当英伟达（Nvidia）在周一宣布进行创纪录的股票回购计划时，从某个关键指标来看，该公司的股价已经跌到了十年来的最低水平。首席执行官黄仁勋（Jensen Huang）认为这是个绝佳的投资机会。
When Nvidia announced a record stock buyback on Monday, the chipmaker's share price was, by one key metric, at its cheapest level in a decade. CEO Jensen Huang saw it as a bargain. Nvidia's price-to-earnings ratio for fiscal 2028, which begins this coming February, sits at just 14.5, below all of its megacap peers other than Micron Its average current P/E ratio over the past five years is 62.9, more than double where it is today.
英伟达2028财年的市盈率仅为14.5，低于所有其他大型科技公司的水平（除了美光科技（Micron））。过去五年中，该公司平均市盈率约为62.9，是目前市盈率的两倍多。
The constricted multiples for the world's most valuable company, now valued at over $5.5 trillion, reflect the sustained historic rate of profitability growth for the chipmaker powering the artificial intelligence boom.
这家全球市值最高的公司的市盈率之所以如此低迷，主要是因为其盈利能力持续强劲——该公司为人工智能产业的发展提供了关键的芯片支持。今年英伟达的股价已经上涨了23%，涨幅超过了纳斯达克指数（Nasdaq）的整体涨幅；不过，其股价仍未能跟上预期的盈利增长速度。
The stock is up 23% this year, topping the Nasdaq, but it's not keeping up with expected earnings growth.
分析师们预计，英伟达在2028财年的净利润将达到近3850亿美元，比上一财年增长60%，三年内的增幅更是超过了五倍。
Analysts on average expect Nvidia to hit net income of close to $385 billion in fiscal 2028, up 60% from the prior year and more than fivefold over a three-year stretch.
因此，英伟达在周一宣布将再追加1500亿美元用于股票回购计划。此前该公司已在5月份宣布了800亿美元的回购计划，并将季度现金股息从每股1美分提高到了25美分。
So on Monday, Nvidia said it's authorized an additional $150 billion to its share buyback program. That's on top of an $80 billion repurchase plan in May, when the company also boosted its quarterly cash dividend to 25 cents per share from 1 cent.
Post Oak Group的董事总经理Karan Ramchandani在接受采访时表示：“这次股票回购计划清楚地表明管理层认为英伟达的股价被低估了。从市盈率来看，公司的盈利增长速度明显快于股价的增长速度；这表明该公司认为股票回购是自己明年能够做出的最佳投资选择。”周一英伟达的股价上涨了近2%，同时该公司还发布了用于管理人工智能系统的软件和硬件解决方案。
The latest buyback is a "clear-cut message" that management thinks its stock is undervalued, said Karan Ramchandani, managing director at Post Oak Group, in an interview. "If you look at the P/E ratio, the earnings are are scaling up faster than the share price," Ramchandani said. "It's a very healthy mark of a company looking at their own stock buybacks as the best investment they could do in the coming year." The stock rose almost 2% on Monday, when the company also new software and hardware solutions to control AI agents. 'Growth value stock'
由于市场对英伟达图形处理单元（GPU）的需求持续高涨，该公司正在加大资本回报力度（即通过股票回购等方式将利润重新投入公司发展）。
Nvidia is stepping up its capital return plans as its revenue and cash flow explode because of demand for the company's graphics processing units used to build and run AI models and services.
该公司表示，其业务将持续增长至2028年初。今年8月，该公司向投资者透露，预计在2028财年的销售额将增长70%，这意味着其销售额将比华尔街此前预测的还要高出数百亿美元。
The company has signaled continued growth through early 2028, telling investors in August that it sees 70% sales growth in its fiscal 2028, which implied the company will do hundreds of billions more in sales than Wall Street had previously forecast.
黄（Huang）在本月早些时候的高盛（Goldman Sachs）会议上告诉投资者，Nvidia被“误解”了，并指出该公司应因其增长潜力以及未来盈利能力而被给予更高的估值。
Huang told investors at a Goldman Sachs conference earlier this month that Nvidia was "misunderstood" and implied that it should be more highly valued both for its growth as well as its value measured by future earnings.
