb2xjZG4uY29tL2ltYWdlcy8xdW1uOXFlaC9wcm9kdWN0aW9uLzk3MzhlNjFiMzU1YzliOWIxZWQ2MGUwOGI5ZmI2OTgwYTliYjMzNzMtMjMwMngxMzAzLmpwZz93PTIzMDImaD0xMzAzJnE9NzUmYXV0bz1mb3JtYXQmdz0zODQw?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-b3A9cmVzaXplJnVybD1odHRwczovL2Nkbi5jb250ZW50LmZvb2xjZG4uY29tL2ltYWdlcy8xdW1uOXFlaC9wcm9kdWN0aW9uLzk3MzhlNjFiMzU1YzliOWIxZWQ2MGUwOGI5ZmI2OTgwYTliYjMzNzMtMjMwMngxMzAzLmpwZz93PTIzMDImaD0xMzAzJnE9NzUmYXV0bz1mb3JtYXQmdz0zODQw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>估值與業績脱節</h2>
<p>儘管英偉達連續幾個季度交出創紀錄的業績，但其估值仍在下滑。該股票的 市盈率（P/E） 為 31，接近自 2019 年以來的最低水平。然而，其運營和財務業績仍在加速。</p>
<p>在其 2027 財年第一季度（截至 4 月 26 日），英偉達創下了創紀錄的收入，同比增長 85%，環比增長 20%，達到 816 億美元。這推動了調整後的每股收益（EPS）飆升 140%，達到 1.87 美元。業績的增長得益於數據中心收入創紀錄的 750 億美元，同比增長 92%。管理層預計其增長勢頭將持續，預測第二季度收入同比增長 95%，達到 910 億美元。</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>(-3.23%) $-6.83</p>
<p>當前價格</p>
<p>$204.14</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$5.1T 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>$203.00 - $210.57</p>
<p>52 周區間</p>
<p>$162.02 - $236.54</p>
<p>成交量</p>
<p>4.3M</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>0.13%</p>
<p>與英偉達類似，亞馬遜在發佈令人印象深刻的業績的同時，其估值仍然受到壓制，今年的市盈率降至 25（儘管略微反彈至 29）。要追溯到 2008 年才能找到更低的倍數。</p>
<p>然而，亞馬遜的業績依然令人印象深刻。在第一季度，1820 億美元的收入同比增長 17%，每股收益為 2.78 美元，增長 75%。更值得注意的是，其雲業務的增長再次加速，AWS 的收入增長了 28%。</p>
<p>微軟也在實現強勁增長，但這種增長並未反映在公司的當前估值中。其市盈率在上個月底降至 21，儘管略微反彈至 23。要追溯到 2017 年中期才能找到如此低的倍數。</p>
<p>但其財務業績卻講述了不同的故事。在其 2026 財年第三季度（截至 3 月 31 日），微軟的收入同比增長 18%，達到 830 億美元，而其稀釋後每股收益為 4.27 美元，增長 23%。或許更重要的是，其 Azure 雲收入增長了 40%。</p>
<h2>這些行業領袖面臨的挑戰是什麼？</h2>
<p>英偉達、亞馬遜和微軟都面臨相同的逆風。投資者擔心 AI 的採用速度會放緩，盈利的列車將會脱軌。雖然這些擔憂確實合理且值得關注，但回顧歷史可以提供一些啓示。</p>
<p></p>
<p>NVDA 市盈率 數據由 YCharts 提供</p>
<p>在每次這些股票的市盈率壓縮到如此程度時，隨後都伴隨着其倍數的強勁反彈，尤其是在公司展示出財務業績的韌性之後。這很容易理解。市場情緒的保質期有限，投資者最終會依賴銷售和利潤增長作為股票走勢的主要衡量標準。</p>
<p>總結：英偉達、亞馬遜和微軟目前的市盈率分別為 31 倍、29 倍和 23 倍，均遠低於其歷史平均水平。這為精明的投資者提供了在市場恢復理智之前以折扣價購買股票的機會。</p>

