<p>对于半导体明星 <strong>Nvidia</strong>(NVDA -0.66%) 来说，这一周非常忙碌。该公司举办了年度 GTC 峰会，向投资者展示了最新的产品创新、客户见证等内容。</p>
<p>在所有喧嚣中，电子商务和云计算巨头 <strong>Amazon</strong>(AMZN 1.18%) 试图对 Nvidia 发起攻击。</p>
<p>下面，我将详细介绍 Amazon 的一些有趣动态，并探讨这位 &#34;七大奇迹&#34; 成员是否刚刚对 Nvidia 进行了致命一击。</p>
<h2>Amazon 刚刚做了什么？</h2>
<p>Amazon 的云部门——Amazon Web Services (AWS)——是一个相当复杂的运营。AWS 开发了多种不同的平台，甚至在业务中拥有大型基础设施组件，包括数据中心和定制芯片。</p>
<p>在过去两年中，Nvidia 在数据中心图形处理单元 (GPU) 方面并没有面临太大的竞争威胁。这种局面为 Nvidia 提供了无与伦比的定价权。</p>
<p>但根据 <em>The Information</em> 的一份新报告，AWS 正在寻求通过价格与 Nvidia 竞争，在芯片领域大展拳脚。根据报告，AWS 声称其 Trainium 芯片的性能与 Nvidia 的 H100（称为 Hopper）相当，但希望以 Nvidia GPU 售价的 25% 来出售这些芯片。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNjMvbnZpZGlhLWRhdGEtY2VudGVyLXdpdGgtbnZpZGlhLXVuaXRzLWluc3RhbGxlZC1zaG93aW5nLW52aWRpYS1sb2dvLnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNjMvbnZpZGlhLWRhdGEtY2VudGVyLXdpdGgtbnZpZGlhLXVuaXRzLWluc3RhbGxlZC1zaG93aW5nLW52aWRpYS1sb2dvLnBuZyZ3PTcwMA"/></p>
<p>图片来源：Nvidia。</p>
<h2>定价压力迟早会成为一个因素</h2>
<p>从表面上看，销售一款与主流产品同样优秀但价格大幅降低的产品，似乎对 Nvidia 来说是一个不利的逆风。然而，我想进一步探讨几个细节。</p>
<p>经历前所未有的需求的一个缺点可以在供应链中找到。在过去两年中，Nvidia 不得不在供应链物流上投入大量精力和资本，以试图缓解其积压订单中的瓶颈。考虑到该公司芯片的需求似乎并未减退，包括 <strong>Microsoft</strong>、<strong>Meta Platforms</strong> 和 <strong>Alphabet</strong> 在内的许多客户都明确表示，他们正在开发自己的定制硅解决方案，以减少对 Nvidia 的高度依赖。</p>
<p>此外，<strong>Advanced Micro Devices</strong> 在过去一年中悄然崛起，成为 Nvidia 数据中心 GPU 的快速增长替代品。该公司吸引了 Microsoft、Meta 和 <strong>Oracle</strong> 等客户，利用 AMD 的新 MI300 加速器来补充他们的 Nvidia 基础设施。</p>
<p>总体而言，当新产品开始进入市场时，传统供应商往往被迫调整其定价策略，以保持竞争力。随着云计算巨头的定制硅解决方案以及 AMD 的替代芯片的崛起，我认为 Nvidia 面临定价压力只是时间问题。</p>
<p>即使在竞争加剧的情况下，我认为 Nvidia 可能有办法应对 Amazon 的定价策略。在 GTC 大会上，Nvidia 首席执行官黄仁勋开玩笑称自己是 &#34;首席收入破坏者&#34;，谈到 Hopper 芯片时。</p>
<p>他为什么这么说？黄仁勋接着说，&#34;在某些情况下，Hopper 是可以的。这是我能对 Hopper 说的最好的话。某些情况下你可以接受。并不多。&#34;</p>
<p>从本质上讲，黄仁勋或多或少是在说，人工智能的发展速度如此之快，以至于曾被视为行业标准的芯片组已经过时。幸运的是，对 Nvidia 来说，这并不是问题。该公司的下一代架构，名为 Blackwell，在第四季度创造了 110 亿美元的销售额，对新芯片的需求依然高涨。</p>
<h2>我的最终看法</h2>
<p>在某种程度上，我认为黄仁勋贬低 Hopper GPU 是一种巧妙的方式来推销 Blackwell 芯片，并展示这些新产品的强大。更进一步，黄仁勋在 GTC 上花了相当多的时间与投资者讨论 Blackwell 的继任产品 Rubin 架构。</p>
<p>我想强调的是，Nvidia 正在以惊人的速度进行创新，因此我并不认为 Amazon 的 Trainium 芯片会对 Nvidia 造成太大的逆风。虽然一些企业可能会选择在更高效的价格点上接受不那么复杂的架构，但我并不认为 Amazon 的定价策略会在长期内对 Nvidia 造成致命一击。</p>

