<p><strong>Serve Robotics</strong>（SERV -11.53%）是一家自主最后一公里物流解决方案的开发商。该公司与 <strong>Uber Technology</strong>（UBER -0.74%）的 Uber Eats 食品配送平台达成了一项重大协议，预计到 2025 年将在美国城市部署数千台自驾机器人。</p>
<p>这些机器人使用了来自 <strong>Nvidia</strong>（NVDA -2.33%）的硬件和软件组件，Nvidia 是全球领先的人工智能（AI）开发芯片供应商。</p>
<p>但 Uber 和 Nvidia 不仅与 Serve 达成了协议。它们还是公司的最大股东，这意味着它们在公司的长期成功中拥有直接的利益关系。截至目前，Serve 的市值仅为 7 亿美元，如果其战略得以实施，可能会有巨大的上行潜力。如果你考虑跟随 Nvidia 和 Uber 投资这只股票，以下是你需要了解的内容。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIzODUvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIzODUvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>一个潜在的 4500 亿美元机会</h2>
<p>为什么消费者要用 2 吨重的汽车来配送 2 磅重的卷饼？这是 Serve 在最近一次演示中向投资者提出的一个深思熟虑的问题。该公司认为，机器人和无人机是更好的选择，随着人工智能（AI）等技术开发成本的降低，它们正迅速变得更加经济。</p>
<p>Serve 估计，其机器人最终将在规模化运营时以每次配送仅 1 美元的成本运行。它们已经使用 4 级自动驾驶，意味着可以在指定区域的步道上安全行驶，无需人工干预。自 2022 年以来，该公司的机器人已为洛杉矶的 400 家餐厅完成了超过 50,000 个订单。根据 Serve 的数据，这些配送的准确率达到了 99.94%，使其比人类司机可靠 10 倍。</p>
<p>Serve 最新的 Gen3 机器人由 Nvidia 的 Jetson Orin 平台提供动力，包含运行先进机器人技术和计算机视觉所需的所有硬件和软件。Gen3 的性能是上一代的 5 倍，这意味着运营成本降低了 50%。换句话说，其更快的最高速度、更广的范围和更长的运行时间使其效率大幅提升。</p>
<p>根据与 Uber Eats 的协议，Serve 将在 2025 年底前部署 2000 台机器人。这将涉及到加州其他城市的扩展，以及德克萨斯州的达拉斯和沃斯堡。如果该项目成功，Uber 可以通过将更多配送转移到自主机器人而不是人类司机身上，节省大量资金。但这仅仅是个开始——Serve 认为，到 2030 年，自主最后一公里物流可能是一个 4500 亿美元的机会。</p>
<h2>Serve 正在快速增长，但面临财务紧张</h2>
<p>Serve 在 2024 年第三季度的收入为 221,555 美元（没错，不到 25 万美元）。这比去年同期增长了 254%，但也比三个月前的第二季度下降了超过一半，当时公司的收入为 468,375 美元。</p>
<p>原因如下：Serve 选择 <strong>Magna International</strong> 作为其计划在今年生产的 2000 台机器人的制造合作伙伴。当去年签署合作协议时，包括一项许可协议，Magna 将向 Serve 支付 120 万美元的费用，以在机器人行业的其他领域使用其软件（前提是不得与 Serve 竞争）。</p>
<p>该费用在第二季度已全部实现，使得 Serve 在第三季度仅剩下配送收入，这解释了大幅的环比下降。</p>
<p>Serve 目前正面临财务紧张，因为其现金消耗速度惊人。在 2024 年前三个季度，它花费了 2530 万美元，其中大部分用于研发。由于公司产生的收入微乎其微，期间的净亏损高达 2610 万美元。</p>
<p>Serve 目前手头仅有 5090 万美元现金，如果不削减开支（或找到更多收入），将在未来 18 个月内耗尽。然而，该公司在 11 月建立了一个市场融资设施，这将允许其通过向投资者出售新股筹集额外的 1 亿美元。这将提供进一步的现金流，但也会稀释现有股东的股份。</p>
<h2>超过 20% 的 Serve 流通股由 Nvidia 和 Uber 持有</h2>
<p>Serve Robotics 于 2021 年成为独立实体，此前 Uber 收购了其母公司 Postmates。然而，作为分拆的一部分，Uber 保留了对 Serve 的股份，目前持有其流通股的约 12%。</p>
<p>另一方面，Nvidia 自 2022 年以来一直在投资 Serve，现在拥有其流通股的 8.4%。</p>
<p>但在投资者急于加入 Uber 和 Nvidia 成为 Serve 股东之前，他们应该仔细审查其估值。根据公司的过去 12 个月收入和约 7 亿美元的市值，其股票的市销率（P/S）高达 336。这是 Nvidia 市销率的 11 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eab9458392e63498f83d7c29d0bd7257.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/eab9458392e63498f83d7c29d0bd7257.png"/></p>
<p>SERV 市销率数据来源于 YCharts</p>
<p>Nvidia 拥有数十年的成功记录，资产负债表稳健，年收入超过 1000 亿美元。更不用说，它是一家高盈利的公司。没有合理的理由让 Serve 的股票以如此高的溢价交易于 Nvidia 的股票。</p>
<p>话虽如此，华尔街的共识预测（由 Yahoo 提供）表明，假设 Serve 成功部署其 2000 台机器人并在与 Uber 的协议下增加配送，其年收入可能在 2025 年飙升 598%，达到 1330 万美元。根据这一潜在收入数字，Serve 的股票市销率为 54。</p>
<p>尽管这更合理的估值，但仍然非常昂贵，因此在今年的某个时候，股票出现大幅回调的风险是真实存在的。因此，投资者应该只投入他们能够承受损失的资金。</p>

