<p>据报道，<strong>亚马逊</strong>（AMZN +0.69%）正在与外部客户进行初步谈判，计划出售其 Trainium AI 芯片，而不仅仅是将这些自家制造的芯片堆叠在自己的数据中心中，以便为其云计算客户提供服务。这并不令人惊讶：亚马逊首席执行官安迪·贾西（Andy Jassy）已经表示，公司可能会朝这个方向发展。然而，亚马逊决定出售其 AI 芯片的一个潜在受害者是 <strong>英伟达</strong>（NVDA 3.99%），这将使其在 AI 芯片市场的主导地位面临更多竞争。英伟达的股东应该担心吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUzNzYvYW1hem9uLWFuZC1udmlkaWEtbG9nb3MucG5nJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUzNzYvYW1hem9uLWFuZC1udmlkaWEtbG9nb3MucG5nJnc9Mzg0MA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>亚马逊 AI 芯片的优势</h2>
<p>亚马逊开始设计自己的芯片有几个原因。首先，帮助减少对英伟达硬件的依赖。作为提供顶级 GPU（图形处理单元）以训练和部署人工智能（AI）模型的市场领导者，英伟达有时面临供应限制。亚马逊以及其他超大规模云服务商发现，定制芯片可以帮助他们规避这个问题。其次，对于亚马逊来说，依赖 Trainium 通常更具成本效益。根据公司数据，Trainium2 的性价比比可比 GPU 高出 30%。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亚马逊股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亚马逊</p>
<p>今日变动</p>
<p>(0.69%) $1.60</p>
<p>当前价格</p>
<p>$234.39</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2.5 万亿</p>
<p>日内区间</p>
<p>$232.00 - $236.88</p>
<p>52 周区间</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>719</p>
<p>平均成交量</p>
<p>4560 万</p>
<p>毛利率</p>
<p>50.60%</p>
<p>这意味着这家 云计算巨头 可以通过其 Trainium 业务降低开支并提高利润率。它可以为其他公司提供同样的价值主张。亚马逊表示，如果其 AI 芯片部门是一家独立的公司，年收入将达到 500 亿美元。对于一家季度销售额超过 1000 亿美元的公司来说，这并不算多，但亚马逊还表示，该部门的增长速度是其他业务的三位数年增长率。如果 AI 热潮持续下去，它可能会成为亚马逊一个重要的增长驱动力。但这一切对英伟达意味着什么呢？</p>
<h2>英伟达应该没问题</h2>
<p>值得注意的是，尽管设计自己的 AI 芯片具有优势，亚马逊仍然是英伟达的重要客户。正如贾西在公司第一季度财报电话会议上所说：</p>
<blockquote>
<p>尽管我们引入的 AI 芯片中最大数量是 Trainium，但我们与英伟达保持着深厚的合作关系。我们对他们非常尊重，继续订购大量产品，只要我能预见的未来，我们都会是合作伙伴，我们总会有客户希望在 AWS 上运行英伟达。</p>
</blockquote>
<p>这里的教训是，英伟达的硬件仍然是最好的和最通用的。该公司还因其 CUDA 生态系统而受益于广泛的护城河。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="英伟达股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>英伟达</p>
<p>今日变动</p>
<p>(-3.99%) $-8.33</p>
<p>当前价格</p>
<p>$200.32</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.8 万亿</p>
<p>日内区间</p>
<p>$200.02 - $203.78</p>
<p>52 周区间</p>
<p>$149.26 - $236.54</p>
<p>成交量</p>
<p>4600</p>
<p>平均成交量</p>
<p>1.617 亿</p>
<p>毛利率</p>
<p>74.15%</p>
<p>股息收益率</p>
<p>0.14%</p>
<p>即使公司寻求替代的 AI 芯片，快速增长的 AI 行业也应该为英伟达提供强劲的顺风，支持多个赢家。此外，英伟达正在利用因自主 AI 的兴起而带来的重要新增长机会。随着 AI 代理在 CPU（中央处理单元）上运行，英伟达预计到年底将产生 200 亿美元的独立 CPU 收入，并开始进入 2000 亿美元的可寻址市场。</p>
<p>结论是：即使亚马逊的 AI 芯片业务取得进展，英伟达仍可能保持领先，并继续交出出色的财务业绩。这就是为什么这只半导体股票仍然值得购买。</p>

