<p><strong>英伟达</strong> 为数据中心提供全球最先进的人工智能（AI）芯片，同时也拥有越来越多的其他 AI 解决方案。例如，<strong>Serve Robotics</strong>（SERV -3.47%）在其旗舰 Gen3 机器人中使用英伟达的 Jetson Orin 硬件和软件平台，使其能够代表像 <strong>优步科技</strong> 的 Uber Eats 自主配送食品订单。</p>
<p>英伟达曾是 Serve Robotics 的最大股东之一，直到在 2024 年最后一个季度出售了其全部股份。尚不清楚英伟达为何退出该投资，但 Serve 的股票在 2025 年下跌了近 30%，并且比历史最高点下跌了 55%。看来这家芯片巨头的时机把握得相当不错。</p>
<p>但 Serve 计划在今年根据与 Uber Eats 的重大协议部署 2000 台 Gen3 机器人，华尔街认为这将带来显著的收入增长。投资者应该在 Serve 股票下跌时买入，还是应该与英伟达保持观望？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5MDQvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5MDQvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>转变最后一公里物流</h2>
<p>Serve 认为现有的最后一公里物流解决方案效率低下，因为它们依赖于有人工驾驶员的汽车来配送小型食品订单。该公司押注未来这些配送将由自主机器人和无人机来处理，预计到 2030 年将创造一个 4500 亿美元的市场机会。</p>
<p>Serve 的机器人已达到 4 级自主驾驶，这意味着它们可以在指定区域的步道上行驶，而无需任何人工干预。自 2022 年初以来，这些机器人已代表餐厅完成了超过 100,000 次配送，准确率达到 99.8%，这使它们比人工配送员更可靠。</p>
<p>Serve 最新的 Gen3 机器人在计算能力（得益于英伟达的 Jetson Orin 系统）、速度、范围和电池寿命方面相比于之前的版本有了巨大的提升。由于与 <strong>麦格纳国际</strong> 的合作，制造成本也降低了 65%，麦格纳是一家价值 145 亿美元的汽车零部件和组件生产商。Serve 计划在所有市场中每次配送收费 1 美元，具备更强能力的机器人结合更低的制造成本将使公司更进一步。</p>
<p>正如我之前提到的，Serve 正在根据与 Uber Eats 的协议在今年部署 2000 台 Gen3 机器人。该公司在 2025 年第一季度推出了 250 台，预计到第三季度末将再增加 700 台，其余将在第四季度推出。这些新机器人已经使 Serve 能够扩展到迈阿密和达拉斯，亚特兰大将在本季度跟进。</p>
<h2>收入预计将飙升，但亏损在增加</h2>
<p>Serve 在 2025 年第一季度的收入仅为 440,465 美元，比去年同期下降了 53%——但之前的结果因麦格纳支付给公司的一次性软件许可费而被夸大。</p>
<p>Serve 第一季度的收入实际上比 2024 年第四季度增长了 150%，这更能反映其配送业务的快速增长。事实上，华尔街的共识预期（由 Yahoo! Finance 提供）表明，该公司在 2025 年全年可能产生 680 万美元的收入，这意味着在接下来的三个季度中可能会有巨大的增长，因为更多的机器人将被部署。</p>
<p>但 Serve 面临一个重大问题。第一季度净亏损 1320 万美元，这使得公司有望超过去年创下的 3920 万美元的年度亏损记录。构建自主技术并不便宜——Serve 最大的成本是研发，通常占公司总运营费用的一半，这种情况可能不会很快改变。</p>
<p>因此，即使 Serve 在 2025 年产生 680 万美元的收入，也远远不足以阻止再次出现巨额净亏损。该公司在第一季度末的资产负债表上有 1.977 亿美元的现金，因此可以在未来几年内维持当前的亏损。然而，管理层最终必须将重点转向盈利；否则，它将不得不从投资者那里筹集更多资金，这将大幅稀释现有股东的股份。</p>
<h2>Serve 股票非常昂贵，但值得购买吗？</h2>
<p>根据 Serve 过去 12 个月的收入为 130 万美元和其市场资本化为 5.99 亿美元，其股票的市销率（P/S）高达 460。这意味着其股票的价格是英伟达股票的惊人 18 倍，而英伟达的市销率仅为 26。</p>
<p>我认为 Serve 不应该以如此高的溢价交易于全球最高质量公司的股票之上，而英伟达在人工智能领域确立了领导地位，并拥有数十年的成功记录。</p>
<p>话虽如此，如果根据未来收入来衡量 Serve 的估值，使用华尔街的预测，似乎更为合理。如果假设该公司今年将产生 680 万美元的收入，那么其股票的前瞻市销率为 88。此外，如果假设 Serve 在 2026 年将实现 5780 万美元的收入（如华尔街所预期），那么其股票的前瞻市销率仅为 10.3。</p>
<p>然而，Serve 能否达到华尔街的预期绝对没有任何保证，因此今天购买该股票的投资者正在冒很大的风险。此外，尽管我们不知道英伟达为何出售其 370 万股 Serve 股票（按当前价格计算价值 3900 万美元），但这确实削弱了投资案例的光彩。</p>
<p>另一方面，如果投资者认为 Serve 到 2030 年将占据其估计的 4500 亿美元可寻址市场的相当一部分，那么其当前股价可能是个便宜货。但在投资这个故事时，重要的是要牢记潜在的重大风险。</p>

SERV

<p>Serve Robotics 的股票从高峰下跌了 55%，这与 Nvidia 退出作为主要股东的时间相吻合。尽管如此，Serve 计划为 Uber Eats 部署 2,000 台 Gen3 机器人，目标是在预计到 2030 年达到 4500 亿美元的市场中实现显著的收入增长。然而，公司面临着不断增加的亏损挑战，2025 年第一季度报告亏损 1320 万美元，并且其高达 460 的市销率引发了对其估值和未来盈利能力的担忧。投资者对是否应该投资 Serve 的潜力或保持谨慎感到困惑</p>

<p><strong>Nvidia</strong> supplies the world's most advanced artificial intelligence (AI) chips for data centers, but it also has a growing portfolio of other AI solutions. For example, <strong>Serve Robotics</strong>(SERV -3.47%) uses Nvidia's Jetson Orin hardware and software platform in its flagship Gen3 robots, giving them the capability to autonomously deliver food orders on behalf of platforms like <strong>Uber Technologies</strong>' Uber Eats.</p>
