英伟达的“10倍股历程”：3年前市值4000亿美元，如今“全球首家五万亿”

Core Viewpoint - Nvidia's market capitalization has officially surpassed $5 trillion, making it the first company in the world to reach this milestone, showcasing unprecedented growth speed and market influence [1][2]. Market Performance - Nvidia's stock price increased by approximately 3% to $207.16, resulting in a market cap of $5.03 trillion [2]. - Over the past six months, Nvidia's stock price has surged by about 90%, exceeding the combined market capitalization of major indices in Germany, France, and Italy [5]. - Nvidia's market cap surpasses the total market capitalization of competitors such as AMD, Arm, ASML, Broadcom, Intel, Lam Research, Qualcomm, and TSMC, as well as entire sectors like utilities, industrials, and consumer staples within the S&P 500 [4]. Growth Trajectory - Nvidia's market value was around $400 billion three years ago, prior to the launch of generative AI tools like ChatGPT. Following ChatGPT's release, Nvidia's market cap quickly exceeded $1 trillion [9]. - The growth trajectory of Nvidia has outpaced that of tech giants Apple and Microsoft, which recently reached a market cap of $4 trillion [11]. Demand and Orders - Nvidia's GPUs are considered the driving force behind the entire AI industry, with strong demand reflected in order data. The company has shipped 6 million units of its Blackwell chip and has 14 million units on order [12][13]. - Nvidia's CEO, Jensen Huang, has made optimistic sales forecasts, predicting chip sales to exceed $300 billion in 2026, significantly higher than Wall Street's average expectation of $258 billion [14]. Industry Investment - The substantial demand for Nvidia's products primarily comes from large tech companies investing heavily in data center infrastructure necessary for running AI models [15]. Valuation Concerns - Despite the impressive stock performance, there are concerns about a potential bubble, with some analysts comparing the current AI stock surge to the internet bubble of the early 2000s. Companies are incurring significant debt while generating relatively low revenue [16]. - Nvidia's valuation is under scrutiny, with its stock trading at approximately 33 times its expected earnings for the next year, compared to an average P/E ratio of 24 for the S&P 500 [16].