<p>一些公司已承诺在未来几年内投资国内基础设施。其中最重要的举措是 <strong>甲骨文</strong>、<strong>软银</strong> 和 OpenAI 之间的合资企业。这个名为 Stargate 的技术领袖联盟计划在美国投资 5000 亿美元用于人工智能（AI）基础设施。</p>
<p>就在上周，投资者终于得到了关于 Stargate 进展的更新。毫无意外，半导体巨头 <strong>英伟达</strong>（NVDA -2.85%）参与了 OpenAI 的新数据中心。</p>
<p>让我们深入探讨这笔交易，并评估它为何可能成为英伟达的游戏规则改变者。</p>
<h2>英伟达和 OpenAI 是如何合作的？</h2>
<p>作为回顾，OpenAI 在几年前因 <strong>微软</strong> 的数十亿美元投资而迅速崛起。虽然 OpenAI 的服务，尤其是 ChatGPT，已在微软的生态系统中得到广泛应用，但过去一年左右，两家公司一直在寻求拓展的机会。</p>
<p>对于 OpenAI 来说，公司已经达到与其他科技公司建立合作伙伴关系的关键时刻——因此创建了 Stargate。</p>
<p>原因在于，随着对 ChatGPT 需求的增长，对计算能力（即更多的数据中心基础设施）的需求也在增加。然而，微软显然不能成为唯一的桥梁来满足 OpenAI 的资金需求。</p>
<p>根据最近的报告，甲骨文计划从英伟达购买约 40 万个图形处理单元（GPU），用于 OpenAI 在德克萨斯州的新数据中心。值得注意的是，这些 GPU 是英伟达的新 Blackwell 架构，可能会让甲骨文花费高达 400 亿美元。</p>
<p>随后，甲骨文将根据交易结构将这些芯片租赁给 OpenAI，为其快速增长的基础设施即服务（IaaS）部门增添更多动力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NjQvY2hhdC1ncHQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NjQvY2hhdC1ncHQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>这笔交易为何重要？</h2>
<p>我认为这笔交易对英伟达来说是一个游戏规则改变者的主要原因有两个。</p>
<p>首先，全球管理咨询公司麦肯锡最近发布了一份报告，估计未来五年将花费近 7 万亿美元用于 AI 基础设施。在这个总额中，麦肯锡认为硬件供应商将是 AI 资本支出（capex）上升的最大受益者。</p>
<p>尽管 Stargate 仍处于起步阶段，但已有迹象表明，像英伟达这样的硬件供应商已经从增加的 AI 基础设施预算中受益。报告显示，OpenAI 正在考虑在德克萨斯州以外建设更多数据中心。鉴于英伟达被选中领导这一初步建设，我对该公司能够继续赢得 Stargate 项目的更多合同持乐观态度——因此，这可能是 OpenAI 与英伟达之间长期关系的开始。</p>
<p>此外，今年早些时候有报道称，OpenAI 正在与 <strong>台湾半导体制造公司</strong> 合作开发自己的定制芯片。虽然 OpenAI 最终可能会追求定制硅，但目前看来，该公司的计算能力在很大程度上依赖于配备英伟达 GPU 的数据中心。</p>
<p>在我看来，这表明对 Blackwell 的需求仍然强劲。此外，英伟达作为 Stargate 初始项目的主要芯片供应商的选择，突显了该公司硬件在持续 AI 开发中的重要性。</p>
<h2>你现在应该购买英伟达股票吗？</h2>
<p>在近三年来的第一次，英伟达股票实际上出现了喘息——而且是一个较长的喘息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b590673c24516371c6821a1b0bddfa25.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/b590673c24516371c6821a1b0bddfa25.png"/></p>
<p>NVDA 市盈率（前瞻性）数据来自 YCharts</p>
<p>由于对新关税政策的不确定性以及这些政策可能对英伟达在中国的商业能力产生的影响，投资者在 2025 年大部分时间里一直在抛售英伟达股票。</p>
<p>尽管如此，该公司的前瞻市盈率（P/E）为 32.6，显示出这一火热芯片股票的估值压缩。我将与 OpenAI 的交易视为英伟达未来发展的潜在代理，因为 Stargate 和其他 AI 基础设施交易的实现。在我看来，该公司的长期前景依然强劲——尽管目前在一些关键亚洲市场面临一些阻力。</p>
<p>拥有长期投资视野的投资者可能想考虑现在购买英伟达的股票，因为如果它继续赢得更多与 AI 最大开发者的高调交易，股票可能会出现急剧反弹。</p>

OpenAI

甲骨文

英伟达

<p>英伟达与 OpenAI 达成了一项重要合作，成为 Stargate 财团的一部分，该财团还包括甲骨文和软银，旨在投资 5000 亿美元用于美国的人工智能基础设施。甲骨文计划为 OpenAI 在德克萨斯州的新数据中心购买 40 万块英伟达 GPU，预计费用将达到 400 亿美元。随着对人工智能基础设施需求的增长，这一合作至关重要，麦肯锡预计未来五年内人工智能支出将达到 7 万亿美元。尽管近期股票遭遇抛售，英伟达的长期前景依然强劲，成为投资者潜在的买入对象</p>

