<p>1990 年代中期互联网的出现和普及是一个不可错过的趋势，吸引了普通投资者的关注。自那时起，许多其他改变游戏规则的创新相继出现，承诺了巨大的市场潜力。这包括企业对企业的电子商务、基因组学、3D 打印和元宇宙等热门趋势。</p>
<p>但在过去的三十年里，没有哪个趋势能与互联网对美国企业的影响相提并论……直到现在。</p>
<p>人工智能（AI）的演变似乎是科技行业和整个社会的下一个飞跃。这一改变游戏规则的机会的广阔性体现在普华永道的估计中，即到 2030 年，人工智能将为全球经济增加 15.7 万亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Nvidia。</p>
<p>一个 15.7 万亿美元的可寻址市场意味着许多公司将成为赢家，从硬件到实际应用。然而，没有哪家公司比 <strong>Nvidia</strong>（NVDA 1.26%）更能从人工智能革命中受益。</p>
<p>潜在的问题是，Nvidia 最大的竞争优势之一也可能是其致命弱点。</p>
<h2>创新是 Nvidia 和首席执行官黄仁勋的首要任务</h2>
<p>自 2022 年结束以来，Nvidia 的股价上涨超过 870%，公司市值增加超过 3 万亿美元，并完成了历史性的 10 比 1 前分拆。尽管 Nvidia 的整体百分比回报落后于 <strong>Palantir Technologies</strong>，但 Nvidia 的估值却比历史上任何大型股票都要迅速飙升。</p>
<p>Nvidia 的超常表现直接反映了其在人工智能加速的数据中心中的理想定位。公司的 Hopper（H100）图形处理单元（GPU）和后续的 Blackwell GPU 已成为高计算数据中心的首选选项。换句话说，Nvidia 的硬件很可能是最新生成的人工智能解决方案和大多数大型语言模型训练的幕后推手。</p>
<p>在过去三十年华尔街最热门趋势的前沿有其好处。由于对 AI-GPU 的需求远超供应，华尔街的人工智能宠儿能够为其硬件收取高昂的价格。去年，Nvidia 的 Hopper 芯片以超过 40,000 美元的价格热销。相比之下，<strong>Advanced Micro Devices</strong> 的 Instinct MI300X 系列芯片售价在 10,000 到 15,000 美元之间。</p>
<p>能够为其硬件收取溢价使 Nvidia 的毛利率飙升。在人工智能崛起之前，Nvidia 的公认会计原则（GAAP）毛利率通常在 60% 到中低 60% 之间，而在一年前的财年第一季度，Nvidia 的 GAAP 毛利率飙升至 78.4%（公司的财年在 1 月底结束）。</p>
<p>但可以说，Nvidia 最大的竞争优势是其创新，而这一切由首席执行官黄仁勋主导。</p>
<p>黄仁勋的雄心壮志是每年推出一款下一代人工智能芯片。它始于 Hopper 和 Blackwell，预计将在今年下半年推出 Blackwell Ultra，在 2026 年下半年推出 Vera Rubin，以及在 2027 年下半年推出 Vera Rubin Ultra。</p>
<p>正如你可能猜到的，Vera Rubin 和 Vera Rubin Ultra 将运行在一种被称为&#34;Vera&#34;的新处理器上。这种处理器应该能够将 Blackwell Ultra 的处理性能翻倍，并且在内存容量和内存带宽方面比前代芯片有显著提升。</p>
<p>关键点在于，黄仁勋希望保持 Nvidia 在计算领域的决定性领导地位，这反过来应该有助于公司相对于外部竞争对手如 AMD 和中国华为收取溢价。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzcvbnZpZGlhLWNlby1qZW5zZW4taHVhbmctZGVsaXZlcnMtZ3RjLWtleW5vdGUuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzcvbnZpZGlhLWNlby1qZW5zZW4taHVhbmctZGVsaXZlcnMtZ3RjLWtleW5vdGUuanBnJnc9NzAw"/></p>
<p>Nvidia 首席执行官黄仁勋在 2025 年发表 GTC 主题演讲。图片来源：Nvidia。</p>
<h2>黄仁勋加速创新时间表可能是 Nvidia 最大的敌人吗？</h2>
<p>对于几乎所有上市公司而言，创新是成功的关键。黄仁勋在研发更快、更高效的 AI-GPU 上的激进支出几乎会得到华尔街和投资者的普遍赞赏。</p>
<p>但黄仁勋加速的创新时间表可能对他的公司造成更多伤害而非好处。虽然 Nvidia 似乎将在可预见的未来保持其计算优势，但企业必须考虑的因素远不止计算能力。</p>
<p>想象一下，你是一家&#34;七大奇迹&#34;企业之一，是 Nvidia 的顶级客户之一，刚刚在公司的硬件上投入了数百亿美元，以巩固你作为人工智能领导者的地位。现在想象一下，由于 Nvidia 的加速创新周期，你的 AI-GPU 在一两年后大幅贬值。你真的指望每年或每两年花费超过 100 亿美元购买最新的芯片吗？极不可能。</p>
<p>有趣的是，许多在 Mag-7 中按净销售额排名前列的 Nvidia 客户正在内部开发自己的 AI-GPU 和解决方案。尽管这些硬件不会与 Hopper、Blackwell 或公司的后续芯片直接竞争，但它们的价格将明显低于 Nvidia 的 GPU。此外，由于这些内部开发的芯片没有像 Nvidia 的芯片那样的积压，它们将更容易获得。这表明 Nvidia 按净销售额排名前列的客户正在推迟他们的升级周期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3d7cec039f1df1731dbea8664b215cdc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3d7cec039f1df1731dbea8664b215cdc.png"/></p>
<p>英伟达的 GAAP 毛利率在过去一年中受到压力。NVDA 季度毛利率数据来自 YCharts。</p>
<p>我们可能还会看到英伟达最大的收入客户选择使用旧款芯片，因为它们正在贬值。尽管黄仁勋每年推出新 GPU 的整个前提是为了维持公司的定价能力，但他自己加速的开发时间表可能会导致英伟达的 GAAP 毛利率崩溃，因为购买自己硬件的企业——而不是租赁数据中心空间的企业——会转向更便宜但仍然快速的替代品。</p>
<p>黄仁勋的激进创新周期也可能对数据中心租赁模型造成损害，例如新上市的 <strong>CoreWeave</strong>(CRWV 3.90%)。在 2022 年至 2024 年间，CoreWeave 利用大量债务融资收购了大约 250,000 个 GPU，其中许多是英伟达的 Hopper 芯片。随着华尔街的 AI 宠儿每年推出先进的 GPU，这些芯片的价值可能会迅速贬值。希望获得尖端计算能力的企业可能会比投资者意识到的更快地放弃 CoreWeave 的数据中心。</p>
