NVIDIA（NVDA）和比特幣（BTC）沒有太多共同點，但它們都是偉大的投資

NVIDIA（NVDA 1.92％）和比特幣（BTC -3.60％）沒有太多共同點，但它們是表現最好的投資之一

Nvidia (NASDAQ:NVDA) and Bitcoin (BTC-1.90%) don't have much in common. But they have been two of the best-performing investments over the last five years, obliterating the S&P 500 (SNPINDEX:^GSPC) index by several orders of magnitude:

NVIDIA（NASDAQ：NVDA）和比特幣（BTC-1.90％）沒有太多共同點。但是，在過去五年中，它們是表現最佳的兩項投資中的兩項，將標準普爾500指數（SNPINDEX：^GSPC）授予了幾個數量級：

NVDA data by YCharts

YCHARTS的NVDA數據

Had you taken $10,000 and split it equally between Nvidia stock and Bitcoin exactly five years ago, it would be worth a whopping $139,000 today. The same investment in the S&P 500 would be worth just $19,306.

如果您花了10,000美元並在Nvidia Stock和Bitcoin恰好在五年前平均分配，那麼今天的價值高達139,000美元。標準普爾500指數的同樣投資僅為$ 19,306。

A series of unique tailwinds could drive further upside in both Nvidia stock and Bitcoin this year, but I think one is a better buy than the other. Read on.

今年的NVIDIA股票和比特幣都可以在一系列獨特的尾風方面取得更大的上漲空間，但我認為一個人比另一個更好。閱讀。

1. The case for Nvidia

1。

Nvidia supplies the world's most powerful graphics processing units (GPUs) for data centers, which are used to develop artificial intelligence (AI) models. It recently started shipping its latest GB200 GPU, which is based on the new Blackwell architecture and can deliver up to 30 times more performance (in certain configurations) compared to the company's old flagship H100 chip.

NVIDIA為數據中心提供了世界上最強大的圖形處理單元（GPU），這些數據中心用於開發人工智能（AI）模型。它最近開始運送其最新的GB200 GPU，該GPU基於新的Blackwell體系結構，並且與該公司的舊旗艦H100芯片相比，（在某些配置中）的性能（在某些配置中）最多可提供30倍。

But recent innovations in the AI space have triggered concerns that chip demand could collapse in the future. For instance, a China-based start-up called DeepSeek used a series of clever techniques to train its V3 and R1 AI models with a fraction of the computing power of its U.S. peers like OpenAI, and yet they deliver comparable performance in some benchmarks.

但是，AI領域的最新創新引起了人們對芯片需求將來可能崩潰的擔憂。例如，一家名為DeepSeek的中國初創企業使用一系列巧妙的技術來訓練其V3和R1 AI模型，其一小部分是Openai等美國同行的計算能力，但它們在某些基準測試中提供了可比的性能。

However, many of the industry's top developers are now moving away from traditional pre-training workloads, and allocating their computing capacity to test-time scaling to improve their models instead. This involves an AI model spending extra time "reasoning" or "thinking" during the inference phase before generating a response to a user's query, which means it makes better use of the knowledge it already has.

但是，該行業的許多頂級開發人員現在正在遠離傳統的培訓前工作量，並將其計算能力分配給測試時間擴展以改善其模型。這涉及一個AI模型在推理階段花費額外的時間“推理”或“思考”，然後再產生對用戶查詢的響應，這意味著它可以更好地利用它已經擁有的知識。

DeepSeek, OpenAI, Anthropic, Meta Platforms (NASDAQ:META), and more are now focused on developing reasoning models that utilize test-time scaling. According to Nvidia CEO Jensen Huang, these models consume 100 times more compute than their predecessors, which means any drop in traditional training workloads will probably be offset by significantly higher inference workloads. As a result, Nvidia's GPUs should remain a hot product for years to come.

