<p>在过去两年中，半导体巨头 <strong>Nvidia</strong>（NVDA 1.74%）已成为推动人工智能（AI）革命的最大力量。该公司行业领先的图形处理单元（GPU）和 CUDA 软件平台帮助 Nvidia 在芯片市场上建立了相对于竞争对手的显著领先优势。</p>
<p>虽然 <strong>Advanced Micro Devices</strong> 在 AI 数据中心领域占据了一个令人印象深刻的市场，但最近的报道表明，该公司仍远远落后于 Nvidia。</p>
<p>让我们探讨 Nvidia 相对于 AMD 的领先动态，并评估芯片领域的王者是否刚刚对其主要竞争对手下了致命一击。</p>
<h2>Nvidia 继续主导竞争</h2>
<p>在 AI 大趋势的早期阶段，Nvidia 在 GPU 领域相较于其他半导体公司享有先发优势。虽然先发者可以帮助公司相对于竞争对手实现超常增长或与邻近行业的领导者形成战略合作关系，但并不能保证这些企业能够维持其领先地位。</p>
<p>然而，就 Nvidia 而言，趋势表明该公司相对于 AMD 的领先优势可能正在扩大。</p>
<p>技术研究分析师兼 I/O Fund 首席执行官 Beth Kindig 最近分享了来自 SemiAnalysis 的数据，指出 Nvidia 在 AI 加速器市场的份额在第一季度增加了大约两个百分点，目前约为 88%。相比之下，AMD 的市场份额缩小了约一个百分点，目前约占市场的 4%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvZ2V0dHlpbWFnZXMtMTIwNDU4MzYwNi04LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvZ2V0dHlpbWFnZXMtMTIwNDU4MzYwNi04LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么这些趋势可能对 AMD 构成威胁</h2>
<p>该图表展示了 AMD 在第一季度按可报告部门划分的收入和营业收入。其中一个显著的结论是，AMD 的数据中心业务是其增长最快的业务，同时仍保持高度盈利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvc2NyZWVuc2hvdC0yMDI1LTA2LTI1LTE0MTA0Ny5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="394" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvc2NyZWVuc2hvdC0yMDI1LTA2LTI1LTE0MTA0Ny5qcGcmdz03MDA"/></p>
<p>数据来源：AMD 投资者关系。</p>
<p>然而，一个更微妙的观点是，数据中心业务的销售额环比下降了 5%。公平地说，这可能有多种原因。</p>
<p>首先，半导体行业是周期性的——这使得季度趋势在整体业务健康状况方面更难预测和评估。此外，AMD 最新的加速器架构预计将在今年晚些时候发货。这个时间表可能在一定程度上影响了数据中心业务与第四季度相比的轻微放缓。</p>
<p>虽然这些观点在理论上可能有一定道理，但考虑到 Nvidia 在第一季度实际上在 AI 加速器市场上 <em>获得</em> 了市场份额，我发现这些观点难以置信。</p>
<p>由于 AI 开发者竞相购买 Nvidia 最新的 Blackwell 芯片，周期性因素或 AMD 的新竞争芯片似乎不足以说服客户等待 AMD 的产品，而不是选择 Nvidia 的产品。</p>
<p>从长远来看，这些动态可能对 AMD 构成威胁。尽管该公司能够赢得 <strong>Oracle</strong>、<strong>Meta Platforms</strong> 和 <strong>Microsoft</strong> 等令人印象深刻的数据中心客户，但 AMD 的创新努力在此时似乎不足以超越 Nvidia。</p>
<h2>这是 Nvidia 的致命一击吗？</h2>
<p>截至撰写本文时（6 月 25 日），AMD 的股价在 2025 年迄今已上涨 18%。根据图表，这些涨幅略高于 Nvidia 股票的增幅。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png"/></p>
<p>NVDA 数据来源于 YCharts</p>
<p>考虑到 AMD 在市场份额上的缺乏以及明显放缓的增长（至少目前如此），我认为很难为 AMD 的涨幅辩护。</p>
<p>虽然我怀疑 AMD 的增长前景可能会在下半年新芯片发布后扭转，但我也认为该公司将很难从 Nvidia 那里重新获得任何有意义的势头——因为 Nvidia 也将在今年晚些时候发布新架构。</p>
<p>在我看来，Nvidia 可能暂时将 AMD 置于了一个致命的棋局中。我认为这些报告的数字可能暗示 Nvidia 将继续在 AI 数据中心芯片领域保持领先，并可能迎来一个新的、持久的、持续的增长浪潮。</p>

