NVDA 在 234 美元对 335 美元合理价值下被低估；强劲的人工智能需求与售罄的供给支撑看多论点，尽管存在竞争担忧。
逐段跳播
这些是 Amazon、Netflix、Uber、Nvidia、Pinterest、Meta、Visa、Adobe 和 McDonald's。让我解释一下为什么我认为这些股票目前代表着极佳的价值。
These are Amazon, Netflix, Uber, Nvidia, Pinterest, Meta, Visa, Adobe , and McDonald's. Let me explain why I believe these stocks represent excellent value at the moment.
说到我投资组合中第二重要的股票，那就是 Nvidia。对于 Nvidia，计算出的合理价值为每股 335 美元，而当前市场价格为 234 美元。我认为这是一个极具吸引力的机会，以至于它已成为我投资组合中权重第二大的股票，仅次于 Netflix。
Speaking of the second most important stock in my portfolio, it's Nvidia stock. For Nvidia, a fair value of $335 per share was calculated, compared to the current market price of $234.
I see this as such an attractive opportunity that it has become the second largest stock by weight in my portfolio after Netflix.
Nvidia 面临的最大挑战之一是竞争格局。竞争对手的数量在不断增加。越来越多的公司正在对 Nvidia 所制造的这类半导体进行创新，以期获得市场份额。此外，该行业的 economics 并不具吸引力。
这些产品最大的消费者是 OpenAI 和 Anthropic，而这两家公司都在净利上亏损数十亿美元。Token 价格正在下跌，而该行业的单位 economics 本已疲弱。因此，投资者担心 Nvidia 销售和盈利能力的可持续性。
One of the biggest challenges facing Nvidia is the dynamics of competition. The number of competitors is constantly increasing. More and more companies are innovating the types of semiconductors that Nvidia manufactures in the hope of gaining market share.
In addition, the sector's economics are not attractive. The biggest consumers of these products are OpenAI and Anthropic, both of which are losing billions of dollars in net profits.
Token prices are falling, and unit economics in this sector were already weak. Therefore, investors are concerned about the sustainability of Nvidia's sales and profitability.
然而，Nvidia 至少仍领先竞争对手一步，如果你说它领先两步，我也不会反驳。人工智能的顺风正在极大地提振需求。供需形势对 Nvidia 有利，因为其产品今年以及明年大部分时间都已完全售罄。
数千亿美元。事实上，据估计，四大云计算公司将在 2026 年花费超过 8000 亿美元来建设数据中心，而这一数字预计在接下来的一年及以后还会上升。Nvidia 在所有这些支出中占据了很大份额。
However, Nvidia remains at least one step ahead of the competition, and I wouldn't argue with you if you said it's two steps ahead. The supportive winds of artificial intelligence are boosting demand enormously .
Supply and demand are working in Nvidia's favor, as its products are completely sold out for this year and most of next year. Hundreds of billions of dollars. In fact, it is estimated that the four giant cloud computing companies will spend more than $800 billion in 2026 to build data centers, and that figure is expected to rise in the following year and beyond.
Nvidia accounts for a large share of all this spending.
这个频道对 $NVDA 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 16 条判断，这里只列相邻的几条。