<p>在过去几年中，投资者目睹了大型科技公司资本支出的前所未有的激增，这些公司持续投入资金建设其人工智能（AI）基础设施。大部分资金用于购买 <strong>Nvidia</strong>（NVDA -0.30%）和 <strong>Advanced Micro Devices</strong> 的图形处理单元（GPU），以及 <strong>Broadcom</strong> 的网络设备和定制的应用特定集成电路（ASIC）。</p>
<p>然而，潮流开始发生变化。资本开始向下游转移，一些硅谷初创公司不再仅仅吸引好奇心——它们正在颠覆长期以来由现有企业主导的半导体市场。</p>
<p>进入 Groq，这是一家刚完成 7.5 亿美元融资的公司，估值达到 69 亿美元。除了这个引人注目的数字外，更值得注意的是其投资者名单，其中包括 <strong>Samsung</strong>、<strong>Cisco</strong> 和 <strong>BlackRock</strong>。这一轮融资代表了更广泛半导体叙事中的一个关键时刻——可能会重写新兴企业与传统巨头之间的动态。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTgvZ2V0dHlpbWFnZXMtMjE1MDg3ODExMi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTgvZ2V0dHlpbWFnZXMtMjE1MDg3ODExMi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Groq 是什么，投资者为什么应该关注它？</h2>
<p>Nvidia 和 AMD 都设计 GPU——这种硬件特别适合为生成性 AI 模型的训练提供动力。然而，Groq 正在开辟一条不同的道路，推出一种称为语言处理单元（LPU）的芯片类别。与 GPU 不同，LPU 是为推理而构建的——这是训练模型在现实应用中部署的阶段。</p>
<p>这一区别很重要，因为推理需要比 GPU 目前提供的更快的处理速度、更高的能效和超低的延迟。Groq 的方法突显了半导体并非一刀切的产品，AI 基础设施提供商需要超越他们目前囤积的 GPU。</p>
<p>Groq 令人印象深刻的融资轮次表明，投资者正在押注它能够在芯片领域开辟出一个空间，提供针对下一波 AI 发展的可行替代方案。</p>
<h2>Groq 对 Nvidia 和 AMD 的影响是什么？</h2>
<p>Nvidia 今天在 AI 加速器市场的估计份额达到 90%。这种主导地位源于其领先的 GPU 架构和深度集成的 CUDA 软件生态系统。两者共同为其在芯片领域提供了广泛的护城河。</p>
<p>尽管如此，Groq 的崛起突显了 AI 工作负载变得更加碎片化和专业化的事实。如果云计算巨头如 <strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Alphabet</strong> 和 <strong>Oracle</strong> 认为 Groq 的芯片更适合推理，Nvidia 可能被迫更积极地捍卫其地位——否则将面临在某些高价值领域失去市场份额的风险。</p>
<p>在 AI 革命中，AMD 对 Nvidia 的主要宣传是其能够提供更低成本的替代方案。但 Groq 的出现可能迅速重塑这一叙事。</p>
<p>如果企业开始多元化进入多供应商平台，而不仅仅依赖于 Nvidia 的产品，AMD 也可能受益。实际上，Groq 的崛起不仅仅挑战了 Nvidia；相反，它扩大了竞争领域，并赋予买家更多的杠杆。这种变化可能将 AMD 推向聚光灯下。</p>
<h2>Nvidia 与 AMD：现在哪个股票更值得购买？</h2>
<p>Groq 的 7.5 亿美元股权融资证明了 AI 芯片竞赛远未结束。然而，Nvidia 显然还没有被取代。</p>
<p>其创纪录的盈利水平赋予了其无与伦比的财务实力——并且有大量资源可以利用，以在与较小竞争对手的竞争中实现超越创新。凭借当前的增长轨迹、强劲的利润率以及即将推出的下一代芯片如 Blackwell Ultra 和 Rubin，Nvidia 的领导地位仍然显得稳固。</p>
<p>相比之下，AMD 是一项风险更高的投资。尽管其 MI300 芯片的销售正在获得 traction，但 AMD 最终缺乏支撑 Nvidia 主导地位的生态系统锁定。虽然 Groq 作为芯片供应商的出现可能有助于为 AMD 打开大门，但尚不清楚它在缩小与无可争议的市场领导者之间的差距方面能获得多少进展。</p>
<p>AMD 可能作为补充芯片供应商获得一些增量收益，但 Nvidia 仍然是更明智的投资，或许是从持续推动 AI 基础设施繁荣的长期趋势中获利的最直接方式。</p>

<p>这篇文章讨论了英伟达和 AMD 在人工智能芯片市场的竞争，特别是在 Groq 最近筹集了 7.5 亿美元股权的背景下。Groq 正在开发用于 AI 推理的语言处理单元（LPU），对英伟达在 GPU 市场的主导地位构成挑战。尽管英伟达凭借其盈利能力和创新产品保持强大的市场地位，但 AMD 可能会因 Groq 的崛起而受益，从而实现产品多样化。最终，尽管人工智能基础设施的格局在不断演变，英伟达仍被视为更明智的投资选择，因为其建立的生态系统和财务实力</p>

