元宇宙毫无疑问是时下资本市场最时髦的话题，脸书把自己的公司改成元宇宙相关，而耐克等与元宇宙八竿子打不着的家伙，也要没事就蹭蹭元宇宙的热度，拉拉估值。
There is no doubt that the meta-cosm is the most fashionable topic in the capital markets of the time, that Facebook has turned its company into a meta-cosm connection, and that Nike, who can't hit the meta-cosm, has to rub the heat of the meta-cosm, pull the value.
可惜的是，以目前人类的技术能力，元宇宙的实现还遥遥无期。这也意味着，时下所有硬蹭元宇宙的公司，都只能“我就蹭蹭，不进去”。
Unfortunately, the realization of the meta-cosmos is far from being realized with the current technological capabilities of mankind. It also means that all the companies that hang on to the meta-cosmos can only, "I'm ticking, I'm not going in."
而英伟达，可能是极少数真正受到元宇宙利好的公司。
And Yin Weida, probably a very small number of companies that really benefit from the universe.
有这么一个故事，说美国某地发现了金矿，各地的淘金者蜂拥而至，人山人海。
There's a story about the discovery of gold mines somewhere in the United States, and the crowding of gold-diggers everywhere.
但最后，最赚钱的却不是这些淘金者，而是在金矿旁边卖水的聪明人。
But in the end, it is not these gold miners who make the most money, but smart people who sell water next to the gold mines.
英伟达，就是给元宇宙卖水的聪明人。
Ying Wei Da is the smart man who sells water to Won-seok.
元宇宙创造的数字环境必须通过虚拟现实工具进行访问，而这些工具依赖于高性能处理器。英伟达则有望成为其中主要的受益者和供应商。
The digital environment created by the meta-cosm must be accessed through virtual reality tools that rely on high-performance processors. Welda is expected to be the main beneficiary and supplier.
目前，英伟达已宣布推出了Omniverse Avatar（全宇宙虚拟化身）和Ominiverse Replicator（全宇宙复制器），旨在向传媒娱乐，建筑、产品设计 、科学运动和仿真、自动驾驶、工业机器人等六大领域的元宇宙建设做出贡献。
At present, Weida has announced the launch of Omniverse Avatar and Ominiverse Replicator, which are designed to contribute to the construction of meta-cosmos in six major areas: media entertainment, architecture, product design, scientific campaigns and simulations, autopilots, industrial robots, etc.
在今年年初的开发者大会上，英伟达更是大秀了一波肌肉。
At the Developers Assembly at the beginning of this year, Ying Wei Da made a great wave of muscles.
在开发者大会中，创始人黄仁勋中突然被元素解构，随后与真人完全一致的“虚拟老黄”上线，继续主持开发者大会。
At the Developer's Congress, the founder, Wong In-hoon, was suddenly deconstructed by elements, and then continued to preside over the Developer's Congress, a “virtual yellow” fully aligned with the real person.
今年11月，英伟达又推出了上知天文、下懂地理的“玩具老黄”，展现公司在虚拟人物形象上的技术积累。
In November of this year, Ying Wei Da launched another “old toy yellow” with an astronomical and geo-sophisticated picture of the company's technological accumulation of virtual characters.
目前，英伟达已接近能做到搭建元宇宙的全套服务，从底层的芯片设计、算法设定、到AI训练、构建世界。虽然元宇宙还是个只有概念的雏形，但至少在这个雏形中，英伟达遥遥领先。
At the moment, Weida is close to a full set of services to build the meta-cosm, from the bottom chip design, algorithm setting, to AI training, to build the world. Although the meta-cosm is still a concept-only prototype, at least in this prototype, Weeda is far ahead.
当然，英伟达要面临的挑战也不是没有。
Of course, the challenge for Yveita is not missing.
就像公司的创始人黄仁勋说的那样，英伟达“离倒闭永远只有30天”的英伟达，正被“追逐同一个巨大机遇的巨头企业”包围。
As the founder of the company, Wong In-hoon, said, Ying Wei Da, “Twenty days away from closing forever”, is being surrounded by “a giant enterprise that pursues the same great opportunity”.
在英伟达的老本行业务游戏显卡上，AMD卷土重来推出了完全不输给英伟达的RX 6000系显卡。苹果也从来不是省油的水果，其最新发布的CPU图形性能，可以在功耗大幅降低的情况下接近30系高端显卡水平。
The AMD rolls back to the RX 6000 card that was never lost to Yveta. Apples have never been oil-saving fruit, and their most recently released CPU graphics have been able to approach 30 high-end card levels in the event of a significant reduction in productivity.