英伟达

亚马逊

亚马逊每日 1 倍做空 ETF - Direxion

<p>亚马逊正在探索将其自家研发的 Trainium AI 芯片销售给外部客户，这可能会增加对英伟达的竞争。然而，由于英伟达硬件的卓越多功能性和 CUDA 生态系统，亚马逊仍然是英伟达的重要客户。英伟达继续受益于强劲的行业顺风，包括自主 AI 和 CPU 收入机会的增长。分析师得出结论，尽管亚马逊在努力，但英伟达很可能会维持其市场主导地位和财务实力</p>

<p>According to reports, <strong>Amazon</strong>( AMZN +0.69%) is in early talks to sell its Trainium AI chips to external customers, rather than just stacking its own data centers with these in-house-made chips for the benefit of its cloud computing clients. This shouldn't come as a surprise: Amazon's CEO, Andy Jassy, had already said that the company could be moving in that direction. However, one potential loser from Amazon's decision to sell its AI chips is <strong>Nvidia</strong>( NVDA 3.99%), which will now face more competition for dominance in the AI chip market. Should Nvidia's shareholders be worried?</p>
<div class="lb-trans"><p>据报道，<strong>亚马逊</strong>（AMZN +0.69%）正在与外部客户进行初步谈判，计划出售其 Trainium AI 芯片，而不仅仅是将这些自家制造的芯片堆叠在自己的数据中心中，以便为其云计算客户提供服务。这并不令人惊讶：亚马逊首席执行官安迪·贾西（Andy Jassy）已经表示，公司可能会朝这个方向发展。然而，亚马逊决定出售其 AI 芯片的一个潜在受害者是 <strong>英伟达</strong>（NVDA 3.99%），这将使其在 AI 芯片市场的主导地位面临更多竞争。英伟达的股东应该担心吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUzNzYvYW1hem9uLWFuZC1udmlkaWEtbG9nb3MucG5nJnc9Mzg0MA" alt="Amazon and Nvidia logos." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F875376%2Famazon-and-nvidia-logos.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>The advantage of Amazon's AI chips</h2>
<div class="lb-trans"><h2>亚马逊 AI 芯片的优势</h2>
</div><p>Amazon started designing its own chips in-house for several reasons. First, to help decrease its exposure to Nvidia's hardware. As the market leader in offering best-in-class GPUs ( Graphics Processing Units) for training and deploying artificial intelligence (AI) models, Nvidia has sometimes faced supply constraints. Amazon, and, for that matter, other hyperscalers, have found that custom-made chips can help them sidestep this issue. Second, for Amazon, relying on Trainium is often more cost-effective. According to the company, Trainium2 offers 30% better price performance than comparable GPUs.</p>
<div class="lb-trans"><p>亚马逊开始设计自己的芯片有几个原因。首先，帮助减少对英伟达硬件的依赖。作为提供顶级 GPU（图形处理单元）以训练和部署人工智能（AI）模型的市场领导者，英伟达有时面临供应限制。亚马逊以及其他超大规模云服务商发现，定制芯片可以帮助他们规避这个问题。其次，对于亚马逊来说，依赖 Trainium 通常更具成本效益。根据公司数据，Trainium2 的性价比比可比 GPU 高出 30%。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亚马逊</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(0.69%) $1.60</p>
<div class="lb-trans"><p>(0.69%) $1.60</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$234.39</p>
<div class="lb-trans"><p>$234.39</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$2.5T</p>
<div class="lb-trans"><p>$2.5 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$232.00 - $236.88</p>
<div class="lb-trans"><p>$232.00 - $236.88</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>719</p>
<div class="lb-trans"><p>719</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>45.6M</p>
<div class="lb-trans"><p>4560 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><p>That means the cloud computing giant can reduce expenses and boost margins thanks to its Trainium franchise. It could offer the same value proposition to other companies. Amazon has said its AI chip unit would have an annual run rate of $50 billion if it were a stand-alone business. That's not a lot for a company that generates well over $100 billion in quarterly sales, but Amazon also said this segment is growing at triple-digit year-over-year rates, much faster than the rest of the business. And if the AI boom continues, it could become a meaningful growth driver for Amazon. But what does all of this mean for Nvidia?</p>