<p>A number of companies have made commitments to invest in domestic infrastructure over the next several years. Chief among these initiatives is a joint venture among <strong>Oracle</strong>, <strong>SoftBank</strong>, and OpenAI. Known as Stargate, this consortium of technology leaders plans to invest $500 billion into artificial intelligence (AI) infrastructure in the U.S.</p>
<div class="lb-trans"><p>一些公司已承诺在未来几年内投资国内基础设施。其中最重要的举措是 <strong>甲骨文</strong>、<strong>软银</strong> 和 OpenAI 之间的合资企业。这个名为 Stargate 的技术领袖联盟计划在美国投资 5000 亿美元用于人工智能（AI）基础设施。</p>
</div><p>Just last week, investors finally got an update on how Stargate is progressing. In perhaps a shock to absolutely no one, semiconductor powerhouse <strong>Nvidia</strong>(NVDA -2.85%) is involved with a new data center for OpenAI.</p>
<div class="lb-trans"><p>就在上周，投资者终于得到了关于 Stargate 进展的更新。毫无意外，半导体巨头 <strong>英伟达</strong>（NVDA -2.85%）参与了 OpenAI 的新数据中心。</p>
</div><p>Let's dig into this deal and assess why it could be a game changer for Nvidia.</p>
<div class="lb-trans"><p>让我们深入探讨这笔交易，并评估它为何可能成为英伟达的游戏规则改变者。</p>
</div><h2>How are Nvidia and OpenAI working together?</h2>
<div class="lb-trans"><h2>英伟达和 OpenAI 是如何合作的？</h2>
</div><p>As a refresher, OpenAI burst onto the AI scene a few years ago following a multibillion-dollar investment from <strong>Microsoft</strong>. While OpenAI's services, chief among them ChatGPT, have become heavily integrated throughout Microsoft's ecosystem, both companies have been seeking opportunities to branch out over the last year or so.</p>
<div class="lb-trans"><p>作为回顾，OpenAI 在几年前因 <strong>微软</strong> 的数十亿美元投资而迅速崛起。虽然 OpenAI 的服务，尤其是 ChatGPT，已在微软的生态系统中得到广泛应用，但过去一年左右，两家公司一直在寻求拓展的机会。</p>
</div><p>For OpenAI, the company has reached a point whereby striking partnerships with other technology companies is essential -- hence the creation of Stargate.</p>
<div class="lb-trans"><p>对于 OpenAI 来说，公司已经达到与其他科技公司建立合作伙伴关系的关键时刻——因此创建了 Stargate。</p>
</div><p>The reason for this is that as demand for ChatGPT grows, so does the need for compute power (i.e., more data center infrastructure). However, Microsoft simply cannot be the sole bridge to finance OpenAI's needs.</p>
<div class="lb-trans"><p>原因在于，随着对 ChatGPT 需求的增长，对计算能力（即更多的数据中心基础设施）的需求也在增加。然而，微软显然不能成为唯一的桥梁来满足 OpenAI 的资金需求。</p>
</div><p>Per recent reports, Oracle is planning to purchase an estimated 400,000 graphics processing units (GPU) from Nvidia for OpenAI's new data center in Texas. Of note, the GPUs are Nvidia's new Blackwell architecture and could cost Oracle up to $40 billion.</p>
<div class="lb-trans"><p>根据最近的报告，甲骨文计划从英伟达购买约 40 万个图形处理单元（GPU），用于 OpenAI 在德克萨斯州的新数据中心。值得注意的是，这些 GPU 是英伟达的新 Blackwell 架构，可能会让甲骨文花费高达 400 亿美元。</p>
</div><p>Oracle will subsequently be leasing these chips to OpenAI as part of the deal structure, adding even more tailwinds to its fast-growing infrastructure-as-a-service (IaaS) division.</p>
<div class="lb-trans"><p>随后，甲骨文将根据交易结构将这些芯片租赁给 OpenAI，为其快速增长的基础设施即服务（IaaS）部门增添更多动力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NjQvY2hhdC1ncHQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819664%2Fchat-gpt.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>Why is this deal important?</h2>
<div class="lb-trans"><h2>这笔交易为何重要？</h2>
</div><p>I see two primary reasons why this deal is a game changer for Nvidia.</p>
<div class="lb-trans"><p>我认为这笔交易对英伟达来说是一个游戏规则改变者的主要原因有两个。</p>
</div><p>First, global management consulting firm McKinsey &amp; Company recently published a report in which it estimates nearly $7 trillion will be spent on AI infrastructure over the next five years. Within this grand total, McKinsey believes that hardware providers will be the biggest beneficiaries of rising AI capital expenditure (capex).</p>
