The chipmaker's share price climbed to an all-time high on Tuesday.

週二，這家芯片製造商的股價攀升至歷史新高。

The stock ended the trading day at nearly $136, that's up 3.5%.

該股在交易日結束時的價格接近 136 美元，上漲了 3.5%。

NVIDIA of course makes computer chips needed for artificial intelligence software and demand for its products has boosted its sales and profits over the last few years.

英偉達公司當然生產人工智能軟件所需的計算機芯片，過去幾年來，對其產品的需求推動了其銷售和利潤的增長。

Many investors believe its earnings can grow even more, which has caused its share price to soar, though some have questioned its sky-high valuation.

許多投資者認為其盈利還能進一步增長，這導致其股價飆升，但也有人質疑其估值過高。

Our business reporter Surinjana Tiwari has more.

本臺商務記者 Surinjana Tiwari 將為您帶來更多報道。

Here's a whopping number for you, 591,000%.

這裡有一個驚人的數字，591,000%。

That's how much NVIDIA stock has increased in value since it went public in the early 2000s.

這就是英偉達股票自 2000 年代初上市以來的增值幅度。

And now the chip company has surged its way all the way to the top of the stock market, dethroning another tech heavyweight, Microsoft, to become the world's most valuable company by market capitalization.

現在，這家芯片公司一路高歌猛進，躍居股市榜首，擊敗了另一家重量級科技公司微軟，成為全球市值最高的公司。

And this just weeks after NVIDIA was in third place.

而就在幾周前，英偉達還排在第三位。

It overtook iPhone maker Apple last week.

上週，它超過了 iPhone 製造商蘋果公司。

Much of this growth has happened this year alone, taking the company from a $1 trillion company to a $3 trillion company within a matter of months and lifting US stock markets to record highs in the process.

其中大部分增長僅發生在今年，在短短几個月內，公司規模從 1 萬億美元增長到 3 萬億美元，美國股市也在這一過程中屢創新高。

The stunning surge is all down to the optimism around emerging AI technology and the demand for high-end processors, the type of kit that NVIDIA makes chips for and that support artificial intelligence technology.

這一驚人的飆升完全歸因於對新興人工智能技術的看好，以及對高端處理器的需求，英偉達正是為這類設備製造芯片，並支持人工智能技術。

All the tech giants, Microsoft, Meta and Google owner Alphabet are all competing to build out their AI computing capabilities and add the technology to their products and services.

所有的科技巨頭，包括微軟、Meta 和谷歌的所有者 Alphabet，都在競相提高自己的人工智能計算能力，並將這項技術添加到自己的產品和服務中。

Now, it does seem that NVIDIA is unstoppable, but some people are concerned about the sky-high value of the company, and also they fear that the demand for AI technology and the spending around it might wane in the future.

現在看來，英偉達的確勢不可擋，但也有人對該公司的天價估值感到擔憂，他們還擔心未來對人工智能技術的需求以及圍繞該技術的支出可能會減弱。

So, they are cautious even though there is this very high valuation.

是以，儘管估值很高，他們還是很謹慎。

So, that was Surinjana Tiwari there.

那就是蘇林賈娜-蒂瓦里。

Let's talk a little bit more about NVIDIA and what it all means.

讓我們再來談談英偉達以及這一切意味著什麼。

Tom Stevenson is the Investment Director at Fidelity, and he's come back onto the programme with us.

湯姆-史蒂文森（Tom Stevenson）是富達公司的投資總監，他將再次參加我們的節目。

Hello there, Tom.

你好，湯姆

There are concerns, aren't there?

有人擔心，不是嗎？

I mean, some people are saying that this compares to what we saw with the dot-com bubble.

我的意思是，有些人說，這與我們看到的網絡保麗龍不相上下。

Is that a fair comparison?

這樣比較公平嗎？

To an extent, it is a fair comparison.

在某種程度上，這是一個公平的比較。

I mean, the scale of increase in the value of NVIDIA is really something that we haven't seen for 25 years in the stock market, just a bit of context.

我的意思是，英偉達公司價值的增長幅度是我們 25 年來在股票市場上從未見過的。

The S&P 500 is up 15% so far this year.

今年到目前為止，標準普爾 500 指數上漲了 15%。

A third of that is accounted for by just this one company.

僅這一家公司就佔了其中的三分之一。

And another bit of context, two years ago, NVIDIA was worth $300 billion in the stock market.

