<p><strong>英伟达</strong>(NVDA -1.81%) 是数据中心高端图形处理单元 (GPU) 的主要供应商，这些 GPU 被用于驱动和训练人工智能 (AI) 应用。<strong>优步科技</strong>(UBER 1.32%) 运营着全球最大的打车平台，同时也提供优步外卖服务。</p>
<p>这两家行业领袖有什么共同点？优步与 14 家不同的公司合作开发自动驾驶平台，期待在出行行业中逐步摆脱人类驾驶员。自动驾驶和机器人技术依赖于人工智能，而英伟达也开发了自己的自动驾驶平台。</p>
<p>这或许可以解释为什么英伟达和优步都在支持 <strong>Serve Robotics</strong>(SERV 23.82%)，这是一家市值 5 亿美元的公司，开发了一款自动送货机器人。他们合计持有 Serve 超过 20% 的流通股，表明他们对该公司的前景持乐观态度。如果你考虑跟随他们投资这只股票，这里有你需要知道的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAxNTYvYW4tYXV0b25vbW91cy1kZWxpdmVyeS1yb2JvdC1kcml2aW5nLWFsb25nLXRoZS1zaWRld2Fsay5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAxNTYvYW4tYXV0b25vbW91cy1kZWxpdmVyeS1yb2JvdC1kcml2aW5nLWFsb25nLXRoZS1zaWRld2Fsay5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>送货机器人可能是最后一公里物流的未来</h2>
<p>现有的最后一公里配送解决方案效率相当低下。像优步外卖和 <strong>DoorDash</strong> 这样的平台依赖于通常使用汽车将食物和其他产品送到客户手中的人。在上个月的一次演示中，Serve Robotics 提出了这样一个深思的问题：为什么要用两吨重的汽车运输两磅重的卷饼？</p>
<p>机器人和无人机可能是更好的解决方案。Serve 表示，与开发人工智能和自动化相关的硬件和软件成本正在迅速下降，因此机器人每天都变得更加经济。事实上，Serve 预测其机器人在采用率提高和业务规模扩大后，最终每次配送的运营成本将低至 1 美元。</p>
<p>Serve 的机器人使用四级自动化，这意味着它们可以在指定区域的人行道上行驶，无需人类干预。自 2022 年初以来，该公司的机器人已代表洛杉矶的 400 多家餐厅交付超过 50,000 个订单，这些交付的可靠性高达 99.94%。根据 Serve 的说法，这使得这些机器人比人类驾驶员可靠 10 倍。</p>
<p>该公司的最新 Gen3 机器人是迄今为止最智能、速度最快的，最高时速为每小时 11 英里。得益于英伟达的 Jetson Orin 技术，包括先进机器人和计算机视觉所需的硬件和软件，Gen3 的性能是 Serve 之前一代机器人的五倍。它具有更快的最高速度、更大的范围和更长的操作时间，这一组合使得运营成本降低了 50%。</p>
<p>根据与优步的合同，Serve 正在努力到 2025 年底前部署 2,000 台新机器人，这将使其扩展到加州的其他地区，以及德克萨斯州的达拉斯和沃斯堡。这对优步来说也是一个胜利，因为如果这个项目成功，公司将通过减少人类送货司机的使用来节省开支。</p>
<h2>Serve 的收入非常少，但增长迅速</h2>
<p>Serve 在第三季度的收入仅为 221,555 美元，但与 2023 年同季度相比增长了 254%。另一方面，这一数字比 2024 年第二季度的 468,375 美元下降了超过一半。</p>
<p>下降的原因是 Serve 在第二季度实现了与 <strong>麦格纳国际</strong> 的最后一笔服务收入。麦格纳是一家市值 130 亿美元的汽车行业零部件供应商，也是 Serve 提到的 2,000 台新机器人的制造合作伙伴。这两家公司还签订了一项许可协议，麦格纳支付费用给 Serve，以换取一些技术，用于为 Serve 未进入的市场领域制造自己的机器人。</p>
<p>这一许可收入来源现在已经消失，Serve 仅剩下送货收入。而这一部分业务仍处于扩展阶段。这让我想到了一个重要的点：Serve 目前正在亏损。</p>
<p>在第三季度，Serve 的运营费用为 830 万美元，其中大部分用于研发。考虑到其微不足道的收入，Serve 在该季度的净亏损为 800 万美元，使其年初至今的净亏损达到 2610 万美元。</p>
<p>Serve 手头只有 5090 万美元的现金。如果公司继续以当前的速度烧钱，这一缓冲将在未来 18 个月内完全耗尽。尽管如此，Serve 在 11 月建立了一个新的市场股票发行设施，允许其出售额外股份以筹集 1 亿美元。然而，这将大幅稀释现有投资者的股份。</p>
<h2>英伟达和优步合计持有 Serve 超过 20% 的流通股</h2>
<p>Serve 在 2021 年从优步收购的 Postmates 中分拆出来，成为独立实体。然而，优步仍然是 Serve 最大的投资者，持有 12% 的股份。</p>
<p>英伟达自 2022 年以来一直在投资 Serve，目前持有 8% 的股份。</p>
<p>如果 Serve 继续发行新股，优步和英伟达可能会受到最大的影响，除非他们参与每次未来的融资以保护自己的利益。然而，考虑到公司的当前估值，这可能不是最佳选择。</p>
<p>Serve 的市销率高达 196 倍——这意味着它的估值是英伟达的六倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d7f901d7a1a4b02c5d48c22a8be8655.png?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://media.ycharts.com/charts/9d7f901d7a1a4b02c5d48c22a8be8655.png"/></p>
<p>SERV PS 比率数据来源于 YCharts。</p>
