<p><strong>超微電腦</strong>（SMCI 6.42%）和 <strong>英偉達</strong>（NVDA 2.84%）在這場人工智能（AI）熱潮中都取得了成功。英偉達生產圖形處理單元（GPU）及其他相關產品和服務，而超微電腦，也稱為 Supermicro，將英偉達及其他芯片設計公司的 GPU 集成到其數據中心的服務器系統中。這導致兩家公司在最近幾個季度的銷售增長均達到了三位數；持續的高需求為未來帶來了積極的信號。</p>
<p>但最近，超微電腦遇到了一些困難。八月份的一份空頭報告指責該公司存在問題，同時，超微電腦在無關的情況下推遲了其 10-K 年報。幾周後，《華爾街日報》報道司法部正在調查該公司。上個月，超微電腦的問題加劇，該公司的審計師安永（Ernst &amp; Young）辭職，理由是對公司的財務報告表示擔憂。</p>
<p>現在，投資者自然會擔心這些問題對英偉達的影響，因為兩家公司之間存在關係。但英偉達的某個特定舉動是否能保護其免受超微電腦困境的影響呢？讓我們來看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY2MDIvZ2V0dHlpbWFnZXMtMTY4NTgwNjA0LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY2MDIvZ2V0dHlpbWFnZXMtMTY4NTgwNjA0LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>超微電腦的情況</h2>
<p>首先，關於超微電腦最近情況的更多細節，然後我將談談該公司如何與英偉達合作。八月底的一份空頭報告引發了超微電腦的一系列困難，Hindenburg Research 指責存在多個問題，包括 “明顯的會計紅旗”。超微電腦對此回應稱這些説法 “虛假或不準確”。</p>
<p>與此同時，超微電腦推遲了其 10-K 年報的提交，但告知客户和投資者，預計第四季度或年度收益數字不會有重大變化。但超微電腦仍面臨完成 10-K 的壓力：納斯達克因延遲向該公司發出了不合規通知，該公司必須在本月晚些時候提交報告或提交恢復合規的計劃。因此，目前該公司面臨退市的可能性。</p>
<p>至於《華爾街日報》關於可能的司法部調查的報道，超微電腦拒絕置評。</p>
<p>最後，上個月底，安永辭去了超微電腦的審計師職務。安永表示，它不再 “能夠依賴管理層和審計委員會的陳述”，並且 “不願與管理層準備的財務報表相關聯”。</p>
<p>從超微電腦與 Hindenburg 報告的問題開始到現在，股價已下跌 52%。</p>
<h2>英偉達與超微電腦</h2>
<p>現在，讓我們考慮英偉達在超微電腦中的角色。正如超微電腦在其 2023 年年報中所述，大型設備訂單 “可能需要更大的營運資金承諾，這可能需要在我們的信貸設施下增加借款以資助關鍵組件的採購。” 在最近的財報中，超微電腦指出對其集成英偉達 GPU 的機架規模解決方案的持續高需求。</p>
<p>考慮到超微電腦當前的困境，風險在於該公司可能難以增加借款以資助訂單，這可能會在短期內影響英偉達的收入。今天的情況尤其值得關注，因為英偉達正準備推出其 Blackwell 架構，這是一種需求旺盛的新平台。</p>
<h2>英偉達的最新舉動</h2>
<p>那麼，我們現在應該擔心英偉達嗎？好吧，作為頂級芯片設計公司，英偉達可能正在採取必要措施以避免重大供應鏈問題和銷售影響。據《DigiTimes Asia》報道，英偉達正在將超微電腦的訂單轉移到其他供應商。</p>
<p>這是一件好事，因為這應該能最小化對銷售的影響，並保持供應鏈的流動，但英偉達可能會看到一些短期影響。畢竟，超微電腦是領先的設備製造商之一，考慮到對 Blackwell 的需求超過供應，參與將 Blackwell 交付給客户的每個參與者都扮演着關鍵角色。</p>
<p>不過，從長遠來看，審視這一情況是重要的，如果我們這樣做，即使超微電腦在艱難的水域中航行，仍然有理由對英偉達保持信心。如果《DigiTimes》的報道是正確的，英偉達正在採取正確的舉措，任何對英偉達收入的潛在影響或短期內訂單交付的延遲都應該因這種主動措施而受到限制。</p>
<p>更好的是，今天的潛在影響不會改變英偉達光明的長期前景。英偉達的產品和服務需求旺盛，該公司與從設備製造商到雲服務提供商的廣泛參與者合作，以確保客户能夠獲得這些產品。所有這些意味着，如果英偉達的股價因超微電腦最近的問題下滑，這將是一個絕佳的買入機會。</p>

超微電腦

<p>Nvidia 和超微電腦在人工智能熱潮中都取得了成功，但超微面臨着重大挑戰，包括延遲提交的 10-K 報告和審計師辭職。Nvidia 據報道正在將超微的訂單轉移到其他供應商，以減輕潛在的供應鏈問題。儘管超微的困境可能會影響 Nvidia 短期的收入，但由於對其產品的高需求，Nvidia 的長期前景仍然樂觀。儘管超微當前面臨挑戰，這種情況可能為 Nvidia 的股票提供了一個買入機會</p>