<p>Over the last few years, investors have witnessed an unprecedented surge in capital expenditures by big tech companies, which are continuing to pour funds into building out their artificial intelligence (AI) infrastructure. Much of that money has been spent on graphics processing units (GPUs) from <strong>Nvidia</strong>(NVDA -0.30%) and <strong>Advanced Micro Devices</strong>, as well as networking gear and custom application-specific integrated circuits (ASICs) from <strong>Broadcom</strong>.</p>
<div class="lb-trans"><p>在过去几年中，投资者目睹了大型科技公司资本支出的前所未有的激增，这些公司持续投入资金建设其人工智能（AI）基础设施。大部分资金用于购买 <strong>Nvidia</strong>（NVDA -0.30%）和 <strong>Advanced Micro Devices</strong> 的图形处理单元（GPU），以及 <strong>Broadcom</strong> 的网络设备和定制的应用特定集成电路（ASIC）。</p>
</div><p>The tide is beginning to shift, however. Capital is beginning to move further downstream, where a handful of Silicon Valley startups are no longer just attracting curiosity -- they are disrupting a semiconductor market long dominated by the current incumbents.</p>
<div class="lb-trans"><p>然而，潮流开始发生变化。资本开始向下游转移，一些硅谷初创公司不再仅仅吸引好奇心——它们正在颠覆长期以来由现有企业主导的半导体市场。</p>
</div><p>Enter Groq, fresh off a $750 million capital raise that values the company at $6.9 billion. Beyond the headline figure, what stands out is its investor roster, which includes <strong>Samsung</strong>, <strong>Cisco</strong>, and <strong>BlackRock</strong>. This funding round represents a pivotal moment in the broader semiconductor narrative -- one that could rewrite the dynamics between the newcomers and legacy giants.</p>
<div class="lb-trans"><p>进入 Groq，这是一家刚完成 7.5 亿美元融资的公司，估值达到 69 亿美元。除了这个引人注目的数字外，更值得注意的是其投资者名单，其中包括 <strong>Samsung</strong>、<strong>Cisco</strong> 和 <strong>BlackRock</strong>。这一轮融资代表了更广泛半导体叙事中的一个关键时刻——可能会重写新兴企业与传统巨头之间的动态。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTgvZ2V0dHlpbWFnZXMtMjE1MDg3ODExMi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834058%2Fgettyimages-2150878112.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>What is Groq, and why should investors pay attention?</h2>
<div class="lb-trans"><h2>Groq 是什么，投资者为什么应该关注它？</h2>
</div><p>Nvidia and AMD both design GPUs -- hardware that is particularly well suited to powering the training of generative AI models. Groq, however, is pioneering a different path with a chip category known as language processing units (LPUs). Unlike GPUs, LPUs are built for inference -- the stage at which trained models are deployed in real-world applications.</p>
<div class="lb-trans"><p>Nvidia 和 AMD 都设计 GPU——这种硬件特别适合为生成性 AI 模型的训练提供动力。然而，Groq 正在开辟一条不同的道路，推出一种称为语言处理单元（LPU）的芯片类别。与 GPU 不同，LPU 是为推理而构建的——这是训练模型在现实应用中部署的阶段。</p>
</div><p>This distinction matters because inference requires chips with faster processing speeds, greater power efficiency, and ultra-low latency compared to what GPUs currently deliver. Groq's approach highlights the fact that semiconductors are not one-size-fits-all products, and that AI infrastructure providers will need to look beyond the GPUs they are currently hoarding.</p>
<div class="lb-trans"><p>这一区别很重要，因为推理需要比 GPU 目前提供的更快的处理速度、更高的能效和超低的延迟。Groq 的方法突显了半导体并非一刀切的产品，AI 基础设施提供商需要超越他们目前囤积的 GPU。</p>
</div><p>Groq's impressive funding round signals that investors are betting that it can carve out a space in the chip realm by offering viable alternatives optimized for the next wave of AI development.</p>
<div class="lb-trans"><p>Groq 令人印象深刻的融资轮次表明，投资者正在押注它能够在芯片领域开辟出一个空间，提供针对下一波 AI 发展的可行替代方案。</p>
</div><h2>How does Groq impact Nvidia and AMD?</h2>
<div class="lb-trans"><h2>Groq 对 Nvidia 和 AMD 的影响是什么？</h2>
</div><p>Nvidia today commands an estimated 90% share of the AI accelerator market. That dominance stems from its leading GPU architectures and the deep integration of its CUDA software ecosystem. Together, those have given it a wide moat in its part of the chip space.</p>