<p>根据华尔街的平均预测（由 Yahoo 提供），由于部署了 2,000 台机器人，Serve 在 2025 年可能会产生 1,330 万美元的收入。由于该公司预计在 2024 年全年将实现 190 万美元的收入，这将意味着 600% 的增长。</p>
<p>这个估计给 Serve 股票的未来市销率（P/S）为 31.7，这个数字更为合理，但仍然昂贵。因此，想要跟随 Uber 和 Nvidia 投资 Serve 股票的投资者应该只投入他们能够承受损失的资金。</p>
<p>话虽如此，公司表示其在机器人和无人机配送行业的机会到 2030 年可能超过 4500 亿美元。因此，即使是对 Serve 股票的小额投资，如果公司成功，也可能获得丰厚回报。</p>

SERV

<p>Nvidia 和 Uber 正在支持 Serve Robotics，这是一家专注于自主配送机器人的小型人工智能公司，拥有其超过 20% 的股份。Serve 的机器人已经以高可靠性完成了超过 50,000 个订单，旨在彻底改变最后一公里物流。尽管在第三季度仅产生了 5,555 美元的收入，比去年增长了 254%，但 Serve 正面临重大亏损，并且现金储备有限。该公司计划在与 Uber 的合同下，到 2025 年部署 2,000 台新机器人，这可能会降低 Uber 的配送成本</p>

<p><strong>Nvidia</strong>(NVDA -1.81%) is the leading supplier of high-end graphics processing units (GPUs) for data centers, where they are used to power and train artificial intelligence (AI) applications. <strong>Uber Technologies</strong>(UBER 1.32%) operates the world's largest ride-hailing platform and also the Uber Eats food-delivery service.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -1.81%) 是数据中心高端图形处理单元 (GPU) 的主要供应商，这些 GPU 被用于驱动和训练人工智能 (AI) 应用。<strong>优步科技</strong>(UBER 1.32%) 运营着全球最大的打车平台，同时也提供优步外卖服务。</p>
</div><p>What do these two industry leaders have in common? Uber is partnered with 14 different companies developing autonomous driving platforms as it looks forward to a shift away from human drivers in the mobility industry. Technologies like autonomous driving and robotics are powered by AI, and Nvidia has also developed its own autonomous driving platform.</p>
<div class="lb-trans"><p>这两家行业领袖有什么共同点？优步与 14 家不同的公司合作开发自动驾驶平台，期待在出行行业中逐步摆脱人类驾驶员。自动驾驶和机器人技术依赖于人工智能，而英伟达也开发了自己的自动驾驶平台。</p>
</div><p>That might explain why both Nvidia and Uber are supporting <strong>Serve Robotics</strong>(SERV 23.82%), a $500 million market-cap company that has developed an autonomous delivery robot. Between them, they own more than 20% of Serve's shares outstanding, suggesting that they are bullish on the company's prospects. If you're considering following them into the stock, here's what you need to know.</p>
<div class="lb-trans"><p>这或许可以解释为什么英伟达和优步都在支持 <strong>Serve Robotics</strong>(SERV 23.82%)，这是一家市值 5 亿美元的公司，开发了一款自动送货机器人。他们合计持有 Serve 超过 20% 的流通股，表明他们对该公司的前景持乐观态度。如果你考虑跟随他们投资这只股票，这里有你需要知道的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAxNTYvYW4tYXV0b25vbW91cy1kZWxpdmVyeS1yb2JvdC1kcml2aW5nLWFsb25nLXRoZS1zaWRld2Fsay5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800156%2Fan-autonomous-delivery-robot-driving-along-the-sidewalk.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>Delivery robots could be the future of last-mile logistics</h2>
<div class="lb-trans"><h2>送货机器人可能是最后一公里物流的未来</h2>
