英伟达创始人兼长期首席执行官黄仁勋因个人争议和董事会调查，于周四即刻辞去首席执行官职务，这家公司在AI加速器领域长期近乎无可争议的统治地位由此进入真正的不确定期。
Jensen Huang resigned as Nvidia CEO amid scandals involving personal relationships and national security. NVDA stock has fallen sharply in wake of the news, reflecting leadership uncertainty even as underlying AI demand remains high. This creates room for customers to diversify and for rivals/suppliers to gain.
首席财务官科莱特·克雷斯被任命为临时首席执行官，同时公司启动永久继任者搜寻工作。股价承受显著压力，反映出市场对领导层连续性、客户关系潜在中断，以及大规模云服务商加速推进芯片供应多元化的担忧。
Nvidia’s (NASDAQ:NVDA) long era of near-unquestioned dominance in AI accelerators has entered a period of genuine uncertainty after founder and longtime CEO Jensen Huang resigned effective immediately on Thursday amid personal controversies and board investigations. Chief financial officer Colette Kress was named interim CEO while the company searches for a permanent successor.
消息来源：Investing.co 在这一背景下，有五只股票显得尤为具备优势：博通（纳斯达克代码：AVGO）、台积电（纽交所代码：TSM）、美光（纳斯达克代码：MU）、超威半导体（纳斯达克代码：AMD）和阿斯麦（纳斯达克代码：ASML）。
The stock has faced significant pressure, reflecting concerns over leadership continuity, potential disruptions to customer relationships, and an accelerating push by hyperscalers to diversify their chip supply. Source: Investing.co Against this backdrop, five stocks look particularly well positioned: Broadcom (NASDAQ:AVGO), Taiwan Semiconductor Manufacturing (NYSE:TSM), Micron (NASDAQ:MU), AMD (NASDAQ:AMD), and ASML (NASDAQ:ASML).
- 博通年初至今表现：+5.3% 市值：1.73万亿美元 博通股价因英伟达消息而上涨，其前向市盈率（约18-19倍）相对于增长而言，比许多纯AI概念股更合理。其合理价值为419.76美元，暗示有+15.4%的上涨空间。
- Broadcom YTD Performance: +5.3% Market Cap: $1.73 Trillion Broadcom stock has rallied on the Nvidia news and trades at a more reasonable forward multiple (around 18–19x) relative to its growth than many pure-play AI names. It has a fair value of $419.76, which implies +15.4% upside.
该公司与Alphabet、Anthropic、Meta和OpenAI等大规模云服务商合作开发专用芯片，针对特定工作负载，其成本效益可高于通用GPU。
The company partners with hyperscalers such as Alphabet, Anthropic, Meta, and OpenAI on purpose-built chips that can be more cost-efficient than general-purpose GPUs for specific workloads.
- 台积电台积电为整个行业制造芯片，因此无论谁在AI芯片竞赛中获胜，它都将受益。合理价值上涨空间为+12.9%，分析师目标价暗示约+43%的上涨空间。
- Taiwan Semiconductor Manufacturing Taiwan Semiconductor makes chips for the whole industry, so it benefits whoever wins the AI-chip race. Fair value upside is +12.9% and analyst targets imply about +43%.
台积电拥有主导性的先进制程和封装产能，近期营收增长强劲，且正在扩大产能。前向估值处于20倍低位至中位区间。
TSMC has dominant advanced-node and packaging capacity, strong recent revenue growth, and is expanding capacity. Forward valuations are in the low-to-mid 20s range.
- 美光市值：9025亿美元 美光在高带宽内存及AI加速器所需的其他DRAM/NAND闪存领域至关重要。它是本榜单中股价与目标价差距最大的股票。公允价值上涨空间为+33%。
- Micron Market Cap: $902.5 Billion Micron is critical for high-bandwidth memory and other DRAM/NAND that AI accelerators require. It has the widest gap between price and targets on this list. Fair value upside is +33%.
