<p>在过去两年中，华尔街上没有哪个趋势比人工智能（AI）的发展更受重视。借助人工智能，软件和系统能够做出瞬间决策，监督生成式 AI 解决方案，并训练大型语言模型（LLMs），这一切都无需人类的监督。</p><p>这种颠覆性技术的长期潜力令人瞩目。如果普华永道的分析师是正确的，消费侧效应和人工智能带来的生产力提升将使全球经济在本世纪末增加 15.7 万亿美元。</p><p>尽管众多硬件和软件/系统应用公司从人工智能革命中获益匪浅，但没有哪家公司比科技巨头 <strong>英伟达</strong>（NVIDIA）更为突出。但你可能会惊讶地发现，这家极具影响力的人工智能公司以一种不寻常的方式获得了 40 亿美元的 “利润”。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/b6fa0765fd11028ec9a41cd167e22e97?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/b6fa0765fd11028ec9a41cd167e22e97"/></figure><p>图片来源：英伟达。</p><h2 id="2cbisn2fg">英伟达的硬件让 AI 数据中心运转不息</h2><p>英伟达在不到两年的时间里，从 3600 亿美元的市值跃升为（短暂地）全球最大的上市公司，估值轻松超过 3.5 万亿美元。在如此短的时间内，市值增加超过 3 万亿美元的情况前所未见。</p><p>英伟达的明星产品是其 Hopper（H100）和下一代 Blackwell 图形处理单元（GPU），这些是 AI 加速数据中心中无可争议的顶级选择。尽管全球领先的芯片制造公司 <strong>台积电</strong> 努力提高其每月的晶圆产能，但这两款芯片的订单仍然积压严重。</p><p>当某种商品或服务的需求超过其供应时，供需法则表明价格将上涨，直到需求减弱。尽管直接竞争对手 <strong>超微半导体</strong>（AMD）在去年初的 Instinct MI300X AI 加速芯片售价在 1 万美元到 1.5 万美元之间，但英伟达的 Hopper 芯片的售价超过了 4 万美元。由于强劲的需求和持续的 AI-GPU 短缺，英伟达能够对其 AI 硬件收取溢价，这帮助其毛利率达到了 70% 左右。</p><p>英伟达首席执行官黄仁勋也决心让公司始终处于创新的前沿。他计划每年推出一款新型先进芯片，Blackwell Ultra（2025 年）、Vera Rubin（2026 年）和 Vera Rubin Ultra（2027 年）将紧随 Hopper 和 Blackwell 之后推出。换句话说，英伟达似乎不会很快放弃其计算优势。</p><p>英伟达的最后一块拼图是其 CUDA 软件平台。这帮助开发者最大化英伟达 GPU 的计算能力，并协助构建/训练 LLMs。CUDA 在保持客户对英伟达产品和服务生态系统的忠诚方面发挥了关键作用。</p><p>总体而言，英伟达的数据中心部门在 2023 财年（截至 2023 年 1 月底）到 2025 财年之间，销售额增长了 383%，调整后的净收入在同一时间段内从 84 亿美元飙升至 743 亿美元。</p><h2 id="fg1e9fqxc">华尔街的 AI 宠儿刚刚获得 40 亿美元的 “意外之财”</h2><p>如你所想，英伟达去年超过 743 亿美元的调整后净收入大部分来自其经营活动——这对于一家市场领先的成长股来说是理所当然的。但这并不是华尔街的 AI 宠儿将资金投入利润列的唯一方式。</p><p>关于英伟达，常常被忽视的是它也是一名投资者。正如管理资产超过 1 亿美元的机构投资经理需要在季度结束后不超过 45 天提交 13F 表格——13F 列出了购买和出售的股票、交易所交易基金（ETF）和特定期权——管理资产超过 1 亿美元的企业也必须这样做。这包括英伟达。</p><p>截至 3 月底，英伟达在六家上市公司中投资超过 11 亿美元。会计规则要求英伟达每季度确认其投资组合中证券价值变化所带来的未实现收益和损失。</p><p>英伟达最大的投资持股是 AI 数据中心基础设施巨头 <strong>CoreWeave</strong>（CRWV），该公司于 3 月底上市。英伟达在 2023 年 4 月对 CoreWeave 进行了 1 亿美元的初始投资，并在 2025 年 3 月在其首次公开募股（IPO）之前又增加了 2.5 亿美元的股份。综合来看，英伟达在华尔街最热门的 IPO 中投入了 3.5 亿美元的资本。</p><p>截至 6 月 20 日收盘，英伟达截至 3 月 31 日持有的 24,182,460 股 CoreWeave 的价值接近 44.4 亿美元（鼓声）。从未实现的角度来看，华尔街的 AI 巨头在其投资中坐拥超过 40 亿美元的 “利润”。</p><p>如果你想知道为什么 “利润” 要加上引号，那是因为英伟达可能在第二季度开始后减少了对 CoreWeave 的持股。我们要等到 8 月中旬提交的 13F 表格，才能确定这一点。此外，这 40 亿美元的未实现收益可能会波动，具体取决于 CoreWeave 股票在 6 月季度结束时的收盘价。尽管如此，这对英伟达来说确实是一次巨大的意外之财。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/26cc89db8dae9dfc49a0add2dff1c702?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/26cc89db8dae9dfc49a0add2dff1c702"/></figure><p>图片来源：Getty Images。</p><h2 id="sxwf0azx">英伟达是在玩火吗？</h2><p>虽然英伟达在投资新兴科技公司方面有着良好的记录——其中许多公司与其建立了合作关系——但在 CoreWeave 身上，它也有可能在玩火。</p><p>别误解我的意思，CoreWeave 对英伟达来说是一个非常出色的客户。它为其人工智能数据中心购买了 250,000 个 Hopper GPU，并将其租赁给寻求计算能力的企业。英伟达最希望看到的是 CoreWeave 成功，并大约每十年升级一次其人工智能芯片。</p><p>但 CoreWeave 存在一些红旗，表明其 880 亿美元的估值并不可持续。</p><p>华尔街最热门的 IPO 之一最大的担忧是，英伟达的激进创新周期可能会阻碍而不是帮助 CoreWeave 的业务。每年推出一款先进的人工智能芯片可能会迅速贬值 CoreWeave 的 Hopper GPU，并可能导致客户转向拥有更新芯片的竞争对手数据中心。当 CoreWeave 在未来几年寻求升级其基础设施时，它很可能从其资产中收回的金额远低于预期。</p><p>CoreWeave 还依赖杠杆来扩展其人工智能数据中心。依赖债务来获取 GPU 可能导致沉重的债务服务成本。