<p>虽然毫无疑问英伟达的 AI-GPU 在计算能力上优于竞争对手，但影响企业采购决策的因素远不止这些。黄仁勋自己雄心勃勃的 GPU 创新时间表在未来几年内可能会成为他公司最大的敌人。</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>英伟达已成为人工智能革命的主要受益者，自 2022 年以来，股价飙升超过 870%，这得益于对其 GPU 的强劲需求。首席执行官黄仁勋每年创新的雄心可能带来风险，因为快速的技术进步可能导致现有硬件的显著贬值，影响那些在英伟达技术上重金投资的客户。尽管英伟达在人工智能加速的数据中心中保持竞争优势，但激进的创新战略可能会适得其反，引发投资者对长期可持续性和价值保留的担忧</p>

<p>The advent and proliferation of the internet in the mid-1990s was a can't-miss trend that captivated the attention of everyday investors. Since this moment, numerous other game-changing innovations have come along that have promised pie-in-the-sky addressable markets. This includes business-to-business e-commerce, genomics, 3D printing, and the metaverse, to name a few hot trends.</p>
<div class="lb-trans"><p>1990 年代中期互联网的出现和普及是一个不可错过的趋势，吸引了普通投资者的关注。自那时起，许多其他改变游戏规则的创新相继出现，承诺了巨大的市场潜力。这包括企业对企业的电子商务、基因组学、3D 打印和元宇宙等热门趋势。</p>
</div><p>But over the last three decades, no trend has come particularly close to rivaling what the internet did for corporate America... until now.</p>
<div class="lb-trans"><p>但在过去的三十年里，没有哪个趋势能与互联网对美国企业的影响相提并论……直到现在。</p>
</div><p>The evolution of artificial intelligence (AI) looks to be the next leap forward for the tech industry and society as a whole. The vastness of this game-changing opportunity, which allows AI-empowered software and systems to make split-second decisions without human intervention, is reflected in PwC's estimate that AI will add $15.7 trillion to the global economy in 2030.</p>
<div class="lb-trans"><p>人工智能（AI）的演变似乎是科技行业和整个社会的下一个飞跃。这一改变游戏规则的机会的广阔性体现在普华永道的估计中，即到 2030 年，人工智能将为全球经济增加 15.7 万亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820677%2Fnvidia-voyager-headquarters-artificial-intelligence-gpu-ai-semiconductor.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：Nvidia。</p>
</div><p>A $15.7 trillion addressable market means a lot of companies are going to be winners, from hardware to actual application. However, no company has been a bigger beneficiary of the AI revolution than <strong>Nvidia</strong>(NVDA 1.26%).</p>
<div class="lb-trans"><p>一个 15.7 万亿美元的可寻址市场意味着许多公司将成为赢家，从硬件到实际应用。然而，没有哪家公司比 <strong>Nvidia</strong>（NVDA 1.26%）更能从人工智能革命中受益。</p>
</div><p>The potential problem is that one of Nvidia's biggest perceived competitive advantages might also be its undoing.</p>
<div class="lb-trans"><p>潜在的问题是，Nvidia 最大的竞争优势之一也可能是其致命弱点。</p>
</div><h2>Innovation comes first for Nvidia and CEO Jensen Huang</h2>
<div class="lb-trans"><h2>创新是 Nvidia 和首席执行官黄仁勋的首要任务</h2>
</div><p>Since 2022 came to a close, shares of Nvidia have advanced by more than 870%, with the company tacking on over $3 trillion in market cap and completing a historic 10-for-1 forward split. Though Nvidia's aggregate percentage return has lagged <strong>Palantir Technologies</strong>, Nvidia's valuation soared quicker than any megacap stock in history.</p>