</div><p>Existing last-mile delivery solutions are rather inefficient. Platforms like Uber Eats and <strong>DoorDash</strong> rely on people who typically use cars to deliver food and other products to customers. In a presentation last month, Serve Robotics posed this thoughtful question: Why move two-pound burritos in two-ton cars?</p>
<div class="lb-trans"><p>现有的最后一公里配送解决方案效率相当低下。像优步外卖和 <strong>DoorDash</strong> 这样的平台依赖于通常使用汽车将食物和其他产品送到客户手中的人。在上个月的一次演示中，Serve Robotics 提出了这样一个深思的问题：为什么要用两吨重的汽车运输两磅重的卷饼？</p>
</div><p>Robots and drones might be better solutions. Serve says the cost of hardware and software associated with developing AI and autonomy is rapidly declining, so robots are becoming a more economical choice with each passing day. In fact, Serve predicts its robots will eventually be able to operate at a cost of as little as $1 per delivery once their adoption grows and the business scales up.</p>
<div class="lb-trans"><p>机器人和无人机可能是更好的解决方案。Serve 表示，与开发人工智能和自动化相关的硬件和软件成本正在迅速下降，因此机器人每天都变得更加经济。事实上，Serve 预测其机器人在采用率提高和业务规模扩大后，最终每次配送的运营成本将低至 1 美元。</p>
</div><p>Serve's robots use level 4 autonomy, which means they can drive on sidewalks within designated areas with no human intervention necessary. Since early 2022, the company's robots have delivered more than 50,000 orders on behalf of more than 400 restaurants across Los Angeles, and those deliveries were made with up to 99.94% reliability. That made the robots 10 times more reliable than human drivers, according to Serve.</p>
<div class="lb-trans"><p>Serve 的机器人使用四级自动化，这意味着它们可以在指定区域的人行道上行驶，无需人类干预。自 2022 年初以来，该公司的机器人已代表洛杉矶的 400 多家餐厅交付超过 50,000 个订单，这些交付的可靠性高达 99.94%。根据 Serve 的说法，这使得这些机器人比人类驾驶员可靠 10 倍。</p>
</div><p>The company's latest Gen3 robot is its smartest and fastest so far, with a top speed of 11 miles per hour. Thanks to Nvidia's Jetson Orin technology, which includes the hardware and software necessary for advanced robotics and computer vision, Gen3 is five times more powerful than Serve's previous generation of robots. It features faster top speeds, greater range, and longer operating times -- a combination that translates into a 50% reduction in operating costs.</p>
<div class="lb-trans"><p>该公司的最新 Gen3 机器人是迄今为止最智能、速度最快的，最高时速为每小时 11 英里。得益于英伟达的 Jetson Orin 技术，包括先进机器人和计算机视觉所需的硬件和软件，Gen3 的性能是 Serve 之前一代机器人的五倍。它具有更快的最高速度、更大的范围和更长的操作时间，这一组合使得运营成本降低了 50%。</p>
</div><p>Under a contract with Uber, Serve is working to deploy 2,000 new robots by the end of 2025, which will let it expand into other areas of California, plus Dallas and Fort Worth in Texas. It's also a win for Uber, because if this program is successful, the company will save money by reducing its use of human delivery drivers.</p>
<div class="lb-trans"><p>根据与优步的合同，Serve 正在努力到 2025 年底前部署 2,000 台新机器人，这将使其扩展到加州的其他地区，以及德克萨斯州的达拉斯和沃斯堡。这对优步来说也是一个胜利，因为如果这个项目成功，公司将通过减少人类送货司机的使用来节省开支。</p>