<div class="lb-trans"><p>首先，全球管理咨询公司麦肯锡最近发布了一份报告，估计未来五年将花费近 7 万亿美元用于 AI 基础设施。在这个总额中，麦肯锡认为硬件供应商将是 AI 资本支出（capex）上升的最大受益者。</p>
</div><p>Even though Stargate is still in its infancy, there are signs that hardware suppliers such as Nvidia are already benefiting from increased AI infrastructure budgets. Reports suggest that OpenAI is considering building more data centers beyond Texas. Given Nvidia's selection to lead this initial buildout, I'm optimistic the company could continue winning more contracts from the Stargate project -- hence, this could be the beginning of a long-term relationship between OpenAI and Nvidia.</p>
<div class="lb-trans"><p>尽管 Stargate 仍处于起步阶段，但已有迹象表明，像英伟达这样的硬件供应商已经从增加的 AI 基础设施预算中受益。报告显示，OpenAI 正在考虑在德克萨斯州以外建设更多数据中心。鉴于英伟达被选中领导这一初步建设，我对该公司能够继续赢得 Stargate 项目的更多合同持乐观态度——因此，这可能是 OpenAI 与英伟达之间长期关系的开始。</p>
</div><p>On top of that, it was reported earlier this year that OpenAI was collaborating with <strong>Taiwan Semiconductor Manufacturing</strong> to develop its own custom chipsets. While OpenAI may indeed eventually pursue custom silicon, it appears for now that the company's compute power relies heavily on data centers outfitted with Nvidia's GPUs.</p>
<div class="lb-trans"><p>此外，今年早些时候有报道称，OpenAI 正在与 <strong>台湾半导体制造公司</strong> 合作开发自己的定制芯片。虽然 OpenAI 最终可能会追求定制硅，但目前看来，该公司的计算能力在很大程度上依赖于配备英伟达 GPU 的数据中心。</p>
</div><p>To me, this signals that demand for Blackwell continues to remain robust. Moreover, Nvidia's selection as a primary chip supplier for one of Stargate's initial projects underscores just how critical the company's hardware is for ongoing AI development.</p>
<div class="lb-trans"><p>在我看来，这表明对 Blackwell 的需求仍然强劲。此外，英伟达作为 Stargate 初始项目的主要芯片供应商的选择，突显了该公司硬件在持续 AI 开发中的重要性。</p>
</div><h2>Should you buy Nvidia stock right now?</h2>
<div class="lb-trans"><h2>你现在应该购买英伟达股票吗？</h2>
</div><p>For the first time in almost three years, Nvidia stock has actually taken a breather -- and a prolonged one at that.</p>
<div class="lb-trans"><p>在近三年来的第一次，英伟达股票实际上出现了喘息——而且是一个较长的喘息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b590673c24516371c6821a1b0bddfa25.png" alt="" original-src="https://media.ycharts.com/charts/b590673c24516371c6821a1b0bddfa25.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻性）数据来自 YCharts</p>
</div><p>Investors have been selling Nvidia stock throughout most of 2025, thanks in large part to uncertainty around new tariff policies and how they may impact Nvidia's ability to conduct business in China.</p>
<div class="lb-trans"><p>由于对新关税政策的不确定性以及这些政策可能对英伟达在中国的商业能力产生的影响，投资者在 2025 年大部分时间里一直在抛售英伟达股票。</p>
</div><p>Nevertheless, the company's forward price to earnings (P/E) multiple of 32.6 shows some clear valuation compression in the red-hot chip stock. I see the deal with OpenAI as a potential proxy for what's to come for Nvidia as Stargate and other AI infrastructure deals come to fruition. To me, the company's long-run prospects look as strong as ever -- despite some headwinds in key Asian markets for now.</p>
<div class="lb-trans"><p>尽管如此，该公司的前瞻市盈率（P/E）为 32.6，显示出这一火热芯片股票的估值压缩。我将与 OpenAI 的交易视为英伟达未来发展的潜在代理，因为 Stargate 和其他 AI 基础设施交易的实现。在我看来，该公司的长期前景依然强劲——尽管目前在一些关键亚洲市场面临一些阻力。</p>
</div><p>Investors with a long-run time horizon may want to consider scooping up shares of Nvidia right now, as the stock could witness a sharp rebound if it continues to win over more high-profile deals with AI's biggest developers.</p>
<div class="lb-trans"><p>拥有长期投资视野的投资者可能想考虑现在购买英伟达的股票，因为如果它继续赢得更多与 AI 最大开发者的高调交易，股票可能会出现急剧反弹。</p>
</div>

Is Nvidia's Deal With OpenAI a Game Changer?

- 多家公司承诺在未来几年投资国内基础设施。  
- Oracle、SoftBank 和 OpenAI 组成的 Stargate 联盟计划投资 5000 亿美元于美国 AI 基础设施。  
- Nvidia 将为 OpenAI 的新数据中心提供 40 亿美元的 GPU，可能推动其长期增长。  

英伟达与 OpenAI 的交易是否会改变游戏规则？