<div class="lb-trans"><p><strong>英伟达</strong> 为数据中心提供全球最先进的人工智能（AI）芯片，同时也拥有越来越多的其他 AI 解决方案。例如，<strong>Serve Robotics</strong>（SERV -3.47%）在其旗舰 Gen3 机器人中使用英伟达的 Jetson Orin 硬件和软件平台，使其能够代表像 <strong>优步科技</strong> 的 Uber Eats 自主配送食品订单。</p>
</div><p>Nvidia used to be one of the largest shareholders in Serve Robotics until it sold its entire stake during the final quarter of 2024. It's not clear why Nvidia exited the position, but Serve stock is down by almost 30% in 2025, and by 55% from its all-time high. It seems the chip giant has excellent timing.</p>
<div class="lb-trans"><p>英伟达曾是 Serve Robotics 的最大股东之一，直到在 2024 年最后一个季度出售了其全部股份。尚不清楚英伟达为何退出该投资，但 Serve 的股票在 2025 年下跌了近 30%，并且比历史最高点下跌了 55%。看来这家芯片巨头的时机把握得相当不错。</p>
</div><p>But Serve is on track to deploy 2,000 Gen3 robots this year under a major deal with Uber Eats, and Wall Street thinks it will lead to significant revenue growth. Should investors buy Serve stock while it's down, or should they sit on the sidelines with Nvidia?</p>
<div class="lb-trans"><p>但 Serve 计划在今年根据与 Uber Eats 的重大协议部署 2000 台 Gen3 机器人，华尔街认为这将带来显著的收入增长。投资者应该在 Serve 股票下跌时买入，还是应该与英伟达保持观望？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5MDQvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818904%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>Transforming last-mile logistics</h2>
<div class="lb-trans"><h2>转变最后一公里物流</h2>
</div><p>Serve believes existing last-mile logistics solutions are inefficient, because they rely on cars with human drivers to deliver small food orders. The company is betting these deliveries will be handled by autonomous robots and drones in the future, creating a potential $450 billion market opportunity by 2030.</p>
<div class="lb-trans"><p>Serve 认为现有的最后一公里物流解决方案效率低下，因为它们依赖于有人工驾驶员的汽车来配送小型食品订单。该公司押注未来这些配送将由自主机器人和无人机来处理，预计到 2030 年将创造一个 4500 亿美元的市场机会。</p>
</div><p>Serve's robots have achieved Level 4 autonomy, which means they can drive on sidewalks within designated areas without any human intervention. These robots have completed over 100,000 deliveries on behalf of restaurants primarily in Los Angeles since the start of 2022, with 99.8% accuracy, which makes them significantly more reliable than human delivery drivers.</p>
<div class="lb-trans"><p>Serve 的机器人已达到 4 级自主驾驶，这意味着它们可以在指定区域的步道上行驶，而无需任何人工干预。自 2022 年初以来，这些机器人已代表餐厅完成了超过 100,000 次配送，准确率达到 99.8%，这使它们比人工配送员更可靠。</p>
</div><p>Serve's latest Gen3 robot offers vast improvements in computing power (thanks to Nvidia's Jetson Orin systems), speed, range, and battery life compared to previous versions. It is also up to 65% cheaper to manufacture thanks to Serve's partnership with <strong>Magna International</strong>, which is a $14.5 billion producer of parts and components for the automotive industry. Serve is aiming to charge $1 per delivery across the board in all markets, and robots with greater capabilities combined with cheaper manufacturing costs will bring the company a step closer.</p>
