<p><strong>Serve Robotics</strong>（SERV -11.53%）是一家自主最後一公里物流解決方案的開發商。該公司與 <strong>Uber Technology</strong>（UBER -0.74%）的 Uber Eats 食品配送平台達成了一項重大協議，預計到 2025 年將在美國城市部署數千台自駕機器人。</p>
<p>這些機器人使用了來自 <strong>Nvidia</strong>（NVDA -2.33%）的硬件和軟件組件，Nvidia 是全球領先的人工智能（AI）開發芯片供應商。</p>
<p>但 Uber 和 Nvidia 不僅與 Serve 達成了協議。它們還是公司的最大股東，這意味着它們在公司的長期成功中擁有直接的利益關係。截至目前，Serve 的市值僅為 7 億美元，如果其戰略得以實施，可能會有巨大的上行潛力。如果你考慮跟隨 Nvidia 和 Uber 投資這隻股票，以下是你需要了解的內容。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIzODUvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIzODUvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>一個潛在的 4500 億美元機會</h2>
<p>為什麼消費者要用 2 噸重的汽車來配送 2 磅重的捲餅？這是 Serve 在最近一次演示中向投資者提出的一個深思熟慮的問題。該公司認為，機器人和無人機是更好的選擇，隨着人工智能（AI）等技術開發成本的降低，它們正迅速變得更加經濟。</p>
<p>Serve 估計，其機器人最終將在規模化運營時以每次配送僅 1 美元的成本運行。它們已經使用 4 級自動駕駛，意味着可以在指定區域的步道上安全行駛，無需人工干預。自 2022 年以來，該公司的機器人已為洛杉磯的 400 家餐廳完成了超過 50,000 個訂單。根據 Serve 的數據，這些配送的準確率達到了 99.94%，使其比人類司機可靠 10 倍。</p>
<p>Serve 最新的 Gen3 機器人由 Nvidia 的 Jetson Orin 平台提供動力，包含運行先進機器人技術和計算機視覺所需的所有硬件和軟件。Gen3 的性能是上一代的 5 倍，這意味着運營成本降低了 50%。換句話説，其更快的最高速度、更廣的範圍和更長的運行時間使其效率大幅提升。</p>
<p>根據與 Uber Eats 的協議，Serve 將在 2025 年底前部署 2000 台機器人。這將涉及到加州其他城市的擴展，以及德克薩斯州的達拉斯和沃斯堡。如果該項目成功，Uber 可以通過將更多配送轉移到自主機器人而不是人類司機身上，節省大量資金。但這僅僅是個開始——Serve 認為，到 2030 年，自主最後一公里物流可能是一個 4500 億美元的機會。</p>
<h2>Serve 正在快速增長，但面臨財務緊張</h2>
<p>Serve 在 2024 年第三季度的收入為 221,555 美元（沒錯，不到 25 萬美元）。這比去年同期增長了 254%，但也比三個月前的第二季度下降了超過一半，當時公司的收入為 468,375 美元。</p>
<p>原因如下：Serve 選擇 <strong>Magna International</strong> 作為其計劃在今年生產的 2000 台機器人的製造合作伙伴。當去年簽署合作協議時，包括一項許可協議，Magna 將向 Serve 支付 120 萬美元的費用，以在機器人行業的其他領域使用其軟件（前提是不得與 Serve 競爭）。</p>
<p>該費用在第二季度已全部實現，使得 Serve 在第三季度僅剩下配送收入，這解釋了大幅的環比下降。</p>
<p>Serve 目前正面臨財務緊張，因為其現金消耗速度驚人。在 2024 年前三個季度，它花費了 2530 萬美元，其中大部分用於研發。由於公司產生的收入微乎其微，期間的淨虧損高達 2610 萬美元。</p>
<p>Serve 目前手頭僅有 5090 萬美元現金，如果不削減開支（或找到更多收入），將在未來 18 個月內耗盡。然而，該公司在 11 月建立了一個市場融資設施，這將允許其通過向投資者出售新股籌集額外的 1 億美元。這將提供進一步的現金流，但也會稀釋現有股東的股份。</p>
<h2>超過 20% 的 Serve 流通股由 Nvidia 和 Uber 持有</h2>
<p>Serve Robotics 於 2021 年成為獨立實體，此前 Uber 收購了其母公司 Postmates。然而，作為分拆的一部分，Uber 保留了對 Serve 的股份，目前持有其流通股的約 12%。</p>
<p>另一方面，Nvidia 自 2022 年以來一直在投資 Serve，現在擁有其流通股的 8.4%。</p>
<p>但在投資者急於加入 Uber 和 Nvidia 成為 Serve 股東之前，他們應該仔細審查其估值。根據公司的過去 12 個月收入和約 7 億美元的市值，其股票的市銷率（P/S）高達 336。這是 Nvidia 市銷率的 11 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eab9458392e63498f83d7c29d0bd7257.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/eab9458392e63498f83d7c29d0bd7257.png"/></p>
<p>SERV 市銷率數據來源於 YCharts</p>
<p>Nvidia 擁有數十年的成功記錄，資產負債表穩健，年收入超過 1000 億美元。更不用説，它是一家高盈利的公司。沒有合理的理由讓 Serve 的股票以如此高的溢價交易於 Nvidia 的股票。</p>
<p>話雖如此，華爾街的共識預測（由 Yahoo 提供）表明，假設 Serve 成功部署其 2000 台機器人並在與 Uber 的協議下增加配送，其年收入可能在 2025 年飆升 598%，達到 1330 萬美元。根據這一潛在收入數字，Serve 的股票市銷率為 54。</p>
<p>儘管這更合理的估值，但仍然非常昂貴，因此在今年的某個時候，股票出現大幅回調的風險是真實存在的。因此，投資者應該只投入他們能夠承受損失的資金。</p>