<div class="lb-trans"><p>自 2022 年结束以来，Nvidia 的股价上涨超过 870%，公司市值增加超过 3 万亿美元，并完成了历史性的 10 比 1 前分拆。尽管 Nvidia 的整体百分比回报落后于 <strong>Palantir Technologies</strong>，但 Nvidia 的估值却比历史上任何大型股票都要迅速飙升。</p>
</div><p>Nvidia's outperformance is directly reflective of its ideal positioning in AI-accelerated data centers. The company's Hopper (H100) graphics processing units (GPUs) and successor Blackwell GPU have been the preferred options in high-compute data centers. In other words, there's a very high probability that Nvidia's hardware is behind the latest generative AI solutions and the training of most large language models.</p>
<div class="lb-trans"><p>Nvidia 的超常表现直接反映了其在人工智能加速的数据中心中的理想定位。公司的 Hopper（H100）图形处理单元（GPU）和后续的 Blackwell GPU 已成为高计算数据中心的首选选项。换句话说，Nvidia 的硬件很可能是最新生成的人工智能解决方案和大多数大型语言模型训练的幕后推手。</p>
</div><p>Being at the leading edge of the hottest trend on Wall Street over the last three decades has its perks. With demand for AI-GPUs handily swamping supply, Wall Street's AI darling has been able to charge a veritable arm and a leg for its hardware. Last year, Nvidia's Hopper chip was flying off the shelves with a price tag north of $40,000. For the sake of comparison, <strong>Advanced Micro Devices</strong> was selling its Instinct MI300X series chips for between $10,000 and $15,000.</p>
<div class="lb-trans"><p>在过去三十年华尔街最热门趋势的前沿有其好处。由于对 AI-GPU 的需求远超供应，华尔街的人工智能宠儿能够为其硬件收取高昂的价格。去年，Nvidia 的 Hopper 芯片以超过 40,000 美元的价格热销。相比之下，<strong>Advanced Micro Devices</strong> 的 Instinct MI300X 系列芯片售价在 10,000 到 15,000 美元之间。</p>
</div><p>The ability to charge a premium for its hardware sent Nvidia's gross margin soaring. After consistently producing a generally accepted accounting principles (GAAP) gross margin in the low-to-mid 60% range prior to the rise of AI, Nvidia saw its GAAP gross margin explode to as high as 78.4% in the fiscal first quarter one year ago (the company's fiscal year ends in late January).</p>
<div class="lb-trans"><p>能够为其硬件收取溢价使 Nvidia 的毛利率飙升。在人工智能崛起之前，Nvidia 的公认会计原则（GAAP）毛利率通常在 60% 到中低 60% 之间，而在一年前的财年第一季度，Nvidia 的 GAAP 毛利率飙升至 78.4%（公司的财年在 1 月底结束）。</p>
</div><p>But it can be argued that Nvidia's greatest competitive advantage is its innovation, which is led by CEO Jensen Huang.</p>
<div class="lb-trans"><p>但可以说，Nvidia 最大的竞争优势是其创新，而这一切由首席执行官黄仁勋主导。</p>
</div><p>Huang's aggressive ambition is to bring a next-generation AI chip to market on an annual basis. It began with the Hopper and Blackwell, and is expected to continue with the release of Blackwell Ultra in the latter-half of this year, Vera Rubin in the second-half of 2026, and Vera Rubin Ultra in the latter-half of 2027.</p>
<div class="lb-trans"><p>黄仁勋的雄心壮志是每年推出一款下一代人工智能芯片。它始于 Hopper 和 Blackwell，预计将在今年下半年推出 Blackwell Ultra，在 2026 年下半年推出 Vera Rubin，以及在 2027 年下半年推出 Vera Rubin Ultra。</p>
</div><p>As you might have surmised, Vera Rubin and Vera Rubin Ultra will be running on a new processor, known as &#34;Vera.&#34; This processor should be capable of doubling the processing performance of Blackwell Ultra, with considerably improved memory capacity and memory bandwidth than predecessor chips.</p>