SERV

<p>Serve Robotics 是一家由 Nvidia 和 Uber 支持的自主配送解决方案开发商，市值为 7 亿美元。该公司计划到 2025 年为 Uber Eats 部署 2000 个自驾机器人，目标是到 2030 年实现 4500 亿美元的市场机会。尽管年同比收入增长了 254%，Serve 在 2024 年第三季度仅报告了 221,555 美元的收入，低于第二季度的 468,375 美元。Serve 手头有 5090 万美元现金，但现金消耗显著，面临财务风险，但计划通过新股筹集 1 亿美元。Nvidia 和 Uber 持有 Serve 超过 20% 的股份</p>

<p><strong>Serve Robotics</strong>(SERV -11.53%) is a developer of autonomous last-mile logistics solutions. The company has a major deal with <strong>Uber Technology</strong>'s (UBER -0.74%) Uber Eats food delivery platform, which will see thousands of its self-driving robots deployed across U.S. cities in 2025.</p>
<div class="lb-trans"><p><strong>Serve Robotics</strong>（SERV -11.53%）是一家自主最后一公里物流解决方案的开发商。该公司与 <strong>Uber Technology</strong>（UBER -0.74%）的 Uber Eats 食品配送平台达成了一项重大协议，预计到 2025 年将在美国城市部署数千台自驾机器人。</p>
</div><p>Those robots are built using hardware and software components from <strong>Nvidia</strong>(NVDA -2.33%), which is the world's leading supplier of chips for artificial intelligence (AI) development.</p>
<div class="lb-trans"><p>这些机器人使用了来自 <strong>Nvidia</strong>（NVDA -2.33%）的硬件和软件组件，Nvidia 是全球领先的人工智能（AI）开发芯片供应商。</p>
</div><p>But Uber and Nvidia haven't just made deals with Serve. They are also the company's largest shareholders, which means they have a direct stake in its long-term success. With a market capitalization of just $700 million as of this writing, Serve could have incredible upside potential if it executes on its strategy. Here's what you need to know if you're thinking about following Nvidia and Uber into the stock.</p>
<div class="lb-trans"><p>但 Uber 和 Nvidia 不仅与 Serve 达成了协议。它们还是公司的最大股东，这意味着它们在公司的长期成功中拥有直接的利益关系。截至目前，Serve 的市值仅为 7 亿美元，如果其战略得以实施，可能会有巨大的上行潜力。如果你考虑跟随 Nvidia 和 Uber 投资这只股票，以下是你需要了解的内容。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIzODUvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802385%2Fa-pair-of-autonomous-food-delivery-robots-waiting-on-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>A potential $450 billion opportunity</h2>
<div class="lb-trans"><h2>一个潜在的 4500 亿美元机会</h2>
</div><p>Why do consumers use 2-ton cars to deliver 2-pound burritos? It's a thoughtful question Serve posed to investors in a recent presentation. The company believes robots and drones are better options, and they are rapidly becoming more economical as the cost to develop technologies like artificial intelligence (AI) comes down.</p>
<div class="lb-trans"><p>为什么消费者要用 2 吨重的汽车来配送 2 磅重的卷饼？这是 Serve 在最近一次演示中向投资者提出的一个深思熟虑的问题。该公司认为，机器人和无人机是更好的选择，随着人工智能（AI）等技术开发成本的降低，它们正迅速变得更加经济。</p>
</div><p>Serve estimates its robots will eventually operate at a cost of as little as $1 per delivery at scale. They already use Level 4 autonomy, meaning they can drive on sidewalks in designated areas safely without human intervention. The company's robots have delivered more than 50,000 orders on behalf of 400 restaurants across Los Angeles since 2022. According to Serve, those deliveries were completed with 99.94% accuracy, making them 10 times more reliable than human drivers.</p>
<div class="lb-trans"><p>Serve 估计，其机器人最终将在规模化运营时以每次配送仅 1 美元的成本运行。它们已经使用 4 级自动驾驶，意味着可以在指定区域的步道上安全行驶，无需人工干预。自 2022 年以来，该公司的机器人已为洛杉矶的 400 家餐厅完成了超过 50,000 个订单。根据 Serve 的数据，这些配送的准确率达到了 99.94%，使其比人类司机可靠 10 倍。</p>
