NVIDIA（NVDA）和比特币（BTC）没有太多共同点，但它们都是伟大的投资

NVIDIA（NVDA 1.92％）和比特币（BTC -3.60％）没有太多共同点，但它们是表现最好的投资之一

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）和比特币（BTC-1.90％）没有太多共同点。但是，在过去五年中，它们是表现最佳的两项投资中的两项，将标准普尔500指数（SNPINDEX：^GSPC）授予了几个数量级：

NVDA data by YCharts

YCHARTS的NVDA数据

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美元并在Nvidia Stock和Bitcoin恰好在五年前平均分配，那么今天的价值高达139,000美元。标准普尔500指数的同样投资仅为$ 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股票和比特币都可以在一系列独特的尾风方面取得更大的上涨空间，但我认为一个人比另一个更好。阅读。

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为数据中心提供了世界上最强大的图形处理单元（GPU），这些数据中心用于开发人工智能（AI）模型。它最近开始运送其最新的GB200 GPU，该GPU基于新的Blackwell体系结构，并且与该公司的旧旗舰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领域的最新创新引起了人们对芯片需求将来可能崩溃的担忧。例如，一家名为DeepSeek的中国初创企业使用一系列巧妙的技术来训练其V3和R1 AI模型，其一小部分是Openai等美国同行的计算能力，但它们在某些基准测试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，该行业的许多顶级开发人员现在正在远离传统的培训前工作量，并将其计算能力分配给测试时间扩展以改善其模型。这涉及一个AI模型在推理阶段花费额外的时间“推理”或“思考”，然后再产生对用户查询的响应，这意味着它可以更好地利用它已经拥有的知识。

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，拟人化，元平台（NASDAQ：META）等现在专注于开发利用测试时间扩展的推理模型。 NVIDIA首席执行官詹森·黄（Jensen Huang）表示，这些模型的计算比其前任的计算量高100倍，这意味着传统培训工作量的任何下降都可能被更高的推理工作负载所抵消。结果，NVIDIA的GPU应该是未来几年的热门产品。

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最近报告了其2025财年（截至1月26日）的财务业绩，并提供了创纪录的1305亿美元收入，比上一年增长了114％。超过1,150亿美元的总数来自数据中心细分市场，占142％的增长。

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）和亚马逊是NVIDIA的一些最大客户，预计他们将在2025年的AI数据中心基础架构和芯片上花费超过3000亿美元的合并，并在2025年期间。结果，NVIDIA可以为另一个大年份设置。

2. The case for Bitcoin

2。比特币的情况

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.

比特币是世界上最大的加密货币。实际上，其1.7万亿美元的市值占整个行业流通中每个令牌和硬币总价值的一半以上。

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.

比特币的受欢迎程度源于其分散的结构，限制的供应以及其安全的记录系统称为区块链。这些素质使人们认为这对投资者来说是一个很好的价值存储，以至于通常将其与数字版的黄金相提并论。去年，当美国证券交易委员会（SEC）批准了数十个比特币交易所交易资金（ETF），这使财务顾问和机构投资者一种拥有加密货币的安全和受监管的方式，这一观点得到了证实。

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将于今年变得更加友好。特朗普总统任命马克·乌耶达（Mark Uyeda）竞选该机构，直到他的正式提名人保罗·阿特金斯（Paul Atkins）得到参议院的确认。乌耶达（Uyeda）已经停止了针对Binance等加密巨头（Binance）的积极法律案件，并且由于Atkins是一个名为“代币联盟”的倡导组织的联合主席，因此该机构可能比以往任何时候都更支持该行业。

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，特朗普总统上周签署了一项行政命令，该命令可以促进在美国政府内建立战略性比特币储备。就目前而言，它只会将政府以前从罪犯抓住的价值180亿美元的硬币，因此，这还不是对加密货币的明显基本逆风。但是，战略储备可能为美国政府成为公开市场上的比特币买家铺平了道路，这几乎可以肯定会提高其价值，并进一步使其成为其地位