目前，这些服务成本正在加剧公司的巨额运营亏损。</p><p>估值是 CoreWeave 的另一个明显担忧。投资者为一家未经时间考验且尚未盈利的公司支付大约 2026 年预测销售额的 8 倍。</p><p>虽然英伟达无疑希望看到 CoreWeave 成功，但在这些水平锁定其收益将是非常合理的。</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>英伟达通过其投资以及核心的人工智能硬件业务，实现了令人瞩目的 40 亿美元 “利润”。该公司的 GPU，特别是 Hopper 和 Blackwell 型号，在人工智能数据中心中占据主导地位，导致毛利率约为 70%。英伟达的数据中心销售在 2023 财年至 2025 财年间激增了 383%，调整后的净收入从 84 亿美元飙升至 743 亿美元。此外，英伟达对 CoreWeave 的投资，估值约为 44.4 亿美元，显著贡献了这一意外之财，展示了公司在硬件和投资方面的双重成功</p>

<p>For more than two years, no trend has been held in higher regard on Wall Street than the evolution of artificial intelligence (AI). With AI, software and systems are capable of making split-second decisions, overseeing generative AI solutions, and training large language models (LLMs), all without the need for human oversight.</p>
<div class="lb-trans"><p>在过去两年中，华尔街上没有哪个趋势比人工智能（AI）的发展更受重视。借助人工智能，软件和系统能够做出瞬间决策，监督生成式 AI 解决方案，并训练大型语言模型（LLMs），这一切都无需人类的监督。</p>
</div><p>The long-term potential for this game-changing technology is truly jaw-dropping. If the analysts at PwC are correct, a combination of consumption-side effects and productivity improvements from AI will add $15.7 trillion to the global economy by the turn of the decade.</p>
<div class="lb-trans"><p>这种颠覆性技术的长期潜力令人瞩目。如果普华永道的分析师是正确的，消费侧效应和人工智能带来的生产力提升将使全球经济在本世纪末增加 15.7 万亿美元。</p>
</div><p>Although a long list of hardware and software/system application companies have benefited immensely from the AI revolution, none stands out more than tech titan <strong>Nvidia</strong>(NVDA 4.26%). But what you might be surprised to learn is that this highly influential AI company has scored a $4 billion &#34;profit&#34; in an uncharacteristic manner.</p>
<div class="lb-trans"><p>尽管众多硬件和软件/系统应用公司从人工智能革命中获益匪浅，但没有哪家公司比科技巨头 <strong>英伟达</strong>（NVIDIA）更为突出。但你可能会惊讶地发现，这家极具影响力的人工智能公司以一种不寻常的方式获得了 40 亿美元的 “利润”。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2ODIvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822682%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：英伟达。</p>
</div><h2>Nvidia's hardware keeps AI data centers ticking</h2>
<div class="lb-trans"><h2>英伟达的硬件让 AI 数据中心运转不息</h2>
</div><p>It took less than two years for Nvidia to catapult from a $360 billion market cap to (briefly) the world's largest public company, with a valuation that handily surpassed $3.5 trillion. A $3 trillion-plus increase in valuation in such a short time frame had never been witnessed before.</p>
<div class="lb-trans"><p>英伟达在不到两年的时间里，从 3600 亿美元的市值跃升为（短暂地）全球最大的上市公司，估值轻松超过 3.5 万亿美元。在如此短的时间内，市值增加超过 3 万亿美元的情况前所未见。</p>
</div><p>Nvidia's claim to fame is its Hopper (H100) and next-generation Blackwell graphics processing units (GPUs), which are the undisputed top options deployed in AI-accelerated data centers. Orders for both chips have been extensively backlogged, despite the efforts of world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong> to boost its chip-on-wafer-on-substrate monthly wafer capacity.</p>
