NVDA 目前显著低估（公允价值 338 美元，现价 218 美元，上行空间 55%），在强劲需求与供给受限的背景下，是最值得买入的股票。
逐段跳播
Coreweave 给 Nvidia 的股票投资者带来了极好的消息，这表明需求相对于供给仍然有利于卖方。
Coreweave delivered fantastic news for Nvidia stock investors, suggesting that demand versus supply still remains in the favor of the sellers.
如果你是 Nvidia 的股东，或者你是 Coreweave 的股票投资者，听到这个消息真是太棒了。
Boy, that's great news to hear if you're an Nvidia shareholder or if you're a Coreweave stock investor.
Nvidia 是 Coreweave 不断扩张的 Neocloud 业务的支柱、主要供应商和主要财务担保人。Coreweave 运营的这些数据中心使用的组件由 Nvidia 提供，而且不止于此，Coreweave 数据中心所使用的最先进 GPU 100% 由 Nvidia 供应。所以这是与 Coreweave 的独家关系。
So Nvidia serves as the backbone, the primary supplier and main financial guarantor for Coree's ever expansive Neocloud operation. These data centers that coreweave operates are using components provided by Nvidia and then even beyond supplying 100% of the advanced GPUs powering Coreweave's data centers. So it's exclusive relationship with Coreeave.
当 Coreweave 的收入增长时，其增长是因为他们出租来自 Nvidia 的 GPU。但除此之外，Nvidia 还作为战略股东持有 11%、11.5% 的股权。
When Coree's revenue is increasing, it's increasing because they're renting out GPUs from Nvidia. But besides that, Nvidia acts as a strategic shareholder holding in an 11% 11 and a half% equity stake.
所以这对 Nvidia 的股票投资者来说是双重好消息。对吧？在上行方面，Nvidia 受益，因为 Coreweave 把 Nvidia 的产品卖光了，这意味着 Nvidia 可以向他们发送更多产品、卖给他们更多产品。
而且在此之上，随着 Coreweave 以溢价出租 Nvidia 的产品，Nvidia 再次受益。所以他们在向 Coreweave 的销售上双重获利。
So this is double good news for Nvidia stock investors. Right? On the top side, Nvidia benefits because Cororeweave is selling out of Nvidia's products, which means Nvidia can send them even more product and sell them more product. And then on top of that, as Cororeweave rents out Nvidia products at a premium price, Nvidia benefits again. So they double dip on their sales to Core Weeave.
当然，我必须说，下行的情况也可能成立。如果——而这在短期内不太可能发生——但如果 Coreweave 的销售下滑，Nvidia 将经历双重负面。Nvidia 将只能向 Coreweave 卖出更少的产品，因为他们已经有太多供给，然后随着 Coreweave 销售下降，Nvidia 的股权价值也会缩水。
所以在上行方面这对 Nvidia 是好事，但在下行方面也是坏事。换句话说，这增加了 Nvidia 的杠杆。它增加了收益，也增加了下行风险。
Of course, I have to say that the downside can also be true. In the event of, and this is unlikely to happen anytime soon, but in the event of Cororeweave sales falling, Nvidia is going to experience a double negative. Nvidia will be able to sell fewer products to core because they're already have too much supply and then as Coree sales drop Nvidia's equity ownership stake will be worth less. So on the upside this is great for Nvidia but on the downside it's also bad. So in other words it increases leverage for Nvidia. It increases the benefits and it increases the downside.
但当你身处一个蓬勃发展的行业时，更高的杠杆会带来回报。而从我看到的所有估算来看，这个行业至少到 2027 年底都将保持为一个蓬勃发展的行业。
But when you're in a booming industry, that higher leverage pays off. And it looks like from all estimates that I'm seeing that this industry will remain a booming industry at least until the end of 2027.
Nvidia 已经预测其 2028 财年将是极其强劲的一年，而 2028 财年实际上对应的是 2027 日历年。Nvidia 的财年在 2028 年 1 月结束。所以它称之为 2028 财年，但实际上主要是对应 2027 日历年取得的业绩。
So Nvidia is already forecasting a very strong year for its fiscal year 2028 which is actually calendar year 2027. Nvidia's fiscal year ends in January of 2028. And so it calls it fiscal year 2028, but it's actually for primarily results achieved in calendar year 2027.
但 Nvidia 预测其 2028 财年收入增长 70%。这远高于分析师的预期。如果你还记得，当 Nvidia 公布那些业绩时，我正在直播报道那次财报事件，Nvidia 的股价因此跳涨。我对此感到非常兴奋。
But Nvidia is forecasting 70% revenue growth in its fiscal year 2028. That was far above what analysts were expecting. And if you remember when Nvidia reported those results, I was live covering that earnings event and Nvidia's stock price jumped as a result. I was thrilled about that.
Nvidia 是我投资组合中最大的持仓之一。我把 Nvidia 评为 2026 年最值得买入的股票。所以看到这一点很棒，看到股价做出积极反应也很棒。
Nvidia is one of the largest positions in my portfolio. I've ranked Nvidia as the best stock to buy in 2026. So that was great to see and great to see the share price reacting positively.
事实上，Nvidia 管理层表示，如果 Nvidia 不受供给约束，销售额会大得多。Nvidia CEO 黄仁勋在那次电话会议上说的就是“大得多”。所以 Nvidia 也受到供给约束。
And in fact, Nvidia management team said that the sales would be much larger if Nvidia wasn't supply constrained. Much larger is what Nvidia CEO Jensen Huang said during that conference call. So Nvidia is supply constraint too.
Nvidia 在受供给约束的情况下预测其 2028 财年增长 70%。如果它能够卖出其拥有的全部需求，那么在 2027 日历年或 2028 财年，收入增长本可能达到 80%、85%，也许 100%。
Nvidia is forecasting 70% growth in its fiscal year 2028 with supply constraints. If it was able to sell all of the demand that it has, it could have been 80 85 maybe 100% revenue growth in calendar year 2027 or fiscal year 2028.
这对 Nvidia 和 Coreweave 来说都是极好的消息。
And that's great news for Nvidia and Core Weave.
与此同时，我计算出 Nvidia 股票的合理价值为 338 美元，而其当前市场价格为 218 美元。我计算出 Nvidia 股票有 55% 的上行空间。我认为这只股票被显著低估，我把它评为最值得买入的股票，这也是原因之一。
Meanwhile, I calculated a fair value of $338 for Nvidia stock compared to its current market price of 218. I calculated a 55% upside here for Nvidia stock. This one I see as being significantly undervalued and I've ranked it as the best stock to buy as one of the reasons for that.
所以更新一下，我认为 Nvidia 股票被显著低估。Coreweave 则被略微低估。我把 Coreweave 股票评为买入。我把 Nvidia 股票评为最值得买入的股票。我持有 Nvidia 股票，并且有兴趣向我的投资组合中增持更多 Nvidia 股票。
So to update, Nvidia stock I see as being significantly undervalued. Coreweave as being slightly undervalued. Coreweave stock I have ranked as a buy. Nvidia stock I have ranked as the best stock to buy. I own Nvidia stock and I'm interested in adding more Nvidia stock to my portfolio.
这个频道对 $NVDA 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 10 条判断，这里只列相邻的几条。