<div class="lb-trans"><p>Serve 最新的 Gen3 机器人在计算能力（得益于英伟达的 Jetson Orin 系统）、速度、范围和电池寿命方面相比于之前的版本有了巨大的提升。由于与 <strong>麦格纳国际</strong> 的合作，制造成本也降低了 65%，麦格纳是一家价值 145 亿美元的汽车零部件和组件生产商。Serve 计划在所有市场中每次配送收费 1 美元，具备更强能力的机器人结合更低的制造成本将使公司更进一步。</p>
</div><p>As I mentioned earlier, Serve is working to deploy 2,000 Gen3 robots this year under its deal with Uber Eats. The company launched 250 during the first quarter of 2025, with 700 more expected by the end of the third quarter, and the remainder to come during the fourth quarter. The new robots have already enabled Serve to expand into Miami and Dallas, with Atlanta to follow during the current quarter.</p>
<div class="lb-trans"><p>正如我之前提到的，Serve 正在根据与 Uber Eats 的协议在今年部署 2000 台 Gen3 机器人。该公司在 2025 年第一季度推出了 250 台，预计到第三季度末将再增加 700 台，其余将在第四季度推出。这些新机器人已经使 Serve 能够扩展到迈阿密和达拉斯，亚特兰大将在本季度跟进。</p>
</div><h2>Revenue is forecast to soar, but losses are mounting</h2>
<div class="lb-trans"><h2>收入预计将飙升，但亏损在增加</h2>
</div><p>Serve generated just $440,465 in revenue during the first quarter of 2025, which was a 53% drop compared to the year-ago quarter -- but that prior result was inflated by a one-off software licensing fee Magna paid the company to use some of its technology.</p>
<div class="lb-trans"><p>Serve 在 2025 年第一季度的收入仅为 440,465 美元，比去年同期下降了 53%——但之前的结果因麦格纳支付给公司的一次性软件许可费而被夸大。</p>
</div><p>Serve's first-quarter revenue was actually a 150% <em>increase</em> compared to the fourth quarter of 2024 three months earlier, which is a better indication of how quickly its delivery business is ramping up. In fact, Wall Street's consensus estimate (provided by Yahoo! Finance) suggests the company could generate $6.8 million in revenue for the whole of 2025, which means there could be massive growth over the next three quarters as more robots are deployed.</p>
<div class="lb-trans"><p>Serve 第一季度的收入实际上比 2024 年第四季度增长了 150%，这更能反映其配送业务的快速增长。事实上，华尔街的共识预期（由 Yahoo! Finance 提供）表明，该公司在 2025 年全年可能产生 680 万美元的收入，这意味着在接下来的三个季度中可能会有巨大的增长，因为更多的机器人将被部署。</p>
</div><p>But Serve has a big issue. It lost $13.2 million on the bottom line during the first quarter, which puts the company on track to exceed its record annual loss of $39.2 million from last year. Building autonomous technologies isn't cheap -- Serve's biggest cost is research and development, which regularly accounts for half of the company's total operating expenses, and that probably won't change anytime soon.</p>
<div class="lb-trans"><p>但 Serve 面临一个重大问题。第一季度净亏损 1320 万美元，这使得公司有望超过去年创下的 3920 万美元的年度亏损记录。构建自主技术并不便宜——Serve 最大的成本是研发，通常占公司总运营费用的一半，这种情况可能不会很快改变。</p>
</div><p>Therefore, even if Serve generates $6.8 million in revenue during 2025, it won't be anywhere near enough to prevent another gigantic net loss. The company had $197.7 million in cash on its balance sheet at the end of the first quarter, so it can afford to sustain its current losses for the next couple of years. However, management will eventually have to turn its focus toward profitability; otherwise, it will have to raise more money from investors, which will significantly dilute existing shareholders.</p>