<div class="lb-trans"><p>英伟达的明星产品是其 Hopper（H100）和下一代 Blackwell 图形处理单元（GPU），这些是 AI 加速数据中心中无可争议的顶级选择。尽管全球领先的芯片制造公司 <strong>台积电</strong> 努力提高其每月的晶圆产能，但这两款芯片的订单仍然积压严重。</p>
</div><p>When demand for a good or service outstrips its supply, the law of supply and-demand states that prices will climb until demand tapers. Whereas direct rival <strong>Advanced Micro Devices</strong> was netting anywhere from $10,000 to $15,000 for its Instinct MI300X AI-accelerating chip early last year, Nvidia's Hopper chips were commanding a price point that topped $40,000. The ability to charge a premium for its AI hardware, due to a combination of strong demand and persistent AI-GPU scarcity, helped push Nvidia's gross margin into the 70% range.</p>
<div class="lb-trans"><p>当某种商品或服务的需求超过其供应时，供需法则表明价格将上涨，直到需求减弱。尽管直接竞争对手 <strong>超微半导体</strong>（AMD）在去年初的 Instinct MI300X AI 加速芯片售价在 1 万美元到 1.5 万美元之间，但英伟达的 Hopper 芯片的售价超过了 4 万美元。由于强劲的需求和持续的 AI-GPU 短缺，英伟达能够对其 AI 硬件收取溢价，这帮助其毛利率达到了 70% 左右。</p>
</div><p>Nvidia CEO Jensen Huang is also intent on keeping his company at the forefront of the innovative curve. He's aiming to bring a new advanced chip to market each year, with Blackwell Ultra (2025), Vera Rubin (2026), and Vera Rubin Ultra (2027) set to follow in the path of Hopper and Blackwell. In other words, it doesn't appear as if Nvidia will cede its compute advantages anytime soon.</p>
<div class="lb-trans"><p>英伟达首席执行官黄仁勋也决心让公司始终处于创新的前沿。他计划每年推出一款新型先进芯片，Blackwell Ultra（2025 年）、Vera Rubin（2026 年）和 Vera Rubin Ultra（2027 年）将紧随 Hopper 和 Blackwell 之后推出。换句话说，英伟达似乎不会很快放弃其计算优势。</p>
</div><p>The final piece of the puzzle for Nvidia has been its CUDA software platform. This is what assists developers in maximizing the compute abilities of their Nvidia GPUs, as well as aids with building/training LLMs. CUDA has played a pivotal role in keeping clients loyal to Nvidia's ecosystem of products and services.</p>
<div class="lb-trans"><p>英伟达的最后一块拼图是其 CUDA 软件平台。这帮助开发者最大化英伟达 GPU 的计算能力，并协助构建/训练 LLMs。CUDA 在保持客户对英伟达产品和服务生态系统的忠诚方面发挥了关键作用。</p>
</div><p>Collectively, Nvidia's data center segment has helped catapult sales by 383% between fiscal 2023 (ended in late January 2023) and fiscal 2025, and sent adjusted net income skyrocketing from $8.4 billion to $74.3 billion over the same timeline.</p>
<div class="lb-trans"><p>总体而言，英伟达的数据中心部门在 2023 财年（截至 2023 年 1 月底）到 2025 财年之间，销售额增长了 383%，调整后的净收入在同一时间段内从 84 亿美元飙升至 743 亿美元。</p>
</div><h2>Wall Street's AI darling just scored a $4 billion &#34;windfall&#34;</h2>
<div class="lb-trans"><h2>华尔街的 AI 宠儿刚刚获得 40 亿美元的 “意外之财”</h2>
</div><p>As you can imagine, most of Nvidia's more than $74 billion in adjusted net income last year was derived from its operating activities -- and this is how it should be for a market-leading growth stock. But it's not the only way Wall Street's AI darling can put dollars in the profit column.</p>
<div class="lb-trans"><p>如你所想，英伟达去年超过 743 亿美元的调整后净收入大部分来自其经营活动——这对于一家市场领先的成长股来说是理所当然的。但这并不是华尔街的 AI 宠儿将资金投入利润列的唯一方式。</p>