亚马逊

<p>亚马逊的云计算部门 AWS reportedly 正在开发与 Nvidia 的 H100 GPU 竞争的 Trainium 芯片组，目标是以 Nvidia 价格的 25% 进行销售。这一举措可能会对 Nvidia 的定价策略造成压力，尤其是微软和 Meta 等公司正在探索定制硅解决方案。然而，Nvidia 仍在其下一代 Blackwell 架构上进行创新，该架构创造了 110 亿美元的销售额，这表明亚马逊的定价策略在长期内可能不会对 Nvidia 产生显著影响</p>

<p>It's been a busy week for semiconductor darling <strong>Nvidia</strong>(NVDA -0.66%). The company hosted its annual GTC summit, showcasing to investors the latest and greatest in product innovation, customer testimonials, and more.</p>
<div class="lb-trans"><p>对于半导体明星 <strong>Nvidia</strong>(NVDA -0.66%) 来说，这一周非常忙碌。该公司举办了年度 GTC 峰会，向投资者展示了最新的产品创新、客户见证等内容。</p>
</div><p>In the middle of all the hoopla, e-commerce and cloud computing behemoth <strong>Amazon</strong>(AMZN 1.18%) attempted to take a jab at Nvidia.</p>
<div class="lb-trans"><p>在所有喧嚣中，电子商务和云计算巨头 <strong>Amazon</strong>(AMZN 1.18%) 试图对 Nvidia 发起攻击。</p>
</div><p>Below, I'll detail some interesting developments out of Amazon and explore whether the &#34;Magnificent Seven&#34; member just made its checkmate move against Nvidia.</p>
<div class="lb-trans"><p>下面，我将详细介绍 Amazon 的一些有趣动态，并探讨这位 &#34;七大奇迹&#34; 成员是否刚刚对 Nvidia 进行了致命一击。</p>
</div><h2>What did Amazon just do?</h2>
<div class="lb-trans"><h2>Amazon 刚刚做了什么？</h2>
</div><p>Amazon's cloud division -- Amazon Web Services (AWS) -- is a pretty sophisticated operation. AWS develops a multitude of different platforms and even has a large infrastructure component to the business, including data centers and custom chipsets.</p>
<div class="lb-trans"><p>Amazon 的云部门——Amazon Web Services (AWS)——是一个相当复杂的运营。AWS 开发了多种不同的平台，甚至在业务中拥有大型基础设施组件，包括数据中心和定制芯片。</p>
</div><p>For much of the last two years, Nvidia hasn't faced much of a competitive threat when it comes to data center graphics processing units (GPU). This dynamic has provided Nvidia with unparalleled pricing power.</p>
<div class="lb-trans"><p>在过去两年中，Nvidia 在数据中心图形处理单元 (GPU) 方面并没有面临太大的竞争威胁。这种局面为 Nvidia 提供了无与伦比的定价权。</p>
</div><p>But according to a new report from <em>The Information</em>, AWS is looking to make a splash in the chip realm by competing with Nvidia on price. Per the report, AWS claims that its Trainium chipsets perform on par with Nvidia's H100 (called Hopper) but is looking to sell them for 25% of what Nvidia sells its GPUs for.</p>
<div class="lb-trans"><p>但根据 <em>The Information</em> 的一份新报告，AWS 正在寻求通过价格与 Nvidia 竞争，在芯片领域大展拳脚。根据报告，AWS 声称其 Trainium 芯片的性能与 Nvidia 的 H100（称为 Hopper）相当，但希望以 Nvidia GPU 售价的 25% 来出售这些芯片。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNjMvbnZpZGlhLWRhdGEtY2VudGVyLXdpdGgtbnZpZGlhLXVuaXRzLWluc3RhbGxlZC1zaG93aW5nLW52aWRpYS1sb2dvLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812063%2Fnvidia-data-center-with-nvidia-units-installed-showing-nvidia-logo.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：Nvidia。</p>
</div><h2>Pricing pressure was going to be a factor at some point</h2>
<div class="lb-trans"><h2>定价压力迟早会成为一个因素</h2>
</div><p>On the surface, selling a product that is as good as the mainstream but at a significantly reduced rate looks like an unwanted headwind for Nvidia. However, there are a couple of finer details I'd like to explore further.</p>
<div class="lb-trans"><p>从表面上看，销售一款与主流产品同样优秀但价格大幅降低的产品，似乎对 Nvidia 来说是一个不利的逆风。然而，我想进一步探讨几个细节。</p>
</div><p>One of the downsides of experiencing unprecedented demand can be found in the supply chain. Over the last two years, Nvidia has had to invest significant effort and capital into supply chain logistics to try to mitigate any bottlenecks in its backlog. Considering demand for the company's chips doesn't appear to fading, many of its own customers including <strong>Microsoft</strong>, <strong>Meta Platforms</strong>, and <strong>Alphabet</strong> have all made it clear that they are developing their own custom silicon solutions in an effort to reduce such heavy reliance on Nvidia.</p>