<p>英伟达在人工智能芯片市场巩固了其主导地位，将其在人工智能加速器中的市场份额提高至 88%，而 AMD 的份额则降至 4%。尽管 AMD 在数据中心领域有所增长，但近期趋势显示销售额下降，这引发了人们对其与英伟达竞争地位的担忧。分析师指出，英伟达的技术进步和即将发布的产品可能进一步巩固其领先地位，可能使 AMD 面临挑战。总体而言，英伟达近期的表现可能标志着在半导体行业对 AMD 的绝杀</p>

<p>Over the last two years, semiconductor powerhouse <strong>Nvidia</strong>(NVDA 1.74%) has emerged as the biggest force fueling the artificial intelligence (AI) revolution. The company's industry-leading graphics processing units (GPU) and CUDA software platform have helped Nvidia build a substantial lead over its competition in the chip market.</p>
<div class="lb-trans"><p>在过去两年中，半导体巨头 <strong>Nvidia</strong>（NVDA 1.74%）已成为推动人工智能（AI）革命的最大力量。该公司行业领先的图形处理单元（GPU）和 CUDA 软件平台帮助 Nvidia 在芯片市场上建立了相对于竞争对手的显著领先优势。</p>
</div><p>While <strong>Advanced Micro Devices</strong> has carved out an impressive pocket for itself in the AI data center landscape, recent reporting suggests that the company is still far behind Nvidia.</p>
<div class="lb-trans"><p>虽然 <strong>Advanced Micro Devices</strong> 在 AI 数据中心领域占据了一个令人印象深刻的市场，但最近的报道表明，该公司仍远远落后于 Nvidia。</p>
</div><p>Let's explore the dynamics behind Nvidia's lead over AMD, and assess if the king of the chip realm just made its checkmate move against its top rival.</p>
<div class="lb-trans"><p>让我们探讨 Nvidia 相对于 AMD 的领先动态，并评估芯片领域的王者是否刚刚对其主要竞争对手下了致命一击。</p>
</div><h2>Nvidia continues to dominate the competition</h2>
<div class="lb-trans"><h2>Nvidia 继续主导竞争</h2>
</div><p>During the early phases of the AI megatrend, Nvidia benefited from having a first-mover advantage over other semiconductor companies when it comes to GPUs specifically. While being a first mover can help companies experience outsized growth relative to the competition or form strategic partnerships with leaders in adjacent industries, there's no guarantee that these businesses can sustain their leads.</p>
<div class="lb-trans"><p>在 AI 大趋势的早期阶段，Nvidia 在 GPU 领域相较于其他半导体公司享有先发优势。虽然先发者可以帮助公司相对于竞争对手实现超常增长或与邻近行业的领导者形成战略合作关系，但并不能保证这些企业能够维持其领先地位。</p>
</div><p>In the case of Nvidia, however, trends suggest that company's lead over AMD may only be getting bigger.</p>
<div class="lb-trans"><p>然而，就 Nvidia 而言，趋势表明该公司相对于 AMD 的领先优势可能正在扩大。</p>
</div><p>Beth Kindig, who serves as a technology research analyst and CEO of I/O Fund, recently shared a data point from SemiAnalysis that pointed out that Nvidia's market share in AI accelerators increased by roughly two points during the first quarter -- now hovering around 88%. By contrast, AMD's share shrunk by about one point, now comprising roughly 4% of the market.</p>
<div class="lb-trans"><p>技术研究分析师兼 I/O Fund 首席执行官 Beth Kindig 最近分享了来自 SemiAnalysis 的数据，指出 Nvidia 在 AI 加速器市场的份额在第一季度增加了大约两个百分点，目前约为 88%。相比之下，AMD 的市场份额缩小了约一个百分点，目前约占市场的 4%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvZ2V0dHlpbWFnZXMtMTIwNDU4MzYwNi04LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822912%2Fgettyimages-1204583606-8.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 these trends could spell trouble for AMD</h2>
<div class="lb-trans"><h2>为什么这些趋势可能对 AMD 构成威胁</h2>
</div><p>The chart illustrates AMD's revenue and operating income by reportable segment during the first quarter. One of the more notable takeaways is that AMD's data center operation is its fastest-growing business, all while remaining highly profitable.</p>
<div class="lb-trans"><p>该图表展示了 AMD 在第一季度按可报告部门划分的收入和营业收入。其中一个显著的结论是，AMD 的数据中心业务是其增长最快的业务，同时仍保持高度盈利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvc2NyZWVuc2hvdC0yMDI1LTA2LTI1LTE0MTA0Ny5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822912%2Fscreenshot-2025-06-25-141047.jpg&amp;op=resize&amp;w=700"/></p>
<p>Data source: AMD investor relations.</p>
<div class="lb-trans"><p>数据来源：AMD 投资者关系。</p>