</div><p>What's often overlooked about Nvidia is that it's also an investor. Just as institutional money managers with more than $100 million in assets under management (AUM) are required to file Form 13F no later than 45 days following the end to a quarter -- a 13F lays out which stocks, exchange-traded funds (ETFs), and select options were purchased and sold -- businesses with north of $100 million in AUM must do the same. This includes Nvidia.</p>
<div class="lb-trans"><p>关于英伟达，常常被忽视的是它也是一名投资者。正如管理资产超过 1 亿美元的机构投资经理需要在季度结束后不超过 45 天提交 13F 表格——13F 列出了购买和出售的股票、交易所交易基金（ETF）和特定期权——管理资产超过 1 亿美元的企业也必须这样做。这包括英伟达。</p>
</div><p>At the end of March, Nvidia had more than $1.1 billion invested across a half-dozen publicly traded companies. Accounting rules require Nvidia to recognize <em>unrealized</em> gains and losses each quarter, based on the change in value of the securities in its investment portfolio.</p>
<div class="lb-trans"><p>截至 3 月底，英伟达在六家上市公司中投资超过 11 亿美元。会计规则要求英伟达每季度确认其投资组合中证券价值变化所带来的未实现收益和损失。</p>
</div><p>Nvidia's largest investment holding is AI-data center infrastructure goliath <strong>CoreWeave</strong>(CRWV -7.63%), which went public in late March. Nvidia made an initial investment in CoreWeave of $100 million in April 2023, and upped its stake by another $250 million in March 2025, prior to its initial public offering (IPO). On a combined basis, Nvidia has put $350 million of its capital to work in Wall Street's hottest IPO.</p>
<div class="lb-trans"><p>英伟达最大的投资持股是 AI 数据中心基础设施巨头 <strong>CoreWeave</strong>（CRWV），该公司于 3 月底上市。英伟达在 2023 年 4 月对 CoreWeave 进行了 1 亿美元的初始投资，并在 2025 年 3 月在其首次公开募股（IPO）之前又增加了 2.5 亿美元的股份。综合来看，英伟达在华尔街最热门的 IPO 中投入了 3.5 亿美元的资本。</p>
</div><p>As of the closing bell on Friday, June 20, the 24,182,460 shares of CoreWeave that Nvidia held, as of March 31, were worth (drumroll) close to $4.44 billion. On an unrealized basis, Wall Street's AI titan is sitting on a $4 billion-plus &#34;profit&#34; from its investment.</p>
<div class="lb-trans"><p>截至 6 月 20 日收盘，英伟达截至 3 月 31 日持有的 24,182,460 股 CoreWeave 的价值接近 44.4 亿美元（鼓声）。从未实现的角度来看，华尔街的 AI 巨头在其投资中坐拥超过 40 亿美元的 “利润”。</p>
</div><p>If you're wondering why &#34;profit&#34; is in quotations, it's because Nvidia may have reduced its stake in CoreWeave since the second quarter began. We won't know for sure until 13Fs detailing second-quarter trading activity are filed in mid-August. Further, this $4 billion unrealized gain can fluctuate, depending on where CoreWeave stock closes out the June quarter. Nevertheless, it's been one heck of a windfall for Nvidia.</p>
<div class="lb-trans"><p>如果你想知道为什么 “利润” 要加上引号，那是因为英伟达可能在第二季度开始后减少了对 CoreWeave 的持股。我们要等到 8 月中旬提交的 13F 表格，才能确定这一点。此外，这 40 亿美元的未实现收益可能会波动，具体取决于 CoreWeave 股票在 6 月季度结束时的收盘价。尽管如此，这对英伟达来说确实是一次巨大的意外之财。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2ODIvZGF0YS1jZW50ZXItZW1wbG95ZWVzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLW5ldHdvcmstc3dpdGNoLWNsb3VkLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822682%2Fdata-center-employees-artificial-intelligence-network-switch-cloud-getty.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>Is Nvidia playing with fire?</h2>