另一個背景是，兩年前，英偉達的股票市值為 3000 億美元。

It's now worth 11 times as much.

現在它的價值是原來的 11 倍。

Now, it's pretty remarkable for any company to grow 11-fold in two years, but when the starting point is already a very big company, it's an even more remarkable story.

現在，任何一家公司在兩年內增長 11 倍都是非常了不起的，但如果起點已經是一家非常大的公司，那就更了不起了。

So, is it justified?

那麼，這樣做合理嗎？

I think, to an extent, it is justified.

我認為，在某種程度上，這是有道理的。

NVIDIA's revenues and its earnings are growing very fast.

英偉達的收入和盈利增長都非常快。

Back in February, we heard revenues were up 260%.

早在二月份，我們就聽說收入增長了 260%。

Then in May, we had exactly the same growth rate.

然後在 5 月份，我們的增長率完全相同。

So, a remarkable growth story in earnings on the back of this excitement about AI.

是以，在人工智能熱潮的推動下，公司盈利實現了顯著增長。

And to an extent, I think that does justify the growth in the value of NVIDIA.

在某種程度上，我認為這確實證明了英偉達價值的增長。

This has also been described as something of a chip race.

這也被描述為一場芯片競賽。

Who's in the running?

誰在競選？

Who are the competitors and how are they doing?

競爭對手有哪些？

Are they playing catch up with all of this?

他們在追趕這一切嗎？

Well, they are playing catch up.

他們正在迎頭趕上。

I mean, NVIDIA really dominates this market, but it's unlikely that it's going to remain out in front indefinitely because all the other big chip makers, the Intels, the AMDs, they're all producing chips as well.

我的意思是，英偉達確實主導著這個市場，但它不可能無限期地保持領先地位，因為所有其他大型芯片製造商、英特爾、AMD 都在生產芯片。

So, there will be a lot of competition in this space.

是以，這一領域的競爭將非常激烈。

And I think if there is a question mark about NVIDIA's valuation, which stands at about 40 times earnings, that's a pretty punchy rating for any company.

我認為，如果對英偉達的估值打上問號的話，它的市盈率約為 40 倍，這對任何公司來說都是一個相當高的估值。

I think if there is a question mark, it is about the extent to which it can remain out in front for the foreseeable future.

我認為，如果說有一個問號的話，那就是在可預見的未來，它能在多大程度上保持領先地位。

Tom, I wonder if you can explain something to me.

湯姆，不知道你能不能給我解釋一下。

Is it that their chips are particularly good at what they do or is it that they just position themselves to be in the right place at the right time?

是他們的籌碼特別擅長做什麼，還是他們只是把自己定位在正確的時間和正確的地點？

Well, do you know what?

你知道嗎？

I think it's a bit of both.

我認為兩者都有。

I mean, NVIDIA has ridden the hardware waves in the 30 years that it's been in existence.

我的意思是，英偉達公司成立 30 年來，在硬件領域可謂風生水起。

It started out as a gaming chip company.

它最初是一家遊戲芯片公司。

Its chips were in the Xboxes and the PlayStations and all of those.

Xbox 和 PlayStation 等都採用了它的芯片。

But really, it's adapted with the times and it saw this opportunity in AI processing.

但實際上，它與時俱進，看到了人工智能處理的機遇。

And it has ridden that really well.

它的表現非常出色。

So, yes, its chips are very good, but it's also been in the right place at the right time.

所以，是的，它的芯片非常好，但它也在正確的時間出現在正確的地點。

And what can you tell us about Jensen Huang?

關於 Jensen Huang，您能告訴我們些什麼？

Who is this 61-year-old who's done incredibly well for himself?

這位 61 歲的老人是誰，他的成就令人難以置信？

Yeah, so he was the co-founder of NVIDIA 31 years ago.

31 年前，他是英偉達公司的聯合創始人。

And he has done a remarkable job.

他的工作非常出色。

He's been the chief executive throughout that period.

在此期間，他一直擔任首席執行官。

And he owns 3% of NVIDIA.

他還擁有英偉達 3% 的股份。

He is now an extremely wealthy man.

他現在是一個非常富有的人。

His own personal wealth now worth over $100 billion.

他的個人財富現已超過 1000 億美元。

And with just 3% of the company.

而且只佔公司 3% 的股份。

My goodness.

我的天啊

OK, Tom Stevenson, thank you very much indeed for that.

好的，湯姆-史蒂文森，非常感謝你的發言。

Thank you.

謝謝。