<div class="lb-trans"><p>Nvidia 今天在 AI 加速器市场的估计份额达到 90%。这种主导地位源于其领先的 GPU 架构和深度集成的 CUDA 软件生态系统。两者共同为其在芯片领域提供了广泛的护城河。</p>
</div><p>Even so, Groq's rise underscores the fact that AI workloads are becoming more fragmented and specialized. If cloud hyperscalers like <strong>Microsoft</strong>, <strong>Amazon</strong>, <strong>Alphabet</strong>, and <strong>Oracle</strong> determine that Groq's chips are better suited for inference, Nvidia could be forced to defend its position more aggressively -- or risk ceding ground in certain high-value corners of the AI landscape.</p>
<div class="lb-trans"><p>尽管如此，Groq 的崛起突显了 AI 工作负载变得更加碎片化和专业化的事实。如果云计算巨头如 <strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Alphabet</strong> 和 <strong>Oracle</strong> 认为 Groq 的芯片更适合推理，Nvidia 可能被迫更积极地捍卫其地位——否则将面临在某些高价值领域失去市场份额的风险。</p>
</div><p>Throughout the AI revolution, AMD's main pitch against Nvidia has been its ability to deliver lower-cost alternatives. But Groq's emergence could swiftly reshape that narrative.</p>
<div class="lb-trans"><p>在 AI 革命中，AMD 对 Nvidia 的主要宣传是其能够提供更低成本的替代方案。但 Groq 的出现可能迅速重塑这一叙事。</p>
</div><p>If enterprises begin diversifying into multivendor platforms rather than relying solely on Nvidia's stack, AMD could benefit too. In effect, Groq's rise does not merely challenge Nvidia; rather, it broadens the playing field and gives buyers more leverage. Such moves could propel AMD into the spotlight.</p>
<div class="lb-trans"><p>如果企业开始多元化进入多供应商平台，而不仅仅依赖于 Nvidia 的产品，AMD 也可能受益。实际上，Groq 的崛起不仅仅挑战了 Nvidia；相反，它扩大了竞争领域，并赋予买家更多的杠杆。这种变化可能将 AMD 推向聚光灯下。</p>
</div><h2>Nvidia vs. AMD: Which stock is the smarter buy right now?</h2>
<div class="lb-trans"><h2>Nvidia 与 AMD：现在哪个股票更值得购买？</h2>
</div><p>Groq's $750 million equity raise proves that the AI chip race is far from settled. However, Nvidia certainly hasn't been dethroned just yet.</p>
<div class="lb-trans"><p>Groq 的 7.5 亿美元股权融资证明了 AI 芯片竞赛远未结束。然而，Nvidia 显然还没有被取代。</p>
</div><p>Its record levels of profitability give it unmatched financial strength -- and plenty of resources it can tap in its efforts to out-innovate smaller rivals. With its current growth trajectory, robust margins, and next-generation chips like Blackwell Ultra and Rubin on the horizon, Nvidia's leadership position still appears durable.</p>
<div class="lb-trans"><p>其创纪录的盈利水平赋予了其无与伦比的财务实力——并且有大量资源可以利用，以在与较小竞争对手的竞争中实现超越创新。凭借当前的增长轨迹、强劲的利润率以及即将推出的下一代芯片如 Blackwell Ultra 和 Rubin，Nvidia 的领导地位仍然显得稳固。</p>
</div><p>By contrast, AMD is a higher-risk bet. While sales of its MI300 chips are gaining traction, AMD ultimately lacks the ecosystem lock-in that underpins Nvidia's dominance. While Groq's emergence as a chip supplier could help open doors for AMD, it is unclear how much ground it can gain in its efforts to close the gap between itself and the undisputed segment leader.</p>
<div class="lb-trans"><p>相比之下，AMD 是一项风险更高的投资。尽管其 MI300 芯片的销售正在获得 traction，但 AMD 最终缺乏支撑 Nvidia 主导地位的生态系统锁定。虽然 Groq 作为芯片供应商的出现可能有助于为 AMD 打开大门，但尚不清楚它在缩小与无可争议的市场领导者之间的差距方面能获得多少进展。</p>
</div><p>AMD may capture some incremental upside as a complementary chip provider, but Nvidia continues to be the smarter buy and perhaps the most direct way to profit from the ongoing secular tailwinds fueling the AI infrastructure boom.</p>
<div class="lb-trans"><p>AMD 可能作为补充芯片供应商获得一些增量收益，但 Nvidia 仍然是更明智的投资，或许是从持续推动 AI 基础设施繁荣的长期趋势中获利的最直接方式。</p>
</div>

Nvidia vs. AMD: Which Artificial Intelligence (AI) Stock Is the Smarter Buy After Groq's $750 Million Equity Raise?

- 大型科技公司在人工智能基础设施上的资本支出激增，尤其是对 GPU 的投资。  
- 新兴公司 Groq 通过 7.5 亿美元融资，挑战传统半导体市场。  
- Groq 的语言处理单元（LPU）可能改变 AI 工作负载的格局，影响 Nvidia 和 AMD 的市场地位。

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英伟达与 AMD：在 Groq 筹集 7.5 亿美元股权融资后，哪只人工智能（AI）股票是更明智的选择？