<p>跟踪人工智能繁荣速度的一种方式是关注硬件供应链。英伟达就是一个经典的例子：随着人工智能公司建设数据中心，它们每个月购买数十亿美元的 GPU，使英伟达成为全球最有价值的公司。但英伟达也有供应商，关注这些供应商可以让我们对市场有更长远的看法。</p>
<p>这就是我们关注 ASML 的原因，这家荷兰光刻公司已成为半导体行业的关键枢纽。ASML 是制造尖端芯片所需的 EUV 设备的唯一供应商，使其成为整个行业的核心供应商。当 ASML 表现良好时，意味着公司预计将销售大量半导体。</p>
<p>根据周三早上发布的季度财报，该公司确实表现非常出色。</p>
<p>总收入为 327 亿欧元，按任何标准来看都是一笔巨款。但对我们来说，最重要的数字是 “新订单”，代表本季度新接到的订单。查看这些订单可以告诉我们芯片制造商认为他们需要多少产能，这基于他们对未来几年数据中心建设订单的预期。</p>
<p>从这个指标来看，人工智能基础设施的繁荣仍在持续。上个季度，ASML 新接到价值 130 亿欧元的订单，创下公司新纪录，是前一个季度订单的两倍多。</p>
<p>在财报声明中，ASML 首席执行官 Christophe Fouquet 明确表示，额外的需求来自人工智能。</p>
<p>“在过去几个月中，我们的许多客户对中期市场形势的评估明显更加积极，主要基于对人工智能相关需求可持续性的更强预期，” Fouquet 写道。用非首席执行官的语言来说，这意味着他们的客户预计人工智能实验室确实需要他们正在建设的所有数据中心，他们现在正在花钱，以便能够准备好供应芯片。</p>
<p>需要明确的是：这一切并不是保证会发生。未来是未知的！可能需要数年才能完成所有这些订单，一些客户可能会在交货前退出。令人畏惧的 Zitron 预测仍可能成真，并使一切崩溃。</p>
<p>但如果你在等待公司对数万亿美元的基础设施支出做出退缩……你可能还需要等一段时间。</p>

<p>人工智能基础设施的繁荣持续，主要受到对 GPU 的强劲需求推动，尤其是来自英伟达的需求，使其成为全球最有价值的公司。阿斯麦作为半导体制造设备的关键供应商，报告净销售额为 327 亿欧元，创纪录的新订单达到 130 亿欧元，表明由人工智能驱动的芯片未来需求强劲。阿斯麦的首席执行官指出，客户对与人工智能相关的需求持积极展望，暗示对数据中心基础设施的持续投资。然而，关于未来这些订单的履行仍然存在不确定性</p>

<p>One way to track the speed of the AI boom is to follow the hardware supply chain. Nvidia is the classic example: As AI companies build out data centers, they’re buying up billions of dollars of GPUs each month, turning Nvidia into the most valuable company on earth. But Nvidia has suppliers too, and looking at them can give us an even longer-term view of the market.</p>
<div class="lb-trans"><p>跟踪人工智能繁荣速度的一种方式是关注硬件供应链。英伟达就是一个经典的例子：随着人工智能公司建设数据中心，它们每个月购买数十亿美元的 GPU，使英伟达成为全球最有价值的公司。但英伟达也有供应商，关注这些供应商可以让我们对市场有更长远的看法。</p>
</div><p>That’s why we care about ASML, a Dutch photolithography company that has become a key linchpin for the semiconductor industry. ASML is the sole supplier of the EUV equipment needed to make cutting-edge chips, making it a central supplier for the entire industry. When ASML does well, it’s because companies are expecting to sell a lot of semiconductors.</p>
<div class="lb-trans"><p>这就是我们关注 ASML 的原因，这家荷兰光刻公司已成为半导体行业的关键枢纽。ASML 是制造尖端芯片所需的 EUV 设备的唯一供应商，使其成为整个行业的核心供应商。当 ASML 表现良好时，意味着公司预计将销售大量半导体。</p>
</div><p>And based on the quarterly earnings released Wednesday morning, the company is doing very well indeed.</p>
<div class="lb-trans"><p>根据周三早上发布的季度财报，该公司确实表现非常出色。</p>
</div><p>The topline figure is 32.7 billion euros in net sales, which is a lot of money by any standards. But for our purposes, the most important figure is “new bookings,” which represent the new orders that came in this quarter. Looking at those orders tells us how much capacity chip manufacturers think they’ll need, based on the orders they expect from data center buildouts in the years to come.</p>
<div class="lb-trans"><p>总收入为 327 亿欧元，按任何标准来看都是一笔巨款。但对我们来说，最重要的数字是 “新订单”，代表本季度新接到的订单。查看这些订单可以告诉我们芯片制造商认为他们需要多少产能，这基于他们对未来几年数据中心建设订单的预期。</p>
</div><p>By that metric, the AI infrastructure boom is still going strong. Last quarter, ASML brought in 13 billion euros worth of new orders, a new record for the company and more than double the orders that came in the quarter before.</p>
<div class="lb-trans"><p>从这个指标来看，人工智能基础设施的繁荣仍在持续。上个季度，ASML 新接到价值 130 亿欧元的订单，创下公司新纪录，是前一个季度订单的两倍多。</p>
</div><p>In an earnings statement, ASML CEO Christophe Fouquet made it clear the extra demand was coming from AI.</p>
<div class="lb-trans"><p>在财报声明中，ASML 首席执行官 Christophe Fouquet 明确表示，额外的需求来自人工智能。</p>
</div><p>“In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand,” Fouquet wrote. In non-CEO English, that means their customers expect AI labs will really need all the data centers they’re building, and they’re spending money now so they can be ready to supply the chips.</p>
<div class="lb-trans"><p>“在过去几个月中，我们的许多客户对中期市场形势的评估明显更加积极，主要基于对人工智能相关需求可持续性的更强预期，” Fouquet 写道。用非首席执行官的语言来说，这意味着他们的客户预计人工智能实验室确实需要他们正在建设的所有数据中心，他们现在正在花钱，以便能够准备好供应芯片。</p>
</div><p>To be clear: none of this is guaranteed to happen. The future is unwritten! It may be years before all those orders are filled, and some clients may pull out before delivery time. The dreaded Zitron predictions could still come true and bring it all crashing down.</p>
<div class="lb-trans"><p>需要明确的是：这一切并不是保证会发生。未来是未知的！可能需要数年才能完成所有这些订单，一些客户可能会在交货前退出。令人畏惧的 Zitron 预测仍可能成真，并使一切崩溃。</p>
</div><p>But if you were waiting for companies to back-pedal on the trillions of dollars in projected infrastructure spending…you may be waiting for a while.</p>
<div class="lb-trans"><p>但如果你在等待公司对数万亿美元的基础设施支出做出退缩……你可能还需要等一段时间。</p>
</div>

人工智能基础设施的繁荣似乎没有放缓的迹象