<p><strong>Super Micro Computer</strong>(SMCI 6.42%) and <strong>Nvidia</strong>(NVDA 2.84%) have both been winners during this artificial intelligence (AI) boom. Nvidia makes graphics processing units (GPUs) and other related products and services, while Super Micro Computer, also known as Supermicro, incorporates GPUs -- those of Nvidia and other chip designers -- into its server systems for data centers. This has resulted in triple-digit sales growth for both companies in the latest quarters; ongoing high demand is a positive sign for the future.</p>
<div class="lb-trans"><p><strong>超微電腦</strong>（SMCI 6.42%）和 <strong>英偉達</strong>（NVDA 2.84%）在這場人工智能（AI）熱潮中都取得了成功。英偉達生產圖形處理單元（GPU）及其他相關產品和服務，而超微電腦，也稱為 Supermicro，將英偉達及其他芯片設計公司的 GPU 集成到其數據中心的服務器系統中。這導致兩家公司在最近幾個季度的銷售增長均達到了三位數；持續的高需求為未來帶來了積極的信號。</p>
</div><p>But in recent times, Supermicro has stumbled. A short report in August alleged troubles at the company, and at the same time but in an unrelated move, Supermicro delayed its 10-K annual report. A few weeks later, <em>The Wall Street Journal</em> reported that the Justice Department was investigating the company. Supermicro's problems intensified last month when the firm's auditor, Ernst &amp; Young, quit, citing concerns about the company's financial reporting.</p>
<div class="lb-trans"><p>但最近，超微電腦遇到了一些困難。八月份的一份空頭報告指責該公司存在問題，同時，超微電腦在無關的情況下推遲了其 10-K 年報。幾周後，《華爾街日報》報道司法部正在調查該公司。上個月，超微電腦的問題加劇，該公司的審計師安永（Ernst &amp; Young）辭職，理由是對公司的財務報告表示擔憂。</p>
</div><p>Now, it's natural for investors to worry about the impact of these troubles on Nvidia due to the companies' relationship. But could one particular move by Nvidia protect it from Supermicro's woes? Let's find out.</p>
<div class="lb-trans"><p>現在，投資者自然會擔心這些問題對英偉達的影響，因為兩家公司之間存在關係。但英偉達的某個特定舉動是否能保護其免受超微電腦困境的影響呢？讓我們來看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY2MDIvZ2V0dHlpbWFnZXMtMTY4NTgwNjA0LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796602%2Fgettyimages-168580604-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>The Supermicro situation</h2>
<div class="lb-trans"><h2>超微電腦的情況</h2>
</div><p>First, a bit more detail about Supermicro's recent situation, and then I'll talk about how the company works with Nvidia. A short report in late August set off the string of difficulties at Supermicro, with Hindenburg Research alleging several issues, including &#34;glaring accounting red flags.&#34; Supermicro responded, calling the statements &#34;false or inaccurate.&#34;</p>
<div class="lb-trans"><p>首先，關於超微電腦最近情況的更多細節，然後我將談談該公司如何與英偉達合作。八月底的一份空頭報告引發了超微電腦的一系列困難，Hindenburg Research 指責存在多個問題，包括 “明顯的會計紅旗”。超微電腦對此回應稱這些説法 “虛假或不準確”。</p>
</div><p>Meanwhile, Supermicro delayed the filing of its 10-K annual report but informed customers and investors that it didn't expect any significant changes to fourth-quarter or annual-earnings figures. But the pressure still is on for Supermicro to complete the 10-K: Nasdaq sent the company a non-compliance letter due to the delay, and the company has until later this month to file or submit a plan to regain compliance with listing rules. So, at this point, the company faces the possibility of delisting.</p>
<div class="lb-trans"><p>與此同時，超微電腦推遲了其 10-K 年報的提交，但告知客户和投資者，預計第四季度或年度收益數字不會有重大變化。但超微電腦仍面臨完成 10-K 的壓力：納斯達克因延遲向該公司發出了不合規通知，該公司必須在本月晚些時候提交報告或提交恢復合規的計劃。因此，目前該公司面臨退市的可能性。</p>
</div><p>As for <em>The Wall Street Journal</em> report about a possible Justice Department probe, Supermicro declined to comment.</p>
<div class="lb-trans"><p>至於《華爾街日報》關於可能的司法部調查的報道，超微電腦拒絕置評。</p>
</div><p>Finally, late last month, Ernst &amp; Young resigned as auditor of Supermicro. Ernst &amp; Young stated that it was no longer &#34;able to rely on management's and the Audit Committee's representations,&#34; and it was &#34;unwilling to be associated with the financial statements prepared by management.&#34;</p>
