美股AI概念迎大考：英伟达财报本周来袭，业绩能否撑起股价？

华尔街见闻2023-05-22

英伟达预期市盈率接近惊人的65倍，无论将英伟达定位成芯片、软件还是通过硬件销售实现软件货币化的公司，其估值均远远高出同行业其他公司。人工智能AI掀起了市场的新热潮，美股AI企业迎来了股价的暴涨，底层算力“龙头”英伟达更是“一骑绝尘”。今年以来，英伟达累计上涨118%，涨幅在美股中排名第一，其市销率也达到了近29%，在纳斯达克中排名第一。英伟达估值也“节节攀升”，预期市盈率接近惊人的65倍。本周四，...

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Arya看好英伟达，称英伟达在加速芯片、系统、软件和开发人员之间的“全栈优势”使该公司处于引领全球云和企业客户之间的生成式人工智能军备竞赛的位置。英伟达已于2022年推出了AI芯片H100，这意味着该公司已经开发出了在市场尚未确定之前抢占市场份额的产品。估值高企，泡沫还是机会？不过，英伟达美股的远期市盈率已经接近惊人的65倍，投资者是时候获利了结吗?分析指出，无论将英伟达定位成芯片、软件还是通过硬件销售实现软件货币化的公司，其估值均远远高出同行业其他公司。英伟达在AI领域拔得头筹，保持领先，其真正的优势在于CUDA软件。虽然CUDA本身不是一个操作系统，但它的普遍性和相对易用性使其成为AI领域的通用软件。目前，英伟达的股价较其他芯片股票高出两倍以上，如果将其视为一家软件公司，与微软、Salesforce和Adobe等大型成熟软件公司相比，它的估值也很高。其次，与高增长软件公司Snowflake和Datadog等相比，如果英伟达以Snowflake类似的估值交易，英伟达股价将达到约600美元，是其当前价格291美元的两倍多，这一估值看起来过于离谱，令投资者对英伟达估值产生严重质疑。另一种方式是，将英伟达与那些通过硬件销售实现其独特软件货币化的公司进行比较，如苹果。从概念上讲，它们在硬件价格与软件差异化方面有共同之处。然而，与英伟达相比，即使是苹果估值也低出大约40%。AI热潮以及数据中心和游戏市场的预期复苏可能会支撑英伟达的股价，对于投资者来说，如果英伟达的股票要继续上涨，那么英伟达需要在周三的财报中积极讨论下一季度以及未来的增长前景。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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