DeepSeek，OpenAI，擬人化，元平台（NASDAQ：META）等現在專注於開發利用測試時間擴展的推理模型。 NVIDIA首席執行官詹森·黃（Jensen Huang）表示，這些模型的計算比其前任的計算量高100倍，這意味著傳統培訓工作量的任何下降都可能被更高的推理工作負載所抵消。結果，NVIDIA的GPU應該是未來幾年的熱門產品。

Nvidia recently reported its financial results for its fiscal year 2025 (ended Jan. 26), and it delivered a record $130.5 billion in revenue, which was a 114% increase from the prior year. Over $115 billion of that total came from the data center segment, which represented growth of 142%.

Nvidia最近報告了其2025財年（截至1月26日）的財務業績，並提供了創紀錄的1305億美元收入，比上一年增長了114％。超過1,150億美元的總數來自數據中心細分市場，佔142％的增長。

Meta Platforms, Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and Amazon are some of Nvidia's biggest clients, and they are forecast to spend over $300 billion combined on AI data center infrastructure and chips during 2025. As a result, Nvidia could be set for another big year.

元平台，字母（NASDAQ：GOOGL），Microsoft（NASDAQ：MSFT）和亞馬遜是NVIDIA的一些最大客戶，預計他們將在2025年的AI數據中心基礎架構和芯片上花費超過3000億美元的合併，並在2025年期間。結果，NVIDIA可以為另一個大年份設置。

2. The case for Bitcoin

2。比特幣的情況

Bitcoin is the world's largest cryptocurrency. In fact, its market capitalization of $1.7 trillion accounts for more than half of the total value of every token and coin in circulation across the entire industry.

比特幣是世界上最大的加密貨幣。實際上，其1.7萬億美元的市值佔整個行業流通中每個令牌和硬幣總價值的一半以上。

Bitcoin's popularity stems from its decentralized structure, its capped supply, and its secure system of record called the blockchain. Those qualities have created the perception that it's a good store of value for investors, so much so that it's often compared to a digital version of gold. That viewpoint was somewhat validated last year when the U.S. Securities and Exchange Commission (SEC) approved dozens of Bitcoin exchange-traded funds (ETFs), giving financial advisors and institutional investors a safe and regulated way to own the cryptocurrency.

比特幣的受歡迎程度源於其分散的結構，限制的供應以及其安全的記錄系統稱為區塊鏈。這些素質使人們認為這對投資者來說是一個很好的價值存儲，以至於通常將其與數字版的黃金相提並論。去年，當美國證券交易委員會（SEC）批准了數十個比特幣交易所交易資金（ETF），這使財務顧問和機構投資者一種擁有加密貨幣的安全和受監管的方式，這一觀點得到了證實。

The SEC is set to become even more crypto-friendly this year. President Trump appointed Mark Uyeda to run the agency until his official nominee, Paul Atkins, is confirmed by the Senate. Uyeda has already paused active legal cases against crypto giants like Binance, and since Atkins is the co-chairman of an advocacy organization called the Token Alliance, the agency is likely to be more supportive of the industry than ever before when he takes office.

SEC將於今年變得更加友好。特朗普總統任命馬克·烏耶達（Mark Uyeda）競選該機構，直到他的正式提名人保羅·阿特金斯（Paul Atkins）得到參議院的確認。烏耶達（Uyeda）已經停止了針對Binance等加密巨頭（Binance）的積極法律案件，而且由於Atkins是一個名為“代幣聯盟”的倡導組織的聯合主席，因此該機構可能比以往任何時候都更支持該行業。

Moreover, President Trump signed an executive order last week that could facilitate the creation of a Strategic Bitcoin Reserve within the U.S. government. For now, it would only hold the $18 billion worth of coins the government has previously seized from criminals, so it isn't a clear-cut fundamental tailwind for the cryptocurrency just yet. However, a strategic reserve might pave the way for the U.S. government to become a Bitcoin buyer on the open market, which would almost certainly boost its value and further legitimize its position as a store of

此外，特朗普總統上週簽署了一項行政命令，該命令可以促進在美國政府內建立戰略性比特幣儲備。就目前而言，它只會將政府以前從罪犯抓住的價值180億美元的硬幣，因此，這還不是對加密貨幣的明顯基本逆風。但是，戰略儲備可能為美國政府成為公開市場上的比特幣買家鋪平了道路，這幾乎可以肯定會提高其價值，並進一步使其成為其地位