微軟

英偉達

亞馬遜

<p>儘管受到人工智能推動的財務增長創下紀錄，英偉達、亞馬遜和微軟的股票仍以五年來的低市盈率交易。雖然投資者擔心人工智能的採用速度放緩，但歷史數據表明這些估值與業績脱節。文章認為，強勁的盈利韌性可能會引發股票倍數的強勁反彈，為投資者提供買入機會</p>

<p>The past few years have been boom-or-bust for some of the world's most recognizable names. The advent of artificial intelligence (AI) was a catalyst for companies at the forefront of the technology.</p>
<div class="lb-trans"><p>過去幾年，對於一些世界上最知名的公司來説，經歷了繁榮與蕭條的交替。人工智能（AI）的出現成為了處於技術前沿公司的催化劑。</p>
</div><p><strong>Nvidia</strong>( NVDA 3.23%) leads the field for the graphics processing units (GPUs) that run AI models in data centers. <strong>Amazon</strong>( AMZN +0.86%) used AI to increase efficiency across its business, while also offering AI models to customers of Amazon Web Services (AWS), its cloud infrastructure service. <strong>Microsoft</strong>( MSFT +1.53%) partnered with ChatGPT creator OpenAI early on, integrating generative AI tools across its vast business, while also offering AI tools and models to cloud customers. Moreover, these tech titans have ridden AI to market-beating returns in recent years.</p>
<div class="lb-trans"><p><strong>英偉達</strong>（ NVDA 3.23%）在數據中心運行 AI 模型的圖形處理單元（GPU）領域處於領先地位。<strong>亞馬遜</strong>（ AMZN +0.86%）利用 AI 提高了業務效率，同時向其雲基礎設施服務（AWS）的客户提供 AI 模型。<strong>微軟</strong>（ MSFT +1.53%）早期與 ChatGPT 的創始人 OpenAI 合作，將生成性 AI 工具整合到其龐大的業務中，同時向雲客户提供 AI 工具和模型。此外，這些科技巨頭在近年來藉助 AI 實現了超越市場的回報。</p>
</div><p>However, this year has marked a turning point. Nvidia, Amazon, and Microsoft are each trailing the <strong>S&amp;P 500</strong> thus far in 2026 (as of this writing), with valuations falling to <em>at least</em> five-year lows in recent months. History is crystal clear about what happens next.</p>
<div class="lb-trans"><p>然而，今年標誌着一個轉折點。截至目前（寫作時），英偉達、亞馬遜和微軟的表現均落後於 <strong>標準普爾 500 指數</strong>，最近幾個月估值降至至少五年來的低點。歷史清楚地表明接下來會發生什麼。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2Nkbi5jb250ZW50LmZvb2xjZG4uY29tL2ltYWdlcy8xdW1uOXFlaC9wcm9kdWN0aW9uLzk3MzhlNjFiMzU1YzliOWIxZWQ2MGUwOGI5ZmI2OTgwYTliYjMzNzMtMjMwMngxMzAzLmpwZz93PTIzMDImaD0xMzAzJnE9NzUmYXV0bz1mb3JtYXQmdz0zODQw" alt="A businessperson standing near a large display with various charts and graphs." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fcdn.content.foolcdn.com%2Fimages%2F1umn9qeh%2Fproduction%2F9738e61b355c9b9b1ed60e08b9fb6980a9bb3373-2302x1303.jpg%3Fw%3D2302%26h%3D1303%26q%3D75%26auto%3Dformat&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>Valuations disconnected from results</h2>
<div class="lb-trans"><h2>估值與業績脱節</h2>
</div><p>Despite delivering quarter after quarter of record-breaking results, Nvidia's valuation continues to tumble. The stock has a price-to-earnings (P/E) ratio of 31, near its lowest level since 2019. Yet its operating and financial results continue to accelerate.</p>
<div class="lb-trans"><p>儘管英偉達連續幾個季度交出創紀錄的業績，但其估值仍在下滑。該股票的 市盈率（P/E） 為 31，接近自 2019 年以來的最低水平。然而，其運營和財務業績仍在加速。</p>
</div><p>For its fiscal 2027 first quarter (ended April 26), Nvidia generated record revenue, up 85% year over year and 20% quarter over quarter to $81.6 billion. This drove adjusted earnings per share (EPS) that soared 140% to $1.87. The results were driven by record data center revenue of $75 billion, up 92%. Management expects its growth spurt to continue, forecasting year-over-year revenue growth of 95% to $91 billion in Q2.</p>
<div class="lb-trans"><p>在其 2027 財年第一季度（截至 4 月 26 日），英偉達創下了創紀錄的收入，同比增長 85%，環比增長 20%，達到 816 億美元。這推動了調整後的每股收益（EPS）飆升 140%，達到 1.87 美元。業績的增長得益於數據中心收入創紀錄的 750 億美元，同比增長 92%。管理層預計其增長勢頭將持續，預測第二季度收入同比增長 95%，達到 910 億美元。</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>(-3.23%) $-6.83</p>
<div class="lb-trans"><p>(-3.23%) $-6.83</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$204.14</p>
