<p><strong>超微电脑</strong>（SMCI 6.42%）和 <strong>英伟达</strong>（NVDA 2.84%）在这场人工智能（AI）热潮中都取得了成功。英伟达生产图形处理单元（GPU）及其他相关产品和服务，而超微电脑，也称为 Supermicro，将英伟达及其他芯片设计公司的 GPU 集成到其数据中心的服务器系统中。这导致两家公司在最近几个季度的销售增长均达到了三位数；持续的高需求为未来带来了积极的信号。</p>
<p>但最近，超微电脑遇到了一些困难。八月份的一份空头报告指责该公司存在问题，同时，超微电脑在无关的情况下推迟了其 10-K 年报。几周后，《华尔街日报》报道司法部正在调查该公司。上个月，超微电脑的问题加剧，该公司的审计师安永（Ernst &amp; Young）辞职，理由是对公司的财务报告表示担忧。</p>
<p>现在，投资者自然会担心这些问题对英伟达的影响，因为两家公司之间存在关系。但英伟达的某个特定举动是否能保护其免受超微电脑困境的影响呢？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY2MDIvZ2V0dHlpbWFnZXMtMTY4NTgwNjA0LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY2MDIvZ2V0dHlpbWFnZXMtMTY4NTgwNjA0LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>超微电脑的情况</h2>
<p>首先，关于超微电脑最近情况的更多细节，然后我将谈谈该公司如何与英伟达合作。八月底的一份空头报告引发了超微电脑的一系列困难，Hindenburg Research 指责存在多个问题，包括 “明显的会计红旗”。超微电脑对此回应称这些说法 “虚假或不准确”。</p>
<p>与此同时，超微电脑推迟了其 10-K 年报的提交，但告知客户和投资者，预计第四季度或年度收益数字不会有重大变化。但超微电脑仍面临完成 10-K 的压力：纳斯达克因延迟向该公司发出了不合规通知，该公司必须在本月晚些时候提交报告或提交恢复合规的计划。因此，目前该公司面临退市的可能性。</p>
<p>至于《华尔街日报》关于可能的司法部调查的报道，超微电脑拒绝置评。</p>
<p>最后，上个月底，安永辞去了超微电脑的审计师职务。安永表示，它不再 “能够依赖管理层和审计委员会的陈述”，并且 “不愿与管理层准备的财务报表相关联”。</p>
<p>从超微电脑与 Hindenburg 报告的问题开始到现在，股价已下跌 52%。</p>
<h2>英伟达与超微电脑</h2>
<p>现在，让我们考虑英伟达在超微电脑中的角色。正如超微电脑在其 2023 年年报中所述，大型设备订单 “可能需要更大的营运资金承诺，这可能需要在我们的信贷设施下增加借款以资助关键组件的采购。” 在最近的财报中，超微电脑指出对其集成英伟达 GPU 的机架规模解决方案的持续高需求。</p>
<p>考虑到超微电脑当前的困境，风险在于该公司可能难以增加借款以资助订单，这可能会在短期内影响英伟达的收入。今天的情况尤其值得关注，因为英伟达正准备推出其 Blackwell 架构，这是一种需求旺盛的新平台。</p>
<h2>英伟达的最新举动</h2>
<p>那么，我们现在应该担心英伟达吗？好吧，作为顶级芯片设计公司，英伟达可能正在采取必要措施以避免重大供应链问题和销售影响。据《DigiTimes Asia》报道，英伟达正在将超微电脑的订单转移到其他供应商。</p>
<p>这是一件好事，因为这应该能最小化对销售的影响，并保持供应链的流动，但英伟达可能会看到一些短期影响。毕竟，超微电脑是领先的设备制造商之一，考虑到对 Blackwell 的需求超过供应，参与将 Blackwell 交付给客户的每个参与者都扮演着关键角色。</p>
<p>不过，从长远来看，审视这一情况是重要的，如果我们这样做，即使超微电脑在艰难的水域中航行，仍然有理由对英伟达保持信心。如果《DigiTimes》的报道是正确的，英伟达正在采取正确的举措，任何对英伟达收入的潜在影响或短期内订单交付的延迟都应该因这种主动措施而受到限制。</p>
<p>更好的是，今天的潜在影响不会改变英伟达光明的长期前景。英伟达的产品和服务需求旺盛，该公司与从设备制造商到云服务提供商的广泛参与者合作，以确保客户能够获得这些产品。所有这些意味着，如果英伟达的股价因超微电脑最近的问题下滑，这将是一个绝佳的买入机会。</p>

超微电脑

<p>Nvidia 和超微电脑在人工智能热潮中都取得了成功，但超微面临着重大挑战，包括延迟提交的 10-K 报告和审计师辞职。Nvidia 据报道正在将超微的订单转移到其他供应商，以减轻潜在的供应链问题。尽管超微的困境可能会影响 Nvidia 短期的收入，但由于对其产品的高需求，Nvidia 的长期前景仍然乐观。尽管超微当前面临挑战，这种情况可能为 Nvidia 的股票提供了一个买入机会</p>