</div><h2>Serve generates very little revenue, but it's growing rapidly</h2>
<div class="lb-trans"><h2>Serve 的收入非常少，但增长迅速</h2>
</div><p>Serve generated just $221,555 in revenue during the third quarter, but that was a 254% increase from the same quarter in 2023. On the other hand, that figure was down by more than half from 2024's second quarter, when it generated $468,375 in revenue.</p>
<div class="lb-trans"><p>Serve 在第三季度的收入仅为 221,555 美元，但与 2023 年同季度相比增长了 254%。另一方面，这一数字比 2024 年第二季度的 468,375 美元下降了超过一半。</p>
</div><p>The reason for the decline was because Serve realized the last of its services revenue from <strong>Magna International</strong> during Q2. Magna is a $13 billion components supplier to the automotive industry, and it is Serve's manufacturing partner for the 2,000 new robots I mentioned earlier. The two companies also have a licensing deal in place under which Magna paid a fee to Serve in exchange for some technology to build robots of its own for market segments in which Serve doesn't operate.</p>
<div class="lb-trans"><p>下降的原因是 Serve 在第二季度实现了与 <strong>麦格纳国际</strong> 的最后一笔服务收入。麦格纳是一家市值 130 亿美元的汽车行业零部件供应商，也是 Serve 提到的 2,000 台新机器人的制造合作伙伴。这两家公司还签订了一项许可协议，麦格纳支付费用给 Serve，以换取一些技术，用于为 Serve 未进入的市场领域制造自己的机器人。</p>
</div><p>That licensing revenue stream is now gone, leaving Serve with only its delivery revenue. And that part of the business is still in the scale-up phase. This brings me to an important point: Serve is currently losing truckloads of money.</p>
<div class="lb-trans"><p>这一许可收入来源现在已经消失，Serve 仅剩下送货收入。而这一部分业务仍处于扩展阶段。这让我想到了一个重要的点：Serve 目前正在亏损。</p>
</div><p>It had $8.3 million in operating expense during Q3, most of which went toward research and development. Given its minuscule revenue, Serve's net loss came in at $8 million for the quarter, bringing its year-to-date net loss to $26.1 million.</p>
<div class="lb-trans"><p>在第三季度，Serve 的运营费用为 830 万美元，其中大部分用于研发。考虑到其微不足道的收入，Serve 在该季度的净亏损为 800 万美元，使其年初至今的净亏损达到 2610 万美元。</p>
</div><p>Serve only has $50.9 million in cash on hand. That cushion will be totally wiped out in the next 18 months if the company keeps burning money at the current pace. With that said, Serve did establish a new at-the-market stock offering facility in November that will allow it to sell additional shares to raise a further $100 million. However, that would significantly dilute existing investors.</p>
<div class="lb-trans"><p>Serve 手头只有 5090 万美元的现金。如果公司继续以当前的速度烧钱，这一缓冲将在未来 18 个月内完全耗尽。尽管如此，Serve 在 11 月建立了一个新的市场股票发行设施，允许其出售额外股份以筹集 1 亿美元。然而，这将大幅稀释现有投资者的股份。</p>
</div><h2>Together, Nvidia and Uber own more than 20% of Serve's outstanding shares</h2>
<div class="lb-trans"><h2>英伟达和优步合计持有 Serve 超过 20% 的流通股</h2>