<div class="lb-trans"><p>因此，即使 Serve 在 2025 年产生 680 万美元的收入，也远远不足以阻止再次出现巨额净亏损。该公司在第一季度末的资产负债表上有 1.977 亿美元的现金，因此可以在未来几年内维持当前的亏损。然而，管理层最终必须将重点转向盈利；否则，它将不得不从投资者那里筹集更多资金，这将大幅稀释现有股东的股份。</p>
</div><h2>Serve stock is very expensive, but is it a buy?</h2>
<div class="lb-trans"><h2>Serve 股票非常昂贵，但值得购买吗？</h2>
</div><p>Based on Serve's trailing-12-month revenue of $1.3 million and its market capitalization of $599 million, its stock trades at an eye-popping price-to-sales (P/S) ratio of 460. That means it's a staggering 18 times more expensive than Nvidia stock, which trades at a P/S ratio of just 26.</p>
<div class="lb-trans"><p>根据 Serve 过去 12 个月的收入为 130 万美元和其市场资本化为 5.99 亿美元，其股票的市销率（P/S）高达 460。这意味着其股票的价格是英伟达股票的惊人 18 倍，而英伟达的市销率仅为 26。</p>
</div><p>I don't think Serve deserves to be trading at such a steep premium to one of the world's highest-quality companies, which has cemented a leadership position in AI and has a track record of success that spans decades.</p>
<div class="lb-trans"><p>我认为 Serve 不应该以如此高的溢价交易于全球最高质量公司的股票之上，而英伟达在人工智能领域确立了领导地位，并拥有数十年的成功记录。</p>
</div><p>With that said, Serve's valuation does look more reasonable if you measure it based on its future revenue, using Wall Street's forecasts. If you assume the company will generate $6.8 million in revenue this year, that means its stock is trading at a forward P/S ratio of 88. Moreover, if you assume Serve will deliver $57.8 million in revenue during 2026 as Wall Street expects, then its stock trades at a forward P/S ratio of just 10.3 based on that result.</p>
<div class="lb-trans"><p>话虽如此，如果根据未来收入来衡量 Serve 的估值，使用华尔街的预测，似乎更为合理。如果假设该公司今年将产生 680 万美元的收入，那么其股票的前瞻市销率为 88。此外，如果假设 Serve 在 2026 年将实现 5780 万美元的收入（如华尔街所预期），那么其股票的前瞻市销率仅为 10.3。</p>
</div><p>However, there is absolutely no guarantee that Serve will meet Wall Street's estimates, so investors who buy the stock today are taking a very big leap of faith. Plus, even though we don't know exactly why Nvidia sold its 3.7 million shares in Serve (which would be worth $39 million at the current price), it does take some of the shine away from the investment case.</p>
<div class="lb-trans"><p>然而，Serve 能否达到华尔街的预期绝对没有任何保证，因此今天购买该股票的投资者正在冒很大的风险。此外，尽管我们不知道英伟达为何出售其 370 万股 Serve 股票（按当前价格计算价值 3900 万美元），但这确实削弱了投资案例的光彩。</p>
</div><p>On the flip side, if investors think Serve will capture a significant portion of its estimated $450 billion addressable market by 2030, then its current stock price is probably a bargain. But it's important to keep the substantial risks in mind when buying into this story.</p>
<div class="lb-trans"><p>另一方面，如果投资者认为 Serve 到 2030 年将占据其估计的 4500 亿美元可寻址市场的相当一部分，那么其当前股价可能是个便宜货。但在投资这个故事时，重要的是要牢记潜在的重大风险。</p>
</div>

Should You Buy Serve Robotics Stock After Its 55% Crash? This Recent Move by Nvidia Might Hold the Answer.

- Nvidia 提供先进的 AI 芯片，Serve Robotics 使用其技术进行食品配送。  
- Serve 计划在 2025 年部署 2,000 台机器人，预计收入将显著增长。  
- 尽管收入预期上升，Serve 仍面临巨额亏损和高估值风险。  

在 Serve Robotics 股价暴跌 55% 后，你是否应该购买该股票？Nvidia 最近的动作可能会提供答案