<div class="lb-trans"><p>正如你可能猜到的，Vera Rubin 和 Vera Rubin Ultra 将运行在一种被称为&#34;Vera&#34;的新处理器上。这种处理器应该能够将 Blackwell Ultra 的处理性能翻倍，并且在内存容量和内存带宽方面比前代芯片有显著提升。</p>
</div><p>The key point being that Huang wants to keep Nvidia in its decisive leadership position on the compute front, which in turn should help the company charge a premium price for its hardware, relative to external competitors like AMD and China-based Huawei.</p>
<div class="lb-trans"><p>关键点在于，黄仁勋希望保持 Nvidia 在计算领域的决定性领导地位，这反过来应该有助于公司相对于外部竞争对手如 AMD 和中国华为收取溢价。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzcvbnZpZGlhLWNlby1qZW5zZW4taHVhbmctZGVsaXZlcnMtZ3RjLWtleW5vdGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820677%2Fnvidia-ceo-jensen-huang-delivers-gtc-keynote.jpg&amp;op=resize&amp;w=700"/></p>
<p>Nvidia CEO Jensen Huang delivering his GTC Keynote address in 2025. Image source: Nvidia.</p>
<div class="lb-trans"><p>Nvidia 首席执行官黄仁勋在 2025 年发表 GTC 主题演讲。图片来源：Nvidia。</p>
</div><h2>Could Jensen Huang's accelerated innovation timeline be Nvidia's worst enemy?</h2>
<div class="lb-trans"><h2>黄仁勋加速创新时间表可能是 Nvidia 最大的敌人吗？</h2>
</div><p>For virtually all publicly traded companies, innovation is paramount to success. Huang's aggressive spending on research to develop faster and more-efficient AI-GPUs is something that Wall Street and investors would almost universally cheer.</p>
<div class="lb-trans"><p>对于几乎所有上市公司而言，创新是成功的关键。黄仁勋在研发更快、更高效的 AI-GPU 上的激进支出几乎会得到华尔街和投资者的普遍赞赏。</p>
</div><p>But there's a very real possibility that Jensen Huang's accelerated innovation timeline may do more harm than good for his company. While it does appear that Nvidia will hang onto its compute advantages for the foreseeable future, there are far more considerations businesses have to take into account than just compute ability.</p>
<div class="lb-trans"><p>但黄仁勋加速的创新时间表可能对他的公司造成更多伤害而非好处。虽然 Nvidia 似乎将在可预见的未来保持其计算优势，但企业必须考虑的因素远不止计算能力。</p>
</div><p>Imagine for a moment that you're a &#34;Magnificent Seven&#34; business and one of Nvidia's top customers that just dropped tens of billions of dollars on the company's hardware to cement your spot as an AI leader. Now imagine your AI-GPUs massively depreciating in value one or two years later because of Nvidia's accelerated innovation cycle. Are you really expected to drop $10 billion-plus every year or two for the latest chip? Highly unlikely.</p>
<div class="lb-trans"><p>想象一下，你是一家&#34;七大奇迹&#34;企业之一，是 Nvidia 的顶级客户之一，刚刚在公司的硬件上投入了数百亿美元，以巩固你作为人工智能领导者的地位。现在想象一下，由于 Nvidia 的加速创新周期，你的 AI-GPU 在一两年后大幅贬值。你真的指望每年或每两年花费超过 100 亿美元购买最新的芯片吗？极不可能。</p>
</div><p>What's interesting is that many of Nvidia's leading customers by net sales within the Mag-7 are internally developing AI-GPUs and solutions of their own. Though this hardware isn't going to externally compete against Hopper, Blackwell, or the company's successor chips, it'll be notably cheaper than Nvidia's GPUs. Further, since these internally developed chips aren't backlogged like Nvidia's chips, they'll be far more accessible. This points to Nvidia's largest customers by net sales delaying their upgrade cycles.</p>