这些伟大的竞争对手，都会给英伟达未来的业务带来持续的挑战。
These great competitors will pose a continuing challenge to our future business.
另外，通胀持续高企，美联储可能很快启动加息，从而对英伟达这样的科技股产生不利影响。
In addition, inflation continues to be high, and the Fed is likely to start raising interest rates quickly, with adverse effects on such science and technology units as British Weida.
当利率开始上升时，科技股等高增长型股票最容易受到冲击，因为很多科技股的估值基于对未来可观盈利的预期，而分析师使用当前市场利率对未来盈利进行折现。因此，利率越高，折现值就越低。
When interest rates begin to rise, high-growth stocks, such as science and technology, are the most vulnerable to shocks, as many of their valuations are based on expectations of significant future profits, while analysts use current market rates to discount future gains. The higher the interest rates, the lower the discounted present value.
这也解释了今年初以来美国科技板块集体遭遇抛售的原因。投资者担心，随着利率的上升，很多明星科技股的极高估值难以维持。
This explains why America’s technology plates have been sold collectively since the beginning of the year. Investors fear that, as interest rates rise, the very high valuations of many of the stars’ technology shares are unsustainable.
?
英伟达仍具吸引力吗？
Is Ying Wei-Da still attractive?
要回答这个问题，我们先来看看公司近年来的基本面表现。
To answer that question, let us first look at the fundamentals of the company's performance in recent years.
过去八个季度营收平均增长57%。
In the last eight quarters, the average increase in revenue was 57 per cent.
过去5年每股收益持续超出分析师的预期。
For the past five years, per share has consistently exceeded the analyst's expectations.
连续10个季度营收超过预期。
Ten consecutive quarterly harvests exceeded expectations.
?
以上出色的经营数据令人欣喜，虽然加息前景带来挑战，但英伟达有能力开拓新的市场机会。
The above excellent business data are welcome and, despite the challenges posed by the outlook for interest increases, British Weida has the capacity to open up new market opportunities.
除了前文详细叙述的元宇宙业务，英伟达在云计算、人工智能、机器人自动化、移动计算、物联网和加密货币挖矿等业务上也有突破。
In addition to the meta-cosmos operations detailed above, there have been breakthroughs in cloud computing, artificial intelligence, robotic automation, mobile computing, object networking and encrypted currency mining.
?
英伟达VS.同类股估值水平
Invelda VS. Value level of the same stock
正如前文所述，英伟达具有长期增长潜力，但在估值方面，与竞争对手相比并没有优势。该股某些指标甚至是其他股的两倍，如下表所示：
As noted earlier, Yveita has long-term growth potential, but does not have an advantage over competitors in valuation. Some of the Unit’s indicators are even double those of other units, as shown in the table below:
以上指标表明英伟达当前的估值相对“昂贵”，再加之利率上升风险，所以短期情况看起来很复杂。
The above indicators show that the current valuation of the British Virgin Islands is relatively “expensive” and that, together with the risk of interest rate increases, the short-term picture appears to be complex.
最好是等待估值比率调整至更适应基本面的水平，然后在相关催化剂和信号出现时入场建仓。
It would be preferable to wait for the valuation ratio to be adjusted to a more basic level and then to be fielded when relevant catalysts and signals emerge.
?
英伟达欲摆脱短线颓势
{\bord0\shad0\alphaH3D}I'm trying to get rid of the short line.
近期，英伟达股价在调整过程中，高点持续下移，目前较一个半月前触及的343历史峰值低了18%。要止跌反弹首先需要站上271.30支撑位。
In the recent adjustment process, the stock price of Yvetteda continued to move down, currently 18% below the 343-year-old peak that was reached a month and a half ago. The first step to stop the rebound was to stand at 271.30.
目前继续修正下，如进一步跌破256.30水平，将进一步跌至230.30以及195.55的下方支撑位置。如果能重返271.30上方，初步目标才能上看298水平（50日均线和短期下跌趋势线切入位）。
It continues to be revised to further drop to 230.30 and 195.55 below the level 256.30. If returned above 271.30, the initial target will be up to 298 (50-day mean and short-term downward trend line in place).
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