<div class="lb-trans"><p>这意味着这家 云计算巨头 可以通过其 Trainium 业务降低开支并提高利润率。它可以为其他公司提供同样的价值主张。亚马逊表示，如果其 AI 芯片部门是一家独立的公司，年收入将达到 500 亿美元。对于一家季度销售额超过 1000 亿美元的公司来说，这并不算多，但亚马逊还表示，该部门的增长速度是其他业务的三位数年增长率。如果 AI 热潮持续下去，它可能会成为亚马逊一个重要的增长驱动力。但这一切对英伟达意味着什么呢？</p>
</div><h2>Nvidia should be just fine</h2>
<div class="lb-trans"><h2>英伟达应该没问题</h2>
</div><p>It is telling that despite the advantage of designing its own AI chips, Amazon continues to be a major Nvidia customer. As Jassy said during the company's first-quarter earnings conference call:</p>
<div class="lb-trans"><p>值得注意的是，尽管设计自己的 AI 芯片具有优势，亚马逊仍然是英伟达的重要客户。正如贾西在公司第一季度财报电话会议上所说：</p>
</div><blockquote>
<p>While the largest number of AI chips we are bringing in are Trainium, we continue to have a deep partnership with NVIDIA. We have immense respect for them, continue to order substantial quantities, will be partners for as long as I can foresee, and we will always have customers who want to run NVIDIA on AWS.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>尽管我们引入的 AI 芯片中最大数量是 Trainium，但我们与英伟达保持着深厚的合作关系。我们对他们非常尊重，继续订购大量产品，只要我能预见的未来，我们都会是合作伙伴，我们总会有客户希望在 AWS 上运行英伟达。</p>
</blockquote>
</div><p>The lesson here is that Nvidia's hardware is still the best and most versatile. The company also benefits from a wide moat thanks to its CUDA ecosystem.</p>
<div class="lb-trans"><p>这里的教训是，英伟达的硬件仍然是最好的和最通用的。该公司还因其 CUDA 生态系统而受益于广泛的护城河。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4" alt="Nvidia Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FNVDA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: NVDA</h2>
<div class="lb-trans"><h2>NASDAQ: NVDA</h2>
</div><p>Nvidia</p>
<div class="lb-trans"><p>英伟达</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-3.99%) $-8.33</p>
<div class="lb-trans"><p>(-3.99%) $-8.33</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$200.32</p>
<div class="lb-trans"><p>$200.32</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$4.8T</p>
<div class="lb-trans"><p>$4.8 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$200.02 - $203.78</p>
<div class="lb-trans"><p>$200.02 - $203.78</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$149.26 - $236.54</p>
<div class="lb-trans"><p>$149.26 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>4.6K</p>
<div class="lb-trans"><p>4600</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>161.7M</p>
<div class="lb-trans"><p>1.617 亿</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>74.15%</p>
<div class="lb-trans"><p>74.15%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.14%</p>
<div class="lb-trans"><p>0.14%</p>
</div><p>Even as companies seek alternative AI chips, the rapidly growing AI industry should provide a strong tailwind to Nvidia while also supporting multiple winners. Further, Nvidia is tapping into an important new growth opportunity thanks to the rise of agentic AI. With AI agents running on CPUs (Central Processing Units), Nvidia estimates it will generate $20 billion in stand-alone CPU revenue by the end of the year and begin making headway into a $200 billion total addressable market.</p>
<div class="lb-trans"><p>即使公司寻求替代的 AI 芯片，快速增长的 AI 行业也应该为英伟达提供强劲的顺风，支持多个赢家。此外，英伟达正在利用因自主 AI 的兴起而带来的重要新增长机会。随着 AI 代理在 CPU（中央处理单元）上运行，英伟达预计到年底将产生 200 亿美元的独立 CPU 收入，并开始进入 2000 亿美元的可寻址市场。</p>
</div><p>Here's the bottom line: Even if Amazon's AI chip business makes progress, Nvidia will likely still reign supreme and continue delivering outstanding financial results. That's why the semiconductor stock remains a buy.</p>
<div class="lb-trans"><p>结论是：即使亚马逊的 AI 芯片业务取得进展，英伟达仍可能保持领先，并继续交出出色的财务业绩。这就是为什么这只半导体股票仍然值得购买。</p>
</div>

Will Amazon's AI Chip Business Be a Threat to Nvidia?

- 亚马逊正在与外部客户洽谈出售 Trainium AI 芯片。  
- 该决定可能对英伟达构成竞争压力，但亚马逊依然是其重要客户。  
- 尽管面临竞争，英伟达有望继续保持市场主导地位。

亚马逊的 AI 芯片业务是否会对英伟达构成威胁？