<div class="lb-trans"><p>经历前所未有的需求的一个缺点可以在供应链中找到。在过去两年中，Nvidia 不得不在供应链物流上投入大量精力和资本，以试图缓解其积压订单中的瓶颈。考虑到该公司芯片的需求似乎并未减退，包括 <strong>Microsoft</strong>、<strong>Meta Platforms</strong> 和 <strong>Alphabet</strong> 在内的许多客户都明确表示，他们正在开发自己的定制硅解决方案，以减少对 Nvidia 的高度依赖。</p>
</div><p>On top of that, <strong>Advanced Micro Devices</strong> has quietly emerged as a fast-growing alternative to Nvidia's data center GPUs over the last year. The company has attracted the likes of Microsoft, Meta, and <strong>Oracle</strong> as customers, complementing their Nvidia infrastructure with AMD's new MI300 accelerators.</p>
<div class="lb-trans"><p>此外，<strong>Advanced Micro Devices</strong> 在过去一年中悄然崛起，成为 Nvidia 数据中心 GPU 的快速增长替代品。该公司吸引了 Microsoft、Meta 和 <strong>Oracle</strong> 等客户，利用 AMD 的新 MI300 加速器来补充他们的 Nvidia 基础设施。</p>
</div><p>Broadly speaking, when new products begin to enter the marketplace, legacy providers tend to be forced to alter their pricing strategies in an effort to remain competitive. With custom silicon solutions from cloud hyperscalers, as well as alternative chipsets from AMD on the rise, I think it was only a matter of time before Nvidia was going to face some pricing pressure.</p>
<div class="lb-trans"><p>总体而言，当新产品开始进入市场时，传统供应商往往被迫调整其定价策略，以保持竞争力。随着云计算巨头的定制硅解决方案以及 AMD 的替代芯片的崛起，我认为 Nvidia 面临定价压力只是时间问题。</p>
</div><p>Even with rising competition, I think Nvidia may have a workaround to Amazon's pricing strategy. During the GTC conference, Nvidia CEO Jensen Huang jokingly called himself the &#34;chief revenue destroyer&#34; when talking about the Hopper chip.</p>
<div class="lb-trans"><p>即使在竞争加剧的情况下，我认为 Nvidia 可能有办法应对 Amazon 的定价策略。在 GTC 大会上，Nvidia 首席执行官黄仁勋开玩笑称自己是 &#34;首席收入破坏者&#34;，谈到 Hopper 芯片时。</p>
</div><p>Why would he do that? Well, Huang went on to say that &#34;there are circumstances where Hopper is fine. That's the best thing I could say about Hopper. There are circumstances where you're fine. Not many.&#34;</p>
<div class="lb-trans"><p>他为什么这么说？黄仁勋接着说，&#34;在某些情况下，Hopper 是可以的。这是我能对 Hopper 说的最好的话。某些情况下你可以接受。并不多。&#34;</p>
</div><p>In essence, Huang is more or less saying that AI development is moving at such a rapid pace that the chipsets that were once considered the industry-standard are already going out of style. Luckily for Nvidia, that's not a problem. The company's next-generation architecture, dubbed Blackwell, generated $11 billion in sales during the fourth quarter and demand for the new chips remains sky high.</p>
<div class="lb-trans"><p>从本质上讲，黄仁勋或多或少是在说，人工智能的发展速度如此之快，以至于曾被视为行业标准的芯片组已经过时。幸运的是，对 Nvidia 来说，这并不是问题。该公司的下一代架构，名为 Blackwell，在第四季度创造了 110 亿美元的销售额，对新芯片的需求依然高涨。</p>
</div><h2>My final take</h2>
<div class="lb-trans"><h2>我的最终看法</h2>
</div><p>In a way, I view Huang talking down the Hopper GPUs as a clever way to sell Blackwell chips and market just how powerful these new products are. Taking this a step further, Huang spent quite a bit of time at GTC to talk to investors about Blackwell's successor product, the Rubin architecture.</p>
<div class="lb-trans"><p>在某种程度上，我认为黄仁勋贬低 Hopper GPU 是一种巧妙的方式来推销 Blackwell 芯片，并展示这些新产品的强大。更进一步，黄仁勋在 GTC 上花了相当多的时间与投资者讨论 Blackwell 的继任产品 Rubin 架构。</p>
</div><p>The idea I really want to drive home here is that Nvidia is innovating at a staggering pace, so I don't see Amazon's Trainium chips as much of a headwind for Nvidia. While it's likely some businesses will settle for less sophisticated architecture at a more efficient price point, I do not see Amazon's pricing strategy as a checkmate move against Nvidia in the long-run.</p>
<div class="lb-trans"><p>我想强调的是，Nvidia 正在以惊人的速度进行创新，因此我并不认为 Amazon 的 Trainium 芯片会对 Nvidia 造成太大的逆风。虽然一些企业可能会选择在更高效的价格点上接受不那么复杂的架构，但我并不认为 Amazon 的定价策略会在长期内对 Nvidia 造成致命一击。</p>
</div>

Did Amazon Just Say "Checkmate" to Nvidia?

- 亚马逊云服务（AWS）计划以低于英伟达（Nvidia）25% 的价格推出 Trainium 芯片。  
- 英伟达面临来自 AWS 和 AMD 的竞争压力，可能影响其定价策略。  
- 尽管如此，英伟达的新一代架构 Blackwell 仍保持强劲需求。  

亚马逊是否刚刚对英伟达说了 “将军”？