</div><p>Serve's latest Gen3 robot is powered by Nvidia's Jetson Orin platform, which includes all the hardware and software it needs to run advanced robotics and computer vision. Gen3 is 5 times more powerful than the previous generation, which translates into a 50% reduction in operating costs. In other words, its faster top speed, wider range, and longer operating time make it far more efficient.</p>
<div class="lb-trans"><p>Serve 最新的 Gen3 机器人由 Nvidia 的 Jetson Orin 平台提供动力，包含运行先进机器人技术和计算机视觉所需的所有硬件和软件。Gen3 的性能是上一代的 5 倍，这意味着运营成本降低了 50%。换句话说，其更快的最高速度、更广的范围和更长的运行时间使其效率大幅提升。</p>
</div><p>Serve will deploy 2,000 robots by the end of 2025 under its deal with Uber Eats. It will involve an expansion into other California cities, in addition to Dallas and Fort Worth in Texas. If this program is successful, Uber could save significant amounts of money by shifting more deliveries to autonomous robots instead of human drivers. But that's only the beginning -- Serve believes autonomous last-mile logistics could be a $450 billion opportunity by 2030.</p>
<div class="lb-trans"><p>根据与 Uber Eats 的协议，Serve 将在 2025 年底前部署 2000 台机器人。这将涉及到加州其他城市的扩展，以及德克萨斯州的达拉斯和沃斯堡。如果该项目成功，Uber 可以通过将更多配送转移到自主机器人而不是人类司机身上，节省大量资金。但这仅仅是个开始——Serve 认为，到 2030 年，自主最后一公里物流可能是一个 4500 亿美元的机会。</p>
</div><h2>Serve is growing quickly, but it's walking a financial tightrope</h2>
<div class="lb-trans"><h2>Serve 正在快速增长，但面临财务紧张</h2>
</div><p>Serve generated $221,555 in revenue (that's right, less than one-quarter of $1 million) during the third quarter of 2024. It represented 254% growth from the year-ago period, but it was also down by more than half from the second quarter three months earlier, when the company delivered $468,375 in revenue.</p>
<div class="lb-trans"><p>Serve 在 2024 年第三季度的收入为 221,555 美元（没错，不到 25 万美元）。这比去年同期增长了 254%，但也比三个月前的第二季度下降了超过一半，当时公司的收入为 468,375 美元。</p>
</div><p>Here's why: Serve selected <strong>Magna International</strong> as its manufacturing partner for the 2,000 robots it plans to build this year. When the partnership was signed last year, it included a licensing deal in which Magna would pay Serve a $1.2 million fee to use its software in other segments of the robotics industry (as long as it isn't used to compete with Serve).</p>
<div class="lb-trans"><p>原因如下：Serve 选择 <strong>Magna International</strong> 作为其计划在今年生产的 2000 台机器人的制造合作伙伴。当去年签署合作协议时，包括一项许可协议，Magna 将向 Serve 支付 120 万美元的费用，以在机器人行业的其他领域使用其软件（前提是不得与 Serve 竞争）。</p>
</div><p>That fee was fully realized in the second quarter, leaving Serve with just its delivery revenue alone in Q3, which explains the big sequential drop.</p>
<div class="lb-trans"><p>该费用在第二季度已全部实现，使得 Serve 在第三季度仅剩下配送收入，这解释了大幅的环比下降。</p>
</div><p>Serve is currently walking a financial tightrope, because it's burning through cash at an alarming rate. It spent $25.3 million during the first three quarters of 2024, most of which went toward research and development. Since the company generated a minuscule amount of revenue, its net loss for the period came in at a whopping $26.1 million.</p>
<div class="lb-trans"><p>Serve 目前正面临财务紧张，因为其现金消耗速度惊人。在 2024 年前三个季度，它花费了 2530 万美元，其中大部分用于研发。由于公司产生的收入微乎其微，期间的净亏损高达 2610 万美元。</p>
</div><p>Serve has just $50.9 million in cash on hand, which will be wiped out within the next 18 months if it doesn't cut back on its spending (or find more revenue). However, the company established an at-the-market equity facility in November, which will allow it to raise a further $100 million by selling new shares to investors. This will provide a further cash runway, but will also dilute existing shareholders.</p>
