Nvidia (NVDA 4.11%) has been notorious for being a high-growth, highly valued stock since its run began in early 2023. However, that's no longer the case using this one common and important evaluation metric. Now, it's nearly the same price as the S&P 500 (^GSPC 0.74%), which is an odd thing to say considering how much growth Nvidia is expected to put up over the next few years.However, this metric has one important consideration, and it could be giving investors false hope.The forward price-to-earnings met ...

文章核心观点 - 英伟达在人工智能芯片股中被市场预言家封为王者，但AMD和博通也在争夺人工智能基础设施市场份额，分析两者谁是更好的投资选择 [1] AI基础设施市场 - AMD和博通采取不同方法争夺英伟达的市场份额，且都从人工智能业务获得强劲增长 [2] - AMD在GPU生产上排名第二，市场份额为10% - 17%，远低于英伟达的超80% [3] - AMD软件平台不如英伟达，ROCm软件比CUDA平台晚开发约十年，其GPU因软件不兼容通常无法直接用于人工智能训练 [4] - AMD的GPU更多用于AI推理，在CPU数据中心市场有优势且份额不断增加 [5] - 博通不生产GPU和CPU，通过帮助客户开发定制AI芯片ASICs进入AI基础设施市场 [6] - 定制芯片灵活性不如GPU，但针对特定任务性能更优且功耗更低，博通还参与AI基础设施的网络业务 [7] - 博通在定制AI芯片市场机会大，2026财年有600 - 900亿美元的市场机会，新客户将推动未来收入增长 [8] 营收情况 - 上季度AMD数据中心收入增长69%至39亿美元，博通AI相关收入增长77%至41亿美元，博通未来AI机会更大 [9] - 上季度两家公司整体收入增速相近，AMD同比增长24%，博通增长25% [11] 估值与结论 - AMD股价更便宜，基于今年分析师预测的远期市盈率约为22倍，博通为28.6倍 [10] - 两只股票在近期市场抛售之后都是不错选择，AMD是数据中心CPU市场领导者且GPU有望持续增长，更看好博通的定制AI芯片机会 [11][12]