<div class="lb-trans"><p>最後，上個月底，安永辭去了超微電腦的審計師職務。安永表示，它不再 “能夠依賴管理層和審計委員會的陳述”，並且 “不願與管理層準備的財務報表相關聯”。</p>
</div><p>From the start of Supermicro's problems with the Hindenburg report through today, the stock has lost 52%.</p>
<div class="lb-trans"><p>從超微電腦與 Hindenburg 報告的問題開始到現在，股價已下跌 52%。</p>
</div><h2>Nvidia and Supermicro</h2>
<div class="lb-trans"><h2>英偉達與超微電腦</h2>
</div><p>Now, let's consider how Nvidia fits into the Supermicro picture. As Supermicro states in its 2023 annual report, large equipment orders &#34;may require greater commitments of working capital, which may require increased borrowings under our credit facilities to fund purchases of key components.&#34; And in recent earnings reports, Supermicro noted ongoing high demand for its rack scale solutions incorporating Nvidia's GPUs.</p>
<div class="lb-trans"><p>現在，讓我們考慮英偉達在超微電腦中的角色。正如超微電腦在其 2023 年年報中所述，大型設備訂單 “可能需要更大的營運資金承諾，這可能需要在我們的信貸設施下增加借款以資助關鍵組件的採購。” 在最近的財報中，超微電腦指出對其集成英偉達 GPU 的機架規模解決方案的持續高需求。</p>
</div><p>The risk here, considering Supermicro's current troubles, is the company could have difficulty increasing borrowing to fund orders, and this may impact Nvidia's revenue at least in the near term. The situation is particularly noteworthy today as Nvidia prepares to launch its Blackwell architecture, a new platform in high demand.</p>
<div class="lb-trans"><p>考慮到超微電腦當前的困境，風險在於該公司可能難以增加借款以資助訂單，這可能會在短期內影響英偉達的收入。今天的情況尤其值得關注，因為英偉達正準備推出其 Blackwell 架構，這是一種需求旺盛的新平台。</p>
</div><h2>Nvidia's latest move</h2>
<div class="lb-trans"><h2>英偉達的最新舉動</h2>
</div><p>So, should we worry about Nvidia right now? Well, the top chip designer may be taking the necessary steps to avoid significant supply chain problems and impact on its sales. Nvidia is said to be shifting Supermicro orders to other vendors, according to a <em>DigiTimes Asia</em> article.</p>
<div class="lb-trans"><p>那麼，我們現在應該擔心英偉達嗎？好吧，作為頂級芯片設計公司，英偉達可能正在採取必要措施以避免重大供應鏈問題和銷售影響。據《DigiTimes Asia》報道，英偉達正在將超微電腦的訂單轉移到其他供應商。</p>
</div><p>This is positive as it should minimize impact on sales and keep the supply chain flowing, but it's possible Nvidia will see some near-term effects. After all, Supermicro is one of the leading equipment makers, and considering demand for Blackwell surpasses supply, every player involved in bringing Blackwell to customers holds a key role.</p>
<div class="lb-trans"><p>這是一件好事，因為這應該能最小化對銷售的影響，並保持供應鏈的流動，但英偉達可能會看到一些短期影響。畢竟，超微電腦是領先的設備製造商之一，考慮到對 Blackwell 的需求超過供應，參與將 Blackwell 交付給客户的每個參與者都扮演着關鍵角色。</p>
</div><p>Still, it's important to take a long-term view of this situation, and if we do this, there's reason to be confident about Nvidia even as Supermicro navigates difficult waters. If the <em>DigiTimes</em> report is correct, Nvidia is making the right moves, and any potential impact on Nvidia's revenue or delay in order deliveries in the short term should be limited thanks to this sort of proactive step.</p>
<div class="lb-trans"><p>不過，從長遠來看，審視這一情況是重要的，如果我們這樣做，即使超微電腦在艱難的水域中航行，仍然有理由對英偉達保持信心。如果《DigiTimes》的報道是正確的，英偉達正在採取正確的舉措，任何對英偉達收入的潛在影響或短期內訂單交付的延遲都應該因這種主動措施而受到限制。</p>
</div><p>Even better, potential impact today won't change Nvidia's bright, long-term picture. Nvidia's products and services are in high demand, and the company works with a wide range of players -- from equipment makers to cloud-service providers -- to ensure customers have access to them. All of this means that if Nvidia's stock slips on Supermicro's recent troubles, it represents a fantastic buying opportunity.</p>
<div class="lb-trans"><p>更好的是，今天的潛在影響不會改變英偉達光明的長期前景。英偉達的產品和服務需求旺盛，該公司與從設備製造商到雲服務提供商的廣泛參與者合作，以確保客户能夠獲得這些產品。所有這些意味着，如果英偉達的股價因超微電腦最近的問題下滑，這將是一個絕佳的買入機會。</p>
</div>

Could This Move by Nvidia Protect It From Super Micro Computer's Woes?

- Super Micro Computer 和 Nvidia 在人工智能熱潮中均實現了三位數的銷售增長。  
- Supermicro 最近面臨審計師辭職和財務報告問題，股價下跌 52%。  
- Nvidia 正在將 Supermicro 的訂單轉移至其他供應商，以減輕潛在影響。

英偉達的這一舉動能否保護它免受超微電腦困境的影響？