<p>当 <strong>Nvidia</strong>（NVDA -0.82%）在 1990 年代成立时，它是一家小众芯片设计公司。其图形处理单元（GPU）旨在增强视频游戏的视觉效果。然而，联合创始人兼首席执行官黄仁勋有更广泛的雄心；他意识到 GPU 在许多其他需要并行处理的应用中也能发挥作用。</p>
<p>快进到今天，黄仁勋的愿景已经实现。Nvidia 的 GPU 现在为一系列生成性人工智能平台提供处理能力——从 OpenAI 的 ChatGPT 到 <strong>Alphabet</strong> 的 Gemini。通过提供作为人工智能基础设施支柱的芯片，Nvidia 已经从一家中型半导体公司发展成为全球最有价值的企业。</p>
<p>投资者应清楚的认识到：变革性技术可以从小众产品开始，然后重塑整个行业。如今量子计算的应用范围也相对狭窄——但这项技术似乎正在成为人工智能领域下一个前沿。</p>
<p>一家公司小型竞争者—— <strong>Quantum Computing Inc.</strong>（QUBT -0.26%）——正在寻求颠覆这一领域。它能成为下一个 Nvidia 吗？</p>
<h2>量子计算是下一个 GPU 吗？</h2>
<p>就像最初 GPU 的主流商业应用很少一样，目前量子计算机的应用也不多。这项技术仍然主要处于实验阶段。这些机器复杂，建造和操作成本高，尚未解决大规模的实际效用。然而，量子计算人工智能的潜力是巨大的。</p>
<p>与经典计算机不同——经典计算机以二进制形式存储和处理数据——量子计算机使用量子比特（qubits），它们还可以由于一种称为叠加的特性而持有概率幅度的值。结果是，在某些情况下，量子计算机可以比经典超级计算机更快地解决问题。</p>
<p>专家预计，量子计算的优势将适用于许多用例，从药物发现和金融风险建模到密码学和预测能源模式。因此，量子计算有潜力在大规模上释放数万亿美元的经济价值。然而，正如 1990 年代的 GPU 一样，先驱者的雄心愿景与技术的广泛商业应用之间的差距仍然很大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTAvZ2V0dHktd2hhdF9zLW5leHQtd2hhdHMteW91ci1wbGFuLTEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTAvZ2V0dHktd2hhdF9zLW5leHQtd2hhdHMteW91ci1wbGFuLTEuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>分析量子计算公司</h2>
<p>在过去的一年里，量子计算公司（Quantum Computing Inc.，简称 QCi）已迅速进入公众视野。鉴于其名称与科技行业最热门的主题之一相呼应，这家新兴公司的股票在短短 12 个月内飙升了超过 3200%。虽然这样的势头可能令人心动，但聪明的投资者会想要先深入了解。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5cf90c2a0ea7137880f5e4059503d053.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/5cf90c2a0ea7137880f5e4059503d053.png"/></p>
<p>QUBT 收入（TTM）数据来自 YCharts。</p>
<p>到目前为止，QCi 的收入微乎其微，并且持续消耗大量现金，这引发了对其盈利路径的严重怀疑。</p>
<p>在我看来，量子计算公司的股票受益于公司在运营实力上的不足，更多的是由于散户投资者的热情。该公司正处于合适的时机，乘着炒作驱动的浪潮。然而，QCi 引人注目的名称与其基本商业面之间的不匹配令人担忧。</p>
<h2>量子计算公司是下一个 Nvidia 吗？</h2>
<p>Nvidia 的崛起从来不是仅靠品牌推动的。该公司带来了尖端技术，逐步改进，并由一位具有远见的领导者引领，他认识到 GPU 的用途可以远远超出游戏，扩展到数据中心和人工智能。</p>
<p>同样重要的是，该公司通过向开发者推广其软件架构 CUDA，建立了强大的护城河。CUDA 使用得越广泛，Nvidia 就越有效地将开发者锁定在其生态系统中。</p>
<p>量子计算公司缺乏这些类型的竞争优势。其业务显示出有限的吸引力，并且在硬件和软件方面都落后于同行。与此同时，像 <strong>Microsoft</strong>、Alphabet、<strong>Amazon</strong> 和 <strong>International Business Machines</strong> 等巨头已经在量子计算应用上进行了大量投资，并且它们在将这些应用整合到庞大的生态系统中方面处于良好位置。</p>
<p>在这种背景下，量子计算公司基本上已经成为一种投机性热门股票，受到追逐快速利润的日间交易者的青睐，而不是长期投资者建立持久头寸的选择。</p>
<p>对于那些希望接触量子计算领域的人来说，更明智的方法是投资于已经建立的人工智能领导者，这些公司拥有盈利的多元化业务，并且也在探索这一新兴技术。</p>

英伟达

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<p>量子计算公司（Quantum Computing Inc.，QUBT）在过去一年中上涨超过 3200%，引发了与英伟达（Nvidia）崛起的比较。然而，QCi 的收入微薄且现金流出严重，这引发了对其盈利能力的质疑。与建立了强大竞争壁垒的英伟达不同，QCi 缺乏运营实力，并面临来自微软和亚马逊等科技巨头的竞争。该公司更被视为一种投机性的 “迷因股票”，而非稳健的投资。投资者被建议考虑那些在量子计算领域探索的成熟人工智能领导者</p>