<p><strong>Super Micro Computer</strong>(SMCI 6.42%) and <strong>Nvidia</strong>(NVDA 2.84%) have both been winners during this artificial intelligence (AI) boom. Nvidia makes graphics processing units (GPUs) and other related products and services, while Super Micro Computer, also known as Supermicro, incorporates GPUs -- those of Nvidia and other chip designers -- into its server systems for data centers. This has resulted in triple-digit sales growth for both companies in the latest quarters; ongoing high demand is a positive sign for the future.</p>
<div class="lb-trans"><p><strong>超微电脑</strong>（SMCI 6.42%）和 <strong>英伟达</strong>（NVDA 2.84%）在这场人工智能（AI）热潮中都取得了成功。英伟达生产图形处理单元（GPU）及其他相关产品和服务，而超微电脑，也称为 Supermicro，将英伟达及其他芯片设计公司的 GPU 集成到其数据中心的服务器系统中。这导致两家公司在最近几个季度的销售增长均达到了三位数；持续的高需求为未来带来了积极的信号。</p>
</div><p>But in recent times, Supermicro has stumbled. A short report in August alleged troubles at the company, and at the same time but in an unrelated move, Supermicro delayed its 10-K annual report. A few weeks later, <em>The Wall Street Journal</em> reported that the Justice Department was investigating the company. Supermicro's problems intensified last month when the firm's auditor, Ernst &amp; Young, quit, citing concerns about the company's financial reporting.</p>
<div class="lb-trans"><p>但最近，超微电脑遇到了一些困难。八月份的一份空头报告指责该公司存在问题，同时，超微电脑在无关的情况下推迟了其 10-K 年报。几周后，《华尔街日报》报道司法部正在调查该公司。上个月，超微电脑的问题加剧，该公司的审计师安永（Ernst &amp; Young）辞职，理由是对公司的财务报告表示担忧。</p>
</div><p>Now, it's natural for investors to worry about the impact of these troubles on Nvidia due to the companies' relationship. But could one particular move by Nvidia protect it from Supermicro's woes? Let's find out.</p>
<div class="lb-trans"><p>现在，投资者自然会担心这些问题对英伟达的影响，因为两家公司之间存在关系。但英伟达的某个特定举动是否能保护其免受超微电脑困境的影响呢？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY2MDIvZ2V0dHlpbWFnZXMtMTY4NTgwNjA0LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796602%2Fgettyimages-168580604-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The Supermicro situation</h2>
<div class="lb-trans"><h2>超微电脑的情况</h2>
</div><p>First, a bit more detail about Supermicro's recent situation, and then I'll talk about how the company works with Nvidia. A short report in late August set off the string of difficulties at Supermicro, with Hindenburg Research alleging several issues, including &#34;glaring accounting red flags.&#34; Supermicro responded, calling the statements &#34;false or inaccurate.&#34;</p>
<div class="lb-trans"><p>首先，关于超微电脑最近情况的更多细节，然后我将谈谈该公司如何与英伟达合作。八月底的一份空头报告引发了超微电脑的一系列困难，Hindenburg Research 指责存在多个问题，包括 “明显的会计红旗”。超微电脑对此回应称这些说法 “虚假或不准确”。</p>
</div><p>Meanwhile, Supermicro delayed the filing of its 10-K annual report but informed customers and investors that it didn't expect any significant changes to fourth-quarter or annual-earnings figures. But the pressure still is on for Supermicro to complete the 10-K: Nasdaq sent the company a non-compliance letter due to the delay, and the company has until later this month to file or submit a plan to regain compliance with listing rules. So, at this point, the company faces the possibility of delisting.</p>
<div class="lb-trans"><p>与此同时，超微电脑推迟了其 10-K 年报的提交，但告知客户和投资者，预计第四季度或年度收益数字不会有重大变化。但超微电脑仍面临完成 10-K 的压力：纳斯达克因延迟向该公司发出了不合规通知，该公司必须在本月晚些时候提交报告或提交恢复合规的计划。因此，目前该公司面临退市的可能性。</p>
</div><p>As for <em>The Wall Street Journal</em> report about a possible Justice Department probe, Supermicro declined to comment.</p>
<div class="lb-trans"><p>至于《华尔街日报》关于可能的司法部调查的报道，超微电脑拒绝置评。</p>
</div><p>Finally, late last month, Ernst &amp; Young resigned as auditor of Supermicro. Ernst &amp; Young stated that it was no longer &#34;able to rely on management's and the Audit Committee's representations,&#34; and it was &#34;unwilling to be associated with the financial statements prepared by management.&#34;</p>
