<p>成功的长期投资的原则之一是押注于拥有持久竞争优势的公司。这些竞争优势有多种形式，但结果是一样的：一种优势让公司超越竞争对手，潜在地产生超额利润。</p>
<p>两家拥有显著竞争优势的公司是 <strong>Nvidia</strong>(NVDA -6.62%) 和 <strong>Unity</strong>(U 2.49%)。以下是为什么这些股票应该引起投资者的关注。</p>
<h2>Nvidia</h2>
<p>图形芯片公司 Nvidia 已经在人工智能加速器市场中遥遥领先。尽管来自 <strong>AMD</strong>、<strong>Intel</strong> 和其他公司的竞争日益激烈，但其市场份额估计高达 95%。Nvidia 最强大的人工智能芯片每个售价数万美元，客户乐意支付这个价格，因为他们竞相满足对人工智能计算能力的高需求。</p>
<p>Nvidia 的硬件强大，但其软件是锁定客户在其生态系统中的关键。Nvidia 的 CUDA 是一种专有软件平台，允许开发人员利用公司的 GPU，自 2007 年以来一直存在。它被广泛应用于各行各业和学术界，在将近二十年的存在中成为事实上的标准。</p>
<p>CUDA 只能与 Nvidia GPU 配合使用，因此许多运行 CUDA 代码的客户陷入困境。AMD 销售其 MI300 系列人工智能加速器，预计今年将带来约 40 亿美元的销售额，而 Intel 今年将推出其最新的 Gaudi 3 人工智能芯片。但由于两者都不兼容 CUDA，因此 Nvidia 将在短期内继续主导市场。仅在最新一个季度，该公司的数据中心业务就创造了 225 亿美元的收入，全财年这一数字可能接近 1000 亿美元。</p>
<p>随着替代 CUDA 的选择获得市场份额，以及价格更低的人工智能芯片的吸引力促使客户转投他家，Nvidia 的主导地位最终将会削弱。但目前，公司根深蒂固的软件平台正推动着令人难以置信的收入和利润。</p>
<h2>Unity</h2>
<p>视频游戏引擎开发商 Unity 在去年试图从其用户群体中产生额外收入的尝试失败后陷入困境，导致首席执行官被撤职。Unity 试图推出一项运行时费用，即向开发人员每次安装其应用程序收费。许多细节被省略，而且该费用最初设定为对已发布游戏进行追溯收费。Unity 的客户对此愤怒，公司在很大程度上让步。</p>
<p>随着 Unity 努力寻找增加收入的途径，公司正在从另一方面着手：成本。今年早些时候，Unity 裁员 25%，并退出非核心业务，以减少其雄心。Unity 在五月迎来了新的永久首席执行官 Matthew Bromberg，他曾作为首席运营官帮助扭转了移动游戏巨头 Zynga 的局面。</p>
<p>虽然 Unity 陷入困境，但其核心游戏引擎业务拥有一个重要的竞争优势，这将有助于公司长期繁荣。Unity 受益于强大的网络效应。围绕其游戏引擎建立了如此庞大的社区，拥有大量资源和内容旨在帮助开发人员，选择一个鲜为人知的替代方案很少有意义。使用 Unity 的开发人员越多，该平台对新项目的吸引力就越大。</p>
<p>网络效应可能会被严重失误所破坏，Unity 显然犯了很多这样的错误。但即使开发人员对公司的错误感到愤怒，Unity 仍然是视频游戏行业的首选之一。如果公司能够取得进展，说服开发人员不会再尝试另一个错误的现金抓取，那么随着行业的发展，它应该仍然是主要的游戏引擎之一。</p>

<p>两家拥有显著竞争优势的公司分别是 Nvidia 和 Unity。Nvidia 在人工智能加速器市场占据主导地位，凭借强大的硬件和专有软件平台 CUDA。Unity 受益于视频游戏行业的强大网络效应，成为开发者首选。这两家公司都有潜力创造超额利润</p>