<div class="lb-trans"><p>Serve 目前手头仅有 5090 万美元现金，如果不削减开支（或找到更多收入），将在未来 18 个月内耗尽。然而，该公司在 11 月建立了一个市场融资设施，这将允许其通过向投资者出售新股筹集额外的 1 亿美元。这将提供进一步的现金流，但也会稀释现有股东的股份。</p>
</div><h2>Over 20% of Serve's outstanding shares are held by Nvidia and Uber</h2>
<div class="lb-trans"><h2>超过 20% 的 Serve 流通股由 Nvidia 和 Uber 持有</h2>
</div><p>Serve Robotics became an independent entity in 2021, after Uber acquired its parent company, Postmates. However, as part of the spinoff, Uber retained a stake in Serve and it currently holds around 12% of its outstanding shares.</p>
<div class="lb-trans"><p>Serve Robotics 于 2021 年成为独立实体，此前 Uber 收购了其母公司 Postmates。然而，作为分拆的一部分，Uber 保留了对 Serve 的股份，目前持有其流通股的约 12%。</p>
</div><p>Nvidia, on the other hand, has invested in Serve since 2022, and now owns 8.4% of its outstanding shares.</p>
<div class="lb-trans"><p>另一方面，Nvidia 自 2022 年以来一直在投资 Serve，现在拥有其流通股的 8.4%。</p>
</div><p>But before investors rush to join Uber and Nvidia as a Serve shareholder, they should carefully examine its valuation. Based on the company's trailing-12-month revenue and its market capitalization of around $700 million, its stock trades at a mind-boggling price-to-sales (P/S) ratio of 336. That's a staggering 11 times higher than Nvidia's P/S ratio.</p>
<div class="lb-trans"><p>但在投资者急于加入 Uber 和 Nvidia 成为 Serve 股东之前，他们应该仔细审查其估值。根据公司的过去 12 个月收入和约 7 亿美元的市值，其股票的市销率（P/S）高达 336。这是 Nvidia 市销率的 11 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eab9458392e63498f83d7c29d0bd7257.png" alt="" original-src="https://media.ycharts.com/charts/eab9458392e63498f83d7c29d0bd7257.png"/></p>
<p>SERV PS Ratio data by YCharts</p>
<div class="lb-trans"><p>SERV 市销率数据来源于 YCharts</p>
</div><p>Nvidia has a decades-long track record of success, with a rock-solid balance sheet and more than $100 billion in annual revenue. Not to mention, it's a highly profitable company. There is no rational case for Serve stock to trade at such a premium to Nvidia stock.</p>
<div class="lb-trans"><p>Nvidia 拥有数十年的成功记录，资产负债表稳健，年收入超过 1000 亿美元。更不用说，它是一家高盈利的公司。没有合理的理由让 Serve 的股票以如此高的溢价交易于 Nvidia 的股票。</p>
</div><p>With that said, Wall Street's consensus forecast (provided by Yahoo) suggests Serve's annual revenue could soar by 598% to $13.3 million during 2025, assuming it successfully deploys its 2,000 robots and ramps up deliveries under the deal with Uber. Based on that potential revenue figure, Serve stock trades at a forward P/S ratio of 54.</p>
<div class="lb-trans"><p>话虽如此，华尔街的共识预测（由 Yahoo 提供）表明，假设 Serve 成功部署其 2000 台机器人并在与 Uber 的协议下增加配送，其年收入可能在 2025 年飙升 598%，达到 1330 万美元。根据这一潜在收入数字，Serve 的股票市销率为 54。</p>
</div><p>Although that's a more reasonable valuation, it's still incredibly expensive, so there is a real risk of a steep correction in the stock at some point this year. As a result, investors should only put in money they can afford to lose.</p>
<div class="lb-trans"><p>尽管这更合理的估值，但仍然非常昂贵，因此在今年的某个时候，股票出现大幅回调的风险是真实存在的。因此，投资者应该只投入他们能够承受损失的资金。</p>
</div>

Nvidia and Uber Are Backing This $700 Million Artificial Intelligence (AI) Stock. Should You?

- Serve Robotics 与 Uber Eats 签署协议，计划在 2025 年部署 2,000 辆自驾机器人。  
- 该公司第三季度收入为 221,555 美元，较去年增长 254%，但较前一季度下降超过一半。  
- Serve 目前现金仅 50.9 百万美元，若不减少支出，预计将在 18 个月内耗尽。  

Motley Fool

英伟达和优步正在支持这只价值 7 亿美元的人工智能（AI）股票。你是否也应该投资？