美光股票以极低的远期市盈率交易（近期预估常被引述为4-6倍区间），因为存储芯片历史上具有周期性，投资者会对峰值盈利打折。如果AI存储芯片短缺持续，上涨空间依然巨大。
MU trades at very low forward multiples (often cited in the 4–6x range on near-term estimates) because memory is historically cyclical and investors discount peak earnings. If the AI memory shortage persists, upside remains large. 4.
- AMD AMD是英伟达最直接的GPU竞争对手，因此在投资者轮动之际，其股价因黄仁勋辞职消息而上涨。其公允价值模型显示高估17.6%，滞后市盈率高达127.2倍。分析师目标价仍比当前股价高出约13%。
AMD AMD is Nvidia’s most direct GPU competitor and has such seen its stock rally amid news of Huang’s resignation as investors rotate. Its fair value model flags it as 17.6% overvalued, and the trailing P/E is a whopping 127.2x. Analyst targets still sit about +13% higher.
该公司已斩获具有实质意义的AI订单（OpenAI、Meta等），并预期数据中心业务强劲增长。管理层还表示，服务器收入将翻倍以上，AI业务收入将在2027年大幅增长。
The company has landed meaningful AI deals (OpenAI, Meta, others) and is guiding for strong data-center growth. Management has also talked about server revenue more than doubling and AI business revenue growing significantly in 2027.
- ASML芯片产业链中最纯正的“卖铲人”。只要行业需要更多高性能AI加速器，无论哪种架构赢得份额，都需要ASML的设备。该股按36.9倍市盈率交易，略高于公允价值（-3.6%）。分析师目标价暗示约42%的上涨空间。
- ASML The purest picks-and-shovels name in the stack. As long as the industry needs more high-performance AI accelerators, ASML’s tools are required regardless of which architecture wins share. The stock trades at 36.9x earnings and slightly above fair value (-3.6%). Analyst targets imply about +42% upside.
该公司在EUV（极紫外）光刻机领域拥有近乎垄断的地位，这是唯一能生产台积电、三星、英特尔使用的最先进制程节点、并最终服务于每一位领先AI芯片设计师的设备。
The company holds a near-monopoly on EUV lithography systems, which are the only machines that can produce the most advanced process nodes used by TSMC, Samsung, Intel and, ultimately, every leading AI chip designer.
核心观点 在当前环境下，英伟达的动荡带来了新的波动并催生了分散投资的需求，这五只股票为投资者提供了多种方式，在将风险分散到互联、制造、存储、算力和光刻等关键产业链层面的同时，继续押注AI趋势。
Bottom Line In the current environment, where Nvidia’s turmoil has introduced new volatility and created a desire for diversification, these five names offer investors multiple ways to stay levered to the AI trend while spreading risk across the key layers of the stack: connectivity, manufacturing, memory, compute, and lithography.
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撰文时，我通过SPDR道琼斯ETF（DIA）、SPDR标普500ETF（SPY）和Invesco QQQ Trust ETF（QQQ）持有道琼斯工业平均指数、标普500指数和纳斯达克100指数的多头头寸。此外，我还持有能源精选行业SPDR ETF（XLE）和医疗保健精选行业SPDR ETF（XLV）的多头头寸。
At the time of writing, I am long on the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 via the SPDR Dow ETF (DIA), the SPDR S&P 500 ETF (SPY), and the Invesco QQQ Trust ETF (QQQ). Additionally, I have a long position on the Energy Select Sector SPDR ETF (XLE) and the Health Care Select Sector SPDR ETF (XLV).
我会根据对宏观经济环境和公司财务状况的持续风险评估，定期调整我的个股和ETF投资组合。本文讨论的观点仅为作者个人意见，不应被视为投资建议。
I regularly rebalance my portfolio of individual stocks and ETFs based on ongoing risk assessment of both the macroeconomic environment and companies’ financials. The views discussed in this article are solely the opinion of the author and should not be taken as investment advice.
关注 Jesse Cohen 的 X/Twitter 账号 @JesseCohenInv，获取更多股市分析与见解。
Follow Jesse Cohen on X/Twitter @JesseCohenInv for more stock market analysis and insight.