<p>When <strong>Nvidia</strong>(NVDA -0.82%) was founded in the 1990s, it was a niche chip designer. Its graphics processing units (GPUs) were engineered to enhance the visuals of video games. Yet, co-founder and CEO Jensen Huang had broader ambitions; he realized that GPUs could be useful in many other applications where parallel processing could be applied.</p>
<div class="lb-trans"><p>当 <strong>Nvidia</strong>（NVDA -0.82%）在 1990 年代成立时，它是一家小众芯片设计公司。其图形处理单元（GPU）旨在增强视频游戏的视觉效果。然而，联合创始人兼首席执行官黄仁勋有更广泛的雄心；他意识到 GPU 在许多其他需要并行处理的应用中也能发挥作用。</p>
</div><p>Fast-forward to today, and Huang's vision has been realized. Nvidia's GPUs now provide the processing power for a host of generative AI platforms -- from OpenAI's ChatGPT to <strong>Alphabet</strong>'s Gemini. By providing the chips that are the backbone of AI infrastructure, Nvidia has evolved from a mid-tier semiconductor company into the world's most valuable enterprise.</p>
<div class="lb-trans"><p>快进到今天，黄仁勋的愿景已经实现。Nvidia 的 GPU 现在为一系列生成性人工智能平台提供处理能力——从 OpenAI 的 ChatGPT 到 <strong>Alphabet</strong> 的 Gemini。通过提供作为人工智能基础设施支柱的芯片，Nvidia 已经从一家中型半导体公司发展成为全球最有价值的企业。</p>
</div><p>The takeaway for investors should be clear: Transformative technologies can begin as niche products before reshaping entire industries. The uses for quantum computing today are also relatively narrow in scope -- but this tech appears to be emerging as one of the next frontiers in the AI realm.</p>
<div class="lb-trans"><p>投资者应清楚的认识到：变革性技术可以从小众产品开始，然后重塑整个行业。如今量子计算的应用范围也相对狭窄——但这项技术似乎正在成为人工智能领域下一个前沿。</p>
</div><p>One small-cap contender -- <strong>Quantum Computing Inc.</strong>(QUBT -0.26%)-- is seeking to disrupt the space. Could it become the next Nvidia?</p>
<div class="lb-trans"><p>一家公司小型竞争者—— <strong>Quantum Computing Inc.</strong>（QUBT -0.26%）——正在寻求颠覆这一领域。它能成为下一个 Nvidia 吗？</p>
</div><h2>Is quantum computing the next GPU?</h2>
<div class="lb-trans"><h2>量子计算是下一个 GPU 吗？</h2>
</div><p>Just as there were initially few mainstream commercial applications for GPUs, there aren't many so far for quantum computers. The technology remains largely experimental. The machines are complex, costly to build and operate, and have not yet addressed real-world utility at scale. Still, the potential of quantum computing AI is enormous.</p>
<div class="lb-trans"><p>就像最初 GPU 的主流商业应用很少一样，目前量子计算机的应用也不多。这项技术仍然主要处于实验阶段。这些机器复杂，建造和操作成本高，尚未解决大规模的实际效用。然而，量子计算人工智能的潜力是巨大的。</p>
</div><p>Unlike classical computers -- which store and manipulate data in binary form -- quantum computers use qubits, which can also hold values that are probability amplitudes, thanks to a property known as superposition. The result of this is that in some cases, quantum computers can solve problems exponentially faster than even a classical supercomputer.</p>
<div class="lb-trans"><p>与经典计算机不同——经典计算机以二进制形式存储和处理数据——量子计算机使用量子比特（qubits），它们还可以由于一种称为叠加的特性而持有概率幅度的值。结果是，在某些情况下，量子计算机可以比经典超级计算机更快地解决问题。</p>
</div><p>Experts expect that quantum computing's strengths will be applicable across a host of use cases, from drug discovery and financial risk modeling to cryptography and predicting energy patterns. As such, quantum computing has the potential to unlock trillions of dollars in economic value at scale. Yet, as with GPUs in the 1990s, the gap between the ambitious visions of the pioneers and widespread commercial adoption of the technology remains wide.</p>
<div class="lb-trans"><p>专家预计，量子计算的优势将适用于许多用例，从药物发现和金融风险建模到密码学和预测能源模式。因此，量子计算有潜力在大规模上释放数万亿美元的经济价值。然而，正如 1990 年代的 GPU 一样，先驱者的雄心愿景与技术的广泛商业应用之间的差距仍然很大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTAvZ2V0dHktd2hhdF9zLW5leHQtd2hhdHMteW91ci1wbGFuLTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834050%2Fgetty-what_s-next-whats-your-plan-1.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>Analyzing Quantum Computing Inc.</h2>
<div class="lb-trans"><h2>分析量子计算公司</h2>