<p>One of the tenets of successful long-term investing is betting on companies that enjoy durable competitive advantages. These competitive advantages come in many forms, but the result is the same: An edge that allows the company to outpace the competition and potentially generate outsize profits.</p>
<div class="lb-trans"><p>成功的长期投资的原则之一是押注于拥有持久竞争优势的公司。这些竞争优势有多种形式，但结果是一样的：一种优势让公司超越竞争对手，潜在地产生超额利润。</p>
</div><p>Two companies that enjoy significant competitive advantages are <strong>Nvidia</strong>(NVDA -6.62%) and <strong>Unity</strong>(U 2.49%). Here's why these stocks should stand out to investors.</p>
<div class="lb-trans"><p>两家拥有显著竞争优势的公司是 <strong>Nvidia</strong>(NVDA -6.62%) 和 <strong>Unity</strong>(U 2.49%)。以下是为什么这些股票应该引起投资者的关注。</p>
</div><h2>Nvidia</h2>
<div class="lb-trans"><h2>Nvidia</h2>
</div><p>Graphics chip company Nvidia has run away with the market for AI accelerators. Its market share is estimated as high as 95% despite increasing competition from <strong>AMD</strong>, <strong>Intel</strong>, and others. Nvidia's most powerful AI chips cost tens of thousands of dollars each, a price customers are happy to pay as they race to satisfy soaring demand for AI computing capacity.</p>
<div class="lb-trans"><p>图形芯片公司 Nvidia 已经在人工智能加速器市场中遥遥领先。尽管来自 <strong>AMD</strong>、<strong>Intel</strong> 和其他公司的竞争日益激烈，但其市场份额估计高达 95%。Nvidia 最强大的人工智能芯片每个售价数万美元，客户乐意支付这个价格，因为他们竞相满足对人工智能计算能力的高需求。</p>
</div><p>Nvidia's hardware is powerful, but its software is what locks customers into its ecosystem. Nvidia's CUDA, a proprietary software platform that allows developers to tap into the company's GPUs, has been around since 2007. It's widely used across industries and in academia, becoming the de facto standard in its nearly two-decade existence.</p>
<div class="lb-trans"><p>Nvidia 的硬件强大，但其软件是锁定客户在其生态系统中的关键。Nvidia 的 CUDA 是一种专有软件平台，允许开发人员利用公司的 GPU，自 2007 年以来一直存在。它被广泛应用于各行各业和学术界，在将近二十年的存在中成为事实上的标准。</p>
</div><p>CUDA only works with Nvidia GPUs, so many customers running CUDA code are stuck. AMD sells its MI300 family of AI accelerators, which the company expects to bring in around $4 billion in sales this year, and Intel is launching its latest Gaudi 3 AI chip this year. But because neither is compatible with CUDA, Nvidia will continue to dominate the market for the time being. The company generated $22.5 billion of revenue in its data center segment during the latest quarter alone, and that number could approach $100 billion for the full fiscal year.</p>
<div class="lb-trans"><p>CUDA 只能与 Nvidia GPU 配合使用，因此许多运行 CUDA 代码的客户陷入困境。AMD 销售其 MI300 系列人工智能加速器，预计今年将带来约 40 亿美元的销售额，而 Intel 今年将推出其最新的 Gaudi 3 人工智能芯片。但由于两者都不兼容 CUDA，因此 Nvidia 将在短期内继续主导市场。仅在最新一个季度，该公司的数据中心业务就创造了 225 亿美元的收入，全财年这一数字可能接近 1000 亿美元。</p>
</div><p>Nvidia's dominance will eventually erode as alternatives to CUDA gain traction and the draw of lower-priced AI chips prompt customers to jump ship. But for now, the company's entrenched software platform is driving incredible revenue and profit.</p>
<div class="lb-trans"><p>随着替代 CUDA 的选择获得市场份额，以及价格更低的人工智能芯片的吸引力促使客户转投他家，Nvidia 的主导地位最终将会削弱。但目前，公司根深蒂固的软件平台正推动着令人难以置信的收入和利润。</p>
</div><h2>Unity</h2>
<div class="lb-trans"><h2>Unity</h2>
</div><p>Video game engine developer Unity is reeling after an attempt to generate additional revenue from its user base last year was bungled so badly that it led to the ouster of the CEO. Unity attempted to introduce a Runtime Fee, which would have charged developers for each install of their applications. Many details were left out, and the fee was initially set to be applied retroactively to already-released games. The furor from Unity's customers was intense, and the company largely backed down.</p>
<div class="lb-trans"><p>视频游戏引擎开发商 Unity 在去年试图从其用户群体中产生额外收入的尝试失败后陷入困境，导致首席执行官被撤职。Unity 试图推出一项运行时费用，即向开发人员每次安装其应用程序收费。许多细节被省略，而且该费用最初设定为对已发布游戏进行追溯收费。Unity 的客户对此愤怒，公司在很大程度上让步。</p>
</div><p>With Unity struggling to find a way to bring in more revenue, the company is working on the other side of the equation: Costs. Unity laid off 25% of its workforce earlier this year, and it's exiting non-core businesses as it tones down its ambitions. Unity got a new permanent CEO in May, Matthew Bromberg, who helped turn around mobile game giant Zynga as COO.</p>
<div class="lb-trans"><p>随着 Unity 努力寻找增加收入的途径，公司正在从另一方面着手：成本。今年早些时候，Unity 裁员 25%，并退出非核心业务，以减少其雄心。Unity 在五月迎来了新的永久首席执行官 Matthew Bromberg，他曾作为首席运营官帮助扭转了移动游戏巨头 Zynga 的局面。</p>
</div><p>While Unity is in turmoil, its core game engine business enjoys a major competitive advantage that should help the company thrive in the long run. Unity benefits from strong network effects. There's such a large community built around its game engine, with myriad resources and content aimed at helping developers, that choosing a lesser-known alternative rarely makes sense. The more developers that use Unity, the more appealing the platform is for new projects.</p>
<div class="lb-trans"><p>虽然 Unity 陷入困境，但其核心游戏引擎业务拥有一个重要的竞争优势，这将有助于公司长期繁荣。Unity 受益于强大的网络效应。围绕其游戏引擎建立了如此庞大的社区，拥有大量资源和内容旨在帮助开发人员，选择一个鲜为人知的替代方案很少有意义。使用 Unity 的开发人员越多，该平台对新项目的吸引力就越大。</p>
</div><p>Network effects can be undone by serious missteps, and Unity has certainly made plenty of those. But even as developers fume at the company's mistakes, Unity remains a go-to choice in the video game industry. If the company can make progress convincing developers that it won't try another misguided cash grab, it should remain one of the leading game engines as the industry grows.</p>
<div class="lb-trans"><p>网络效应可能会被严重失误所破坏，Unity 显然犯了很多这样的错误。但即使开发人员对公司的错误感到愤怒，Unity 仍然是视频游戏行业的首选之一。如果公司能够取得进展，说服开发人员不会再尝试另一个错误的现金抓取，那么随着行业的发展，它应该仍然是主要的游戏引擎之一。</p>
</div>

两只具有显著竞争优势的股票