“我们是全球首家也是唯一一家同时具备‘成长价值’（即既具有高增长潜力又具有高投资价值的）股票，”黄说道。“人们还在试图弄清楚我们的真正定位……但实际上，我们两者兼而有之。”
"We are the world's first and only growth value stock," Huang said. "People are trying to figure out which one we are. We are both." Huang is putting his company's money where his mouth is after telling CNBC's Jim Cramer last month that, "Buying back Nvidia stock is a tremendous opportunity."
黄的话并非空口说说——他确实将公司的实际行动与自己的言论一致。上个月，他向CNBC的吉姆·克莱默（Jim Cramer）表示：“回购Nvidia的股票是一个绝佳的机会。”Nvidia此前曾表示，计划将大约一半的自由现金流用于股票回购。如果这家芯片制造商完全使用现有的授权额度进行回购，其总股本可能会减少4%。
Nvidia previously said it planned to return about half of its free cash flow to investors through share repurchases and buybacks. Its share count could drop by 4% if the chipmaker spends its entire current authorization. "We're going to generate a lot of cash in the coming years," Huang said on CNBC's "Squawk Box" on Monday.
“在未来几年里，我们将产生大量现金，”黄在周一的CNBC节目中说道，“随着现金的增加，我们希望能够将其返还给股东。”Deepwater Asset Management的管理合伙人吉恩·芒斯特（Gene Munster）在CNBC的“Fast Money”节目中指出，投资者似乎担心，在经历了过去几年的高速增长后，公司的增长率会放缓。
"As we generate more cash, we'd like to be able to return it back to shareholders." Gene Munster, managing partner at Deepwater Asset Management, told CNBC's "Fast Money" on Monday that investors appear worried that growth rates will slow after a monstrous few years.
“投资者很难相信这种高速增长趋势能够持续下去，”芒斯特解释道，“正是由于增长率的下滑趋势，Nvidia的市盈率才如此低迷。”按照类似的时间段来计算，Nvidia在2028财年的市盈率低于苹果（Apple）、Alphabet、微软（Microsoft）和亚马逊（Amazon）（均为23.2倍）；同时，其估值也低于其主要的人工智能数据中心芯片竞争对手，如博通（Broadcom）和英特尔（Intel）（分别为54.7倍）。Nvidia的所有竞争对手都没有预测明年销售额将增长70%。
"It's just really hard for investors to get comfortable that that's going to continue," Munster said. "That downward slope of growth rate, that's the reason why it trades at that compressed multiple." Nvidia's fiscal 2028 P/E ratio puts it behind behind Apple Alphabet Microsoft Amazon (23.2) as measured for a similar period. It's also less highly valued than its primary AI data center chip rivals including Broadcom Advanced Micro Devices Intel (54.7). None of Nvidia's rivals are forecasting 70% sales growth next year.
博通的硅业务以与OpenAI和谷歌等公司合作开发定制芯片为核心。AMD在GPU领域与英伟达竞争，但市场份额仅占很小一部分。英特尔生产中央处理器，也曾涉足人工智能芯片，但尚未推出能与英伟达GPU相抗衡的产品。
Broadcom's silicon business is built around developing custom chips with companies such as OpenAI and Google. AMD competes with Nvidia in GPUs, but with a small fraction of the market share. Intel makes central processors and has dabbled in AI chips, but doesn't have a competitive product to Nvidia's GPUs.
Melius Research分析师本·赖茨对该股给予“买入”评级，并称：“鉴于其增长速度，其估值理应更高。”赖茨周一接受CNBC《收盘钟》节目采访时表示：“以越来越大的规模回购股票，将真正帮助它解决这一问题，并获得更高的估值。”
Ben Reitzes, an analyst at Melius Research, has a buy recommendation on the stock and said it "deserves to be higher given its growth rate." "Buying back stock in a bigger and bigger way is going to really help it solve that problem and get a better valuation," Reitzes told CNBC's "Closing Bell" on Monday.
瑞银分析师周一在一份报告中表示，英伟达加大股票回购力度，可能使其2027自然年度每股收益增加8美分；瑞银预计其每股收益为17.16美元。
UBS analysts said in a note on Monday that Nvidia's stepped-up share repurchases could add 8 cents per share to the company's calendar year 2027 earnings, which it estimates at $17.16.
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