科技股目前被低估了嗎？
Are Tech Stocks Currently Undervalued?
一方面，像是NVIDIA和微軟（Microsoft）這類人工智慧（AI）「寵兒」獲利豐碩，成為AI經濟的基石。
On one hand, AI 'darlings' like NVIDIA and Microsoft have seen massive gains, acting as the foundation of the AI economy.
高盛（Goldman Sachs）的分析師認為，這種分歧可能為投資者帶來「世代級的買進機會」。
Analysts at Goldman Sachs suggest this divergence may present a 'generational buying opportunity' for investors.
公開上市的軟體估值已大幅萎縮，本益成長比（PEG）回到了網路泡沫時期之後未曾見過的水平。
Public software valuations have contracted significantly, with Price-to-Earnings-to-Growth (PEG) ratios returning to levels not seen since the post-dot-com era.
儘管價格下跌，這些公司通常仍保持強勁的基本面與高股東權益報酬率。
Despite price drops, these companies often maintain strong fundamentals and high returns on equity.
對於超大規模資料中心（Hyperscaler）資本支出與地緣政治不穩定（例如油價上漲）的擔憂，已導致投資者轉向較傳統的產業。
Concerns over hyperscaler capital expenditure and geopolitical instability—such as rising oil prices—have caused investors to pivot toward more traditional sectors.
投資者應將本益比（P/E）等估值指標，與負債權益比（Debt-to-Equity）等穩定性指標相結合。
Investors should combine valuation metrics like P/E with stability indicators like Debt-to-Equity.