<div class="lb-trans"><p>$204.14</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>$5.1TMarket 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>$5.1T 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>$203.00 - $210.57</p>
<div class="lb-trans"><p>$203.00 - $210.57</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$162.02 - $236.54</p>
<div class="lb-trans"><p>$162.02 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>4.3M</p>
<div class="lb-trans"><p>4.3M</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>0.13%</p>
<div class="lb-trans"><p>0.13%</p>
</div><p>Like Nvidia, Amazon is posting impressive numbers while its valuation remains compressed, with its P/E ratio falling to 25 this year (though it's rebounded slightly to 29). You'd have to go back to 2008 to find a lower multiple.</p>
<div class="lb-trans"><p>與英偉達類似，亞馬遜在發佈令人印象深刻的業績的同時，其估值仍然受到壓制，今年的市盈率降至 25（儘管略微反彈至 29）。要追溯到 2008 年才能找到更低的倍數。</p>
</div><p>Yet Amazon’s results continue to impress. In Q1, revenue of $182 billion rose 17% year over year, while EPS of $2.78 jumped 75%. Perhaps more telling is the reacceleration of its cloud growth, as AWS revenue rose 28%.</p>
<div class="lb-trans"><p>然而，亞馬遜的業績依然令人印象深刻。在第一季度，1820 億美元的收入同比增長 17%，每股收益為 2.78 美元，增長 75%。更值得注意的是，其雲業務的增長再次加速，AWS 的收入增長了 28%。</p>
</div><p>Microsoft has also been generating strong growth, yet that growth isn't reflected in the company's current valuation. Its P/E ratio had fallen to 21 late last month, though it has rebounded slightly to 23. You'd have to go back to mid-2017 to find a multiple that low.</p>
<div class="lb-trans"><p>微軟也在實現強勁增長，但這種增長並未反映在公司的當前估值中。其市盈率在上個月底降至 21，儘管略微反彈至 23。要追溯到 2017 年中期才能找到如此低的倍數。</p>
</div><p>But its financial results tell a different story. In its fiscal 2026 third quarter (ended March 31), Microsoft generated revenue that climbed 18% year over year to $83 billion, while its diluted EPS of $4.27 grew 23%. Perhaps more importantly, its Azure Cloud revenue jumped 40%.</p>
<div class="lb-trans"><p>但其財務業績卻講述了不同的故事。在其 2026 財年第三季度（截至 3 月 31 日），微軟的收入同比增長 18%，達到 830 億美元，而其稀釋後每股收益為 4.27 美元，增長 23%。或許更重要的是，其 Azure 雲收入增長了 40%。</p>
</div><h2>What's weighing on these industry leaders?</h2>
<div class="lb-trans"><h2>這些行業領袖面臨的挑戰是什麼？</h2>
</div><p>Nvidia, Amazon, and Microsoft are all facing the same headwinds. Investors are worried that AI adoption will slow and the gravy train will derail. While those concerns are certainly justified and bear watching, a look back can be instructional.</p>
<div class="lb-trans"><p>英偉達、亞馬遜和微軟都面臨相同的逆風。投資者擔心 AI 的採用速度會放緩，盈利的列車將會脱軌。雖然這些擔憂確實合理且值得關注，但回顧歷史可以提供一些啓示。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率 數據由 YCharts 提供</p>
</div><p>In every prior instance in which these stocks' P/E ratios were compressed to this degree, each was followed by an equally robust rebound of its multiple after the companies demonstrated the resilience of their financial results. It's easy to understand why. Sentiment has a limited shelf life, and investors will ultimately rely on sales and profit growth as the primary gauges of a stock's trajectory.</p>
<div class="lb-trans"><p>在每次這些股票的市盈率壓縮到如此程度時，隨後都伴隨着其倍數的強勁反彈，尤其是在公司展示出財務業績的韌性之後。這很容易理解。市場情緒的保質期有限，投資者最終會依賴銷售和利潤增長作為股票走勢的主要衡量標準。</p>
</div><p>To recap: Nvidia, Amazon, and Microsoft are currently selling for 31 times, 29 times, and 23 times earnings, respectively -- well below their historical averages. This gives savvy investors the opportunity to pick up shares at a discount before the market comes to its senses.</p>
<div class="lb-trans"><p>總結：英偉達、亞馬遜和微軟目前的市盈率分別為 31 倍、29 倍和 23 倍，均遠低於其歷史平均水平。這為精明的投資者提供了在市場恢復理智之前以折扣價購買股票的機會。</p>
</div>