</div><p>Over the past year, Quantum Computing Inc., or QCi, has surged into the spotlight. Given that its name mirrors one of the tech sector's hottest themes, it's not too surprising that shares of this emerging company have skyrocketed by more than 3,200% in just 12 months. While momentum like that might be tempting to follow, smart investors will want to look beneath the surface first.</p>
<div class="lb-trans"><p>在过去的一年里，量子计算公司（Quantum Computing Inc.，简称 QCi）已迅速进入公众视野。鉴于其名称与科技行业最热门的主题之一相呼应，这家新兴公司的股票在短短 12 个月内飙升了超过 3200%。虽然这样的势头可能令人心动，但聪明的投资者会想要先深入了解。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5cf90c2a0ea7137880f5e4059503d053.png" alt="" original-src="https://media.ycharts.com/charts/5cf90c2a0ea7137880f5e4059503d053.png"/></p>
<p>QUBT Revenue (TTM) data by YCharts.</p>
<div class="lb-trans"><p>QUBT 收入（TTM）数据来自 YCharts。</p>
</div><p>So far, QCi is generating minimal revenue, and it continues to burn significant cash, which raises serious doubts about its path to profitability.</p>
<div class="lb-trans"><p>到目前为止，QCi 的收入微乎其微，并且持续消耗大量现金，这引发了对其盈利路径的严重怀疑。</p>
</div><p>In my view, Quantum Computing Inc. shares are benefiting less from the company being in a position of operational strength and more from retail investors' enthusiasm. The company is in the right place at the right time and riding a wave of hype-driven narratives. And the mismatch between QCi's headline-grabbing name and its underlying business fundamentals is quite concerning.</p>
<div class="lb-trans"><p>在我看来，量子计算公司的股票受益于公司在运营实力上的不足，更多的是由于散户投资者的热情。该公司正处于合适的时机，乘着炒作驱动的浪潮。然而，QCi 引人注目的名称与其基本商业面之间的不匹配令人担忧。</p>
</div><h2>Is Quantum Computing Inc. the next Nvidia?</h2>
<div class="lb-trans"><h2>量子计算公司是下一个 Nvidia 吗？</h2>
</div><p>Nvidia's rise to dominance was never fueled by branding alone. The company brought cutting-edge technology to bear, steadily improved it over the years, and was led by a visionary who recognized how GPUs' uses could extend far beyond gaming and into data centers and AI.</p>
<div class="lb-trans"><p>Nvidia 的崛起从来不是仅靠品牌推动的。该公司带来了尖端技术，逐步改进，并由一位具有远见的领导者引领，他认识到 GPU 的用途可以远远超出游戏，扩展到数据中心和人工智能。</p>
</div><p>Just as important, the company built a formidable moat by promoting its software architecture, CUDA, to developers. The more widely used CUDA became, the more effectively Nvidia locked developers into its ecosystem.</p>
<div class="lb-trans"><p>同样重要的是，该公司通过向开发者推广其软件架构 CUDA，建立了强大的护城河。CUDA 使用得越广泛，Nvidia 就越有效地将开发者锁定在其生态系统中。</p>
</div><p>Quantum Computing Inc. lacks these types of competitive advantages. Its business is showing limited traction, and it's lagging its peers across both hardware and software. Meanwhile, giants like <strong>Microsoft</strong>, Alphabet, <strong>Amazon</strong>, and <strong>International Business Machines</strong> are already investing heavily in quantum computing applications, and they are well-positioned to integrate them into their sprawling ecosystems.</p>
<div class="lb-trans"><p>量子计算公司缺乏这些类型的竞争优势。其业务显示出有限的吸引力，并且在硬件和软件方面都落后于同行。与此同时，像 <strong>Microsoft</strong>、Alphabet、<strong>Amazon</strong> 和 <strong>International Business Machines</strong> 等巨头已经在量子计算应用上进行了大量投资，并且它们在将这些应用整合到庞大的生态系统中方面处于良好位置。</p>
</div><p>Against this backdrop, Quantum Computing Inc. has essentially become a speculative meme stock favored by day traders chasing quick profits rather than a holding of long-term investors building durable positions.</p>
<div class="lb-trans"><p>在这种背景下，量子计算公司基本上已经成为一种投机性热门股票，受到追逐快速利润的日间交易者的青睐，而不是长期投资者建立持久头寸的选择。</p>
</div><p>For those looking to gain exposure to the quantum computing landscape, a more prudent approach would be to invest in established AI leaders with profitable, diversified businesses that are also exploring this rising new technology.</p>
<div class="lb-trans"><p>对于那些希望接触量子计算领域的人来说，更明智的方法是投资于已经建立的人工智能领导者，这些公司拥有盈利的多元化业务，并且也在探索这一新兴技术。</p>
</div>

Could This Small-Cap Artificial Intelligence (AI) Stock Become the Next Nvidia?

- Nvidia 从小型芯片设计公司成长为全球最有价值企业，推动了 AI 基础设施的发展。  
- Quantum Computing Inc. 股价在过去一年上涨超过 3,200%，但收入微薄且现金消耗严重。  
- 与 Nvidia 不同，QCi 缺乏竞争优势，面临大型科技公司在量子计算领域的激烈竞争。  

这只小盘人工智能（AI）股票能否成为下一个英伟达？