<div class="lb-trans"><h2>英伟达是在玩火吗？</h2>
</div><p>While Nvidia has a solid track record of making smart investments in up-and-coming tech companies -- many of which it's partnered with -- there's also the real possibility it's playing with fire when it comes to CoreWeave.</p>
<div class="lb-trans"><p>虽然英伟达在投资新兴科技公司方面有着良好的记录——其中许多公司与其建立了合作关系——但在 CoreWeave 身上，它也有可能在玩火。</p>
</div><p>Don't get me wrong, CoreWeave has been a fantastic client for Nvidia. It purchased 250,000 Hopper GPUs for its AI-data centers, which it leases out to businesses looking for compute capacity. It's in Nvidia's best interest that CoreWeave succeed and upgrade its AI chips roughly twice per decade.</p>
<div class="lb-trans"><p>别误解我的意思，CoreWeave 对英伟达来说是一个非常出色的客户。它为其人工智能数据中心购买了 250,000 个 Hopper GPU，并将其租赁给寻求计算能力的企业。英伟达最希望看到的是 CoreWeave 成功，并大约每十年升级一次其人工智能芯片。</p>
</div><p>But there are a number of red flags with CoreWeave that suggest its $88 billion valuation isn't sustainable.</p>
<div class="lb-trans"><p>但 CoreWeave 存在一些红旗，表明其 880 亿美元的估值并不可持续。</p>
</div><p>One of the biggest concerns with Wall Street's hottest IPO is that Nvidia's aggressive innovation cycles could hinder, not help, its business. Bringing an advanced AI chip to market annually has the potential to quickly depreciate CoreWeave's Hopper GPUs, and might send customers to rival data centers that have newer chips. When CoreWeave looks to upgrade its infrastructure in the coming years, there's a very good chance it'll recoup far less from its assets than it expects.</p>
<div class="lb-trans"><p>华尔街最热门的 IPO 之一最大的担忧是，英伟达的激进创新周期可能会阻碍而不是帮助 CoreWeave 的业务。每年推出一款先进的人工智能芯片可能会迅速贬值 CoreWeave 的 Hopper GPU，并可能导致客户转向拥有更新芯片的竞争对手数据中心。当 CoreWeave 在未来几年寻求升级其基础设施时，它很可能从其资产中收回的金额远低于预期。</p>
</div><p>CoreWeave has also leaned on leverage to build out its AI-data center. Relying on debt to acquire GPUs can lead to burdensome debt-servicing costs. For the moment, these servicing costs are adding to the company's steep operating losses.</p>
<div class="lb-trans"><p>CoreWeave 还依赖杠杆来扩展其人工智能数据中心。依赖债务来获取 GPU 可能导致沉重的债务服务成本。目前，这些服务成本正在加剧公司的巨额运营亏损。</p>
</div><p>Valuation is another clear concern with CoreWeave. Investors are paying roughly 8 times forecast sales in 2026 for a company that's not time-tested and hasn't generated a profit.</p>
<div class="lb-trans"><p>估值是 CoreWeave 的另一个明显担忧。投资者为一家未经时间考验且尚未盈利的公司支付大约 2026 年预测销售额的 8 倍。</p>
</div><p>While Nvidia, undoubtedly, wants to see CoreWeave succeed, locking in its gains at these levels would make <em>a lot of sense</em>.</p>
<div class="lb-trans"><p>虽然英伟达无疑希望看到 CoreWeave 成功，但在这些水平锁定其收益将是非常合理的。</p>
</div>

Artificial Intelligence (AI) Titan Nvidia Has Scored a $4 Billion "Profit" in an Unexpected Way

- Nvidia 在 AI 领域的投资使其获得超过 40 亿美元的未实现收益。  
- 该公司在 CoreWeave 的投资总额达到 3.5 亿美元，持股市值接近 44.4 亿美元。  
- CoreWeave 的高估值和依赖杠杆融资引发市场担忧。  

人工智能（AI）巨头 NVIDIA 通过一种意想不到的方式获得了 40 亿美元的 “利润”