</div><p>However, a more subtle idea is that sales from the data center business shrunk by 5% quarter over quarter. To be fair, there could be a number of reasons for this.</p>
<div class="lb-trans"><p>然而，一个更微妙的观点是，数据中心业务的销售额环比下降了 5%。公平地说，这可能有多种原因。</p>
</div><p>First, the semiconductor industry is cyclical -- which makes quarterly trends tougher to predict and gauge when it comes to the overall health of the business. In addition, AMD's latest accelerator architectures are expected to ship later this year. This timeline could be playing a role in the slight deceleration of the data center business compared to the fourth quarter.</p>
<div class="lb-trans"><p>首先，半导体行业是周期性的——这使得季度趋势在整体业务健康状况方面更难预测和评估。此外，AMD 最新的加速器架构预计将在今年晚些时候发货。这个时间表可能在一定程度上影响了数据中心业务与第四季度相比的轻微放缓。</p>
</div><p>While these ideas may make some sense in theory, I find them hard to believe, given Nvidia actually <em>gained</em> ground in the AI accelerator market during the first quarter.</p>
<div class="lb-trans"><p>虽然这些观点在理论上可能有一定道理，但考虑到 Nvidia 在第一季度实际上在 AI 加速器市场上 <em>获得</em> 了市场份额，我发现这些观点难以置信。</p>
</div><p>Since AI developers raced to buy Nvidia's newest Blackwell chips, factors such as cyclicality or new competitive chipsets from AMD didn't seem to be enough to persuade customers from waiting on AMD's products over those of Nvidia.</p>
<div class="lb-trans"><p>由于 AI 开发者竞相购买 Nvidia 最新的 Blackwell 芯片，周期性因素或 AMD 的新竞争芯片似乎不足以说服客户等待 AMD 的产品，而不是选择 Nvidia 的产品。</p>
</div><p>In the long run, these dynamics could spell trouble for AMD. Despite the company's ability to win impressive data center customers such as <strong>Oracle</strong>, <strong>Meta Platforms</strong>, and <strong>Microsoft</strong>, AMD's innovative efforts do not appear to be enough to outmaneuver Nvidia at this time.</p>
<div class="lb-trans"><p>从长远来看，这些动态可能对 AMD 构成威胁。尽管该公司能够赢得 <strong>Oracle</strong>、<strong>Meta Platforms</strong> 和 <strong>Microsoft</strong> 等令人印象深刻的数据中心客户，但 AMD 的创新努力在此时似乎不足以超越 Nvidia。</p>
</div><h2>Is this a checkmate move by Nvidia?</h2>
<div class="lb-trans"><h2>这是 Nvidia 的致命一击吗？</h2>
</div><p>As of this writing (June 25), shares of AMD have risen by 18% so far in 2025. Per the chart, these gains are slightly ahead of Nvidia stock's increase.</p>
<div class="lb-trans"><p>截至撰写本文时（6 月 25 日），AMD 的股价在 2025 年迄今已上涨 18%。根据图表，这些涨幅略高于 Nvidia 股票的增幅。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png" alt="" original-src="https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 数据来源于 YCharts</p>
</div><p>I think it's hard to justify AMD's gains over Nvidia, given the company's lack of market share and apparent decelerating growth (at least for now).</p>
<div class="lb-trans"><p>考虑到 AMD 在市场份额上的缺乏以及明显放缓的增长（至少目前如此），我认为很难为 AMD 的涨幅辩护。</p>
</div><p>While I suspect AMD's growth profile could turn around following the release of new chipsets during the second half of the year, I also think it will be challenging for the company to gain any meaningful momentum back from Nvidia -- as Nvidia also has new architectures releasing later this year, too.</p>
<div class="lb-trans"><p>虽然我怀疑 AMD 的增长前景可能会在下半年新芯片发布后扭转，但我也认为该公司将很难从 Nvidia 那里重新获得任何有意义的势头——因为 Nvidia 也将在今年晚些时候发布新架构。</p>
</div><p>To me, Nvidia may have put AMD in a checkmate position for the time being. I think these figures reported could imply that Nvidia will remain the leader in AI data center chips and could be on its way to a new, prolonged, and sustained wave of growth.</p>
<div class="lb-trans"><p>在我看来，Nvidia 可能暂时将 AMD 置于了一个致命的棋局中。我认为这些报告的数字可能暗示 Nvidia 将继续在 AI 数据中心芯片领域保持领先，并可能迎来一个新的、持久的、持续的增长浪潮。</p>
</div>

Did Nvidia Just Say "Checkmate" to AMD?

- 英伟达在人工智能领域的市场份额已达约 88%，领先于 AMD 的 4%。  
- AMD 数据中心业务虽增长迅速，但销售额环比下降 5%。  
- 英伟达的市场主导地位可能使 AMD 面临长期挑战。  

英伟达是否刚刚对 AMD 说 “将军”？