</div><p>Serve became an independent entity in 2021 after it was spun off from Postmates, which Uber acquired. However, Uber remains Serve's largest investor with a 12% stake.</p>
<div class="lb-trans"><p>Serve 在 2021 年从优步收购的 Postmates 中分拆出来，成为独立实体。然而，优步仍然是 Serve 最大的投资者，持有 12% 的股份。</p>
</div><p>Nvidia has invested in Serve since 2022, and currently owns an 8% stake.</p>
<div class="lb-trans"><p>英伟达自 2022 年以来一直在投资 Serve，目前持有 8% 的股份。</p>
</div><p>Uber and Nvidia could suffer the most if Serve continues to issue new shares, unless they participate in every future capital raise to protect their interests. However, that might not be the best move, given the company's current valuation.</p>
<div class="lb-trans"><p>如果 Serve 继续发行新股，优步和英伟达可能会受到最大的影响，除非他们参与每次未来的融资以保护自己的利益。然而，考虑到公司的当前估值，这可能不是最佳选择。</p>
</div><p>Serve is valued at an eye-popping price-to-sales (P/S) ratio of 196 -- meaning it's six times more expensive than Nvidia.</p>
<div class="lb-trans"><p>Serve 的市销率高达 196 倍——这意味着它的估值是英伟达的六倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d7f901d7a1a4b02c5d48c22a8be8655.png" alt="" original-src="https://media.ycharts.com/charts/9d7f901d7a1a4b02c5d48c22a8be8655.png"/></p>
<p>SERV PS Ratio data by YCharts.</p>
<div class="lb-trans"><p>SERV PS 比率数据来源于 YCharts。</p>
</div><p>According to Wall Street's average forecast (provided by Yahoo), Serve could generate $13.3 million in revenue in 2025 thanks to the deployment of its 2,000 robots. Since the company is on track to deliver $1.9 million in revenue for the whole of 2024, that would amount to growth of 600%.</p>
<div class="lb-trans"><p>根据华尔街的平均预测（由 Yahoo 提供），由于部署了 2,000 台机器人，Serve 在 2025 年可能会产生 1,330 万美元的收入。由于该公司预计在 2024 年全年将实现 190 万美元的收入，这将意味着 600% 的增长。</p>
</div><p>That estimate gives Serve stock a forward P/S ratio of 31.7, which is much more reasonable, but still expensive. In light of that, investors who want to follow Uber and Nvidia into Serve stock should only put in money they can afford to lose.</p>
<div class="lb-trans"><p>这个估计给 Serve 股票的未来市销率（P/S）为 31.7，这个数字更为合理，但仍然昂贵。因此，想要跟随 Uber 和 Nvidia 投资 Serve 股票的投资者应该只投入他们能够承受损失的资金。</p>
</div><p>With that said, the company says its opportunity in the robot and drone delivery industry could top $450 billion by 2030. So even a small bet on Serve stock could pay off handsomely if the company is successful.</p>
<div class="lb-trans"><p>话虽如此，公司表示其在机器人和无人机配送行业的机会到 2030 年可能超过 4500 亿美元。因此，即使是对 Serve 股票的小额投资，如果公司成功，也可能获得丰厚回报。</p>
</div>

Why Are Nvidia and Uber Backing This Tiny $400 Million Artificial Intelligence (AI) Company?

- Nvidia 和 Uber 共同投资 Serve Robotics，持有超过 20% 的股份。  
- Serve Robotics 开发的送货机器人在洛杉矶已完成 50,000 次订单，可靠性高达 99.94%。  
- Serve 目前面临巨额亏损，现金储备将在 18 个月内耗尽。  

为什么 Nvidia 和 Uber 支持这家市值仅为 4 亿美元的小型人工智能（AI）公司？