<div class="lb-trans"><p>最后，上个月底，安永辞去了超微电脑的审计师职务。安永表示，它不再 “能够依赖管理层和审计委员会的陈述”，并且 “不愿与管理层准备的财务报表相关联”。</p>
</div><p>From the start of Supermicro's problems with the Hindenburg report through today, the stock has lost 52%.</p>
<div class="lb-trans"><p>从超微电脑与 Hindenburg 报告的问题开始到现在，股价已下跌 52%。</p>
</div><h2>Nvidia and Supermicro</h2>
<div class="lb-trans"><h2>英伟达与超微电脑</h2>
</div><p>Now, let's consider how Nvidia fits into the Supermicro picture. As Supermicro states in its 2023 annual report, large equipment orders &#34;may require greater commitments of working capital, which may require increased borrowings under our credit facilities to fund purchases of key components.&#34; And in recent earnings reports, Supermicro noted ongoing high demand for its rack scale solutions incorporating Nvidia's GPUs.</p>
<div class="lb-trans"><p>现在，让我们考虑英伟达在超微电脑中的角色。正如超微电脑在其 2023 年年报中所述，大型设备订单 “可能需要更大的营运资金承诺，这可能需要在我们的信贷设施下增加借款以资助关键组件的采购。” 在最近的财报中，超微电脑指出对其集成英伟达 GPU 的机架规模解决方案的持续高需求。</p>
</div><p>The risk here, considering Supermicro's current troubles, is the company could have difficulty increasing borrowing to fund orders, and this may impact Nvidia's revenue at least in the near term. The situation is particularly noteworthy today as Nvidia prepares to launch its Blackwell architecture, a new platform in high demand.</p>
<div class="lb-trans"><p>考虑到超微电脑当前的困境，风险在于该公司可能难以增加借款以资助订单，这可能会在短期内影响英伟达的收入。今天的情况尤其值得关注，因为英伟达正准备推出其 Blackwell 架构，这是一种需求旺盛的新平台。</p>
</div><h2>Nvidia's latest move</h2>
<div class="lb-trans"><h2>英伟达的最新举动</h2>
</div><p>So, should we worry about Nvidia right now? Well, the top chip designer may be taking the necessary steps to avoid significant supply chain problems and impact on its sales. Nvidia is said to be shifting Supermicro orders to other vendors, according to a <em>DigiTimes Asia</em> article.</p>
<div class="lb-trans"><p>那么，我们现在应该担心英伟达吗？好吧，作为顶级芯片设计公司，英伟达可能正在采取必要措施以避免重大供应链问题和销售影响。据《DigiTimes Asia》报道，英伟达正在将超微电脑的订单转移到其他供应商。</p>
</div><p>This is positive as it should minimize impact on sales and keep the supply chain flowing, but it's possible Nvidia will see some near-term effects. After all, Supermicro is one of the leading equipment makers, and considering demand for Blackwell surpasses supply, every player involved in bringing Blackwell to customers holds a key role.</p>
<div class="lb-trans"><p>这是一件好事，因为这应该能最小化对销售的影响，并保持供应链的流动，但英伟达可能会看到一些短期影响。毕竟，超微电脑是领先的设备制造商之一，考虑到对 Blackwell 的需求超过供应，参与将 Blackwell 交付给客户的每个参与者都扮演着关键角色。</p>
</div><p>Still, it's important to take a long-term view of this situation, and if we do this, there's reason to be confident about Nvidia even as Supermicro navigates difficult waters. If the <em>DigiTimes</em> report is correct, Nvidia is making the right moves, and any potential impact on Nvidia's revenue or delay in order deliveries in the short term should be limited thanks to this sort of proactive step.</p>
<div class="lb-trans"><p>不过，从长远来看，审视这一情况是重要的，如果我们这样做，即使超微电脑在艰难的水域中航行，仍然有理由对英伟达保持信心。如果《DigiTimes》的报道是正确的，英伟达正在采取正确的举措，任何对英伟达收入的潜在影响或短期内订单交付的延迟都应该因这种主动措施而受到限制。</p>
</div><p>Even better, potential impact today won't change Nvidia's bright, long-term picture. Nvidia's products and services are in high demand, and the company works with a wide range of players -- from equipment makers to cloud-service providers -- to ensure customers have access to them. All of this means that if Nvidia's stock slips on Supermicro's recent troubles, it represents a fantastic buying opportunity.</p>
<div class="lb-trans"><p>更好的是，今天的潜在影响不会改变英伟达光明的长期前景。英伟达的产品和服务需求旺盛，该公司与从设备制造商到云服务提供商的广泛参与者合作，以确保客户能够获得这些产品。所有这些意味着，如果英伟达的股价因超微电脑最近的问题下滑，这将是一个绝佳的买入机会。</p>
</div>

Could This Move by Nvidia Protect It From Super Micro Computer's Woes?

- Super Micro Computer 和 Nvidia 在人工智能热潮中均实现了三位数的销售增长。  
- Supermicro 最近面临审计师辞职和财务报告问题，股价下跌 52%。  
- Nvidia 正在将 Supermicro 的订单转移至其他供应商，以减轻潜在影响。

英伟达的这一举动能否保护它免受超微电脑困境的影响？