<div class="lb-trans"><p>有趣的是，许多在 Mag-7 中按净销售额排名前列的 Nvidia 客户正在内部开发自己的 AI-GPU 和解决方案。尽管这些硬件不会与 Hopper、Blackwell 或公司的后续芯片直接竞争，但它们的价格将明显低于 Nvidia 的 GPU。此外，由于这些内部开发的芯片没有像 Nvidia 的芯片那样的积压，它们将更容易获得。这表明 Nvidia 按净销售额排名前列的客户正在推迟他们的升级周期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3d7cec039f1df1731dbea8664b215cdc.png" alt="" original-src="https://media.ycharts.com/charts/3d7cec039f1df1731dbea8664b215cdc.png"/></p>
<p>Nvidia's GAAP gross margin has come under pressure over the last year. NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>英伟达的 GAAP 毛利率在过去一年中受到压力。NVDA 季度毛利率数据来自 YCharts。</p>
</div><p>We might also see Nvidia's largest revenue customers opt for older chips as they depreciate. Though Huang's entire premise of introducing a new GPU annually is to sustain his company's pricing power, his own accelerated development timeline could crater Nvidia's GAAP gross margin as businesses purchasing their own hardware -- not those leasing data center space -- trade down to less-costly but still quick alternatives.</p>
<div class="lb-trans"><p>我们可能还会看到英伟达最大的收入客户选择使用旧款芯片，因为它们正在贬值。尽管黄仁勋每年推出新 GPU 的整个前提是为了维持公司的定价能力，但他自己加速的开发时间表可能会导致英伟达的 GAAP 毛利率崩溃，因为购买自己硬件的企业——而不是租赁数据中心空间的企业——会转向更便宜但仍然快速的替代品。</p>
</div><p>Jensen Huang's aggressive innovation cycle is also potentially damaging to data-center leasing models, such as the newly public <strong>CoreWeave</strong>(CRWV 3.90%). Between 2022 and 2024, CoreWeave used extensive debt financing to acquire approximately 250,000 GPUs, many of which are Nvidia's Hopper chip. The value of these chips will likely depreciate rapidly with Wall Street's AI darling introducing an advanced GPU annually. Businesses wanting cutting-edge compute capabilities might pass on CoreWeave's data centers faster than investors might realize.</p>
<div class="lb-trans"><p>黄仁勋的激进创新周期也可能对数据中心租赁模型造成损害，例如新上市的 <strong>CoreWeave</strong>(CRWV 3.90%)。在 2022 年至 2024 年间，CoreWeave 利用大量债务融资收购了大约 250,000 个 GPU，其中许多是英伟达的 Hopper 芯片。随着华尔街的 AI 宠儿每年推出先进的 GPU，这些芯片的价值可能会迅速贬值。希望获得尖端计算能力的企业可能会比投资者意识到的更快地放弃 CoreWeave 的数据中心。</p>
</div><p>While there's no question that Nvidia's AI-GPUs are superior to the competition in compute ability, there's far more that goes into a business's purchasing decision. There's a very real possibility that Huang's own ambitious GPU innovation timeline acts as his company's own worst enemy in the years to come.</p>
<div class="lb-trans"><p>虽然毫无疑问英伟达的 AI-GPU 在计算能力上优于竞争对手，但影响企业采购决策的因素远不止这些。黄仁勋自己雄心勃勃的 GPU 创新时间表在未来几年内可能会成为他公司最大的敌人。</p>
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One of Jensen Huang's Ambitious Goals Might Make Nvidia Its Own Worst Enemy

- 人工智能被认为是下一个颠覆性技术，预计到 2030 年将为全球经济增加 15.7 万亿美元。  
- Nvidia 在 AI 硬件市场中占据主导地位，股价自 2022 年以来上涨超过 870%。  
- 然而，快速的创新周期可能导致客户推迟升级，影响 Nvidia 的毛利率。  

黄仁勋的一个雄心勃勃的目标可能会让英伟达成为自己的最大敌人