Nvidia, Amazon, and Microsoft Stocks Just Did Something for the First Time in at Least 5 Years. Here's What History Says Will Happen Next

- Nvidia、亞馬遜與微軟在 2026 年面臨市值回落，P/E 比率降至五年低點。  
- 儘管業績強勁，投資者擔憂 AI 採用放緩，導致這些科技股估值承壓。  
- 歷史數據顯示，P/E 比率極低時通常預示未來反彈機會，值得關注。

Motley Fool

英偉達期權收益策略 ETF - YieldMax

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2 倍做多 MSFT ETF - GraniteShares

2 倍做多 NVDA ETF - T-Rex

南方兩倍做空英偉達

1.5 倍做空英偉達 ETF - Tradr

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1 倍做空英偉達 ETF - Direxion

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微軟每日 1 倍做空 ETF - Direxion

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亞馬遜每日 2 倍做多 ETF - Direxion

亞馬遜每日 1 倍做空 ETF - Direxion

南方兩倍做多英偉達

YieldMax MSFT Option Income Strategy ETF

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Leverage Shares 2X Long AMZN Daily ETF

2 倍做多英偉達 ETF - Leverage Shares

GraniteShares 2x Long AMZN Daily ETF

NVDA 週配息 ETF - Roundhill​

2 倍做多英偉達 ETF - GraniteShares

Roundhill MSFT WeeklyPay ETF

2 倍做多 MAG7 指數 ETF - Roundhill

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

NVDA 期權收益策略 ETF - YieldMax

XI二南英偉-U

Tradr 2X Short AMZN Daily ETF

Yieldmax Amzn Option Income ETF

Graniteshares YieldBOOST AMZN ETF

Kurv Yield Premium Strategy Amazon AMZN ETF

OpenAI

標普 500 指數

NVIDIA Corporation

英偉達、亞馬遜和微軟的股票剛剛在至少五年來首次出現某種情況。歷史告訴我們接下來可能會發生什麼