SERV

<p>Serve Robotics 是一家由 Nvidia 和 Uber 支持的自主配送解決方案開發商，市值為 7 億美元。該公司計劃到 2025 年為 Uber Eats 部署 2000 個自駕機器人，目標是到 2030 年實現 4500 億美元的市場機會。儘管年同比收入增長了 254%，Serve 在 2024 年第三季度僅報告了 221,555 美元的收入，低於第二季度的 468,375 美元。Serve 手頭有 5090 萬美元現金，但現金消耗顯著，面臨財務風險，但計劃通過新股籌集 1 億美元。Nvidia 和 Uber 持有 Serve 超過 20% 的股份</p>

<p><strong>Serve Robotics</strong>(SERV -11.53%) is a developer of autonomous last-mile logistics solutions. The company has a major deal with <strong>Uber Technology</strong>'s (UBER -0.74%) Uber Eats food delivery platform, which will see thousands of its self-driving robots deployed across U.S. cities in 2025.</p>
<div class="lb-trans"><p><strong>Serve Robotics</strong>（SERV -11.53%）是一家自主最後一公里物流解決方案的開發商。該公司與 <strong>Uber Technology</strong>（UBER -0.74%）的 Uber Eats 食品配送平台達成了一項重大協議，預計到 2025 年將在美國城市部署數千台自駕機器人。</p>
</div><p>Those robots are built using hardware and software components from <strong>Nvidia</strong>(NVDA -2.33%), which is the world's leading supplier of chips for artificial intelligence (AI) development.</p>
<div class="lb-trans"><p>這些機器人使用了來自 <strong>Nvidia</strong>（NVDA -2.33%）的硬件和軟件組件，Nvidia 是全球領先的人工智能（AI）開發芯片供應商。</p>
</div><p>But Uber and Nvidia haven't just made deals with Serve. They are also the company's largest shareholders, which means they have a direct stake in its long-term success. With a market capitalization of just $700 million as of this writing, Serve could have incredible upside potential if it executes on its strategy. Here's what you need to know if you're thinking about following Nvidia and Uber into the stock.</p>
<div class="lb-trans"><p>但 Uber 和 Nvidia 不僅與 Serve 達成了協議。它們還是公司的最大股東，這意味着它們在公司的長期成功中擁有直接的利益關係。截至目前，Serve 的市值僅為 7 億美元，如果其戰略得以實施，可能會有巨大的上行潛力。如果你考慮跟隨 Nvidia 和 Uber 投資這隻股票，以下是你需要了解的內容。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIzODUvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802385%2Fa-pair-of-autonomous-food-delivery-robots-waiting-on-the-sidewalk.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>A potential $450 billion opportunity</h2>
<div class="lb-trans"><h2>一個潛在的 4500 億美元機會</h2>
</div><p>Why do consumers use 2-ton cars to deliver 2-pound burritos? It's a thoughtful question Serve posed to investors in a recent presentation. The company believes robots and drones are better options, and they are rapidly becoming more economical as the cost to develop technologies like artificial intelligence (AI) comes down.</p>
<div class="lb-trans"><p>為什麼消費者要用 2 噸重的汽車來配送 2 磅重的捲餅？這是 Serve 在最近一次演示中向投資者提出的一個深思熟慮的問題。該公司認為，機器人和無人機是更好的選擇，隨着人工智能（AI）等技術開發成本的降低，它們正迅速變得更加經濟。</p>
</div><p>Serve estimates its robots will eventually operate at a cost of as little as $1 per delivery at scale. They already use Level 4 autonomy, meaning they can drive on sidewalks in designated areas safely without human intervention. The company's robots have delivered more than 50,000 orders on behalf of 400 restaurants across Los Angeles since 2022. According to Serve, those deliveries were completed with 99.94% accuracy, making them 10 times more reliable than human drivers.</p>
<div class="lb-trans"><p>Serve 估計，其機器人最終將在規模化運營時以每次配送僅 1 美元的成本運行。它們已經使用 4 級自動駕駛，意味着可以在指定區域的步道上安全行駛，無需人工干預。自 2022 年以來，該公司的機器人已為洛杉磯的 400 家餐廳完成了超過 50,000 個訂單。根據 Serve 的數據，這些配送的準確率達到了 99.94%，使其比人類司機可靠 10 倍。</p>
</div><p>Serve's latest Gen3 robot is powered by Nvidia's Jetson Orin platform, which includes all the hardware and software it needs to run advanced robotics and computer vision. Gen3 is 5 times more powerful than the previous generation, which translates into a 50% reduction in operating costs. In other words, its faster top speed, wider range, and longer operating time make it far more efficient.</p>
<div class="lb-trans"><p>Serve 最新的 Gen3 機器人由 Nvidia 的 Jetson Orin 平台提供動力，包含運行先進機器人技術和計算機視覺所需的所有硬件和軟件。Gen3 的性能是上一代的 5 倍，這意味着運營成本降低了 50%。換句話説，其更快的最高速度、更廣的範圍和更長的運行時間使其效率大幅提升。</p>
</div><p>Serve will deploy 2,000 robots by the end of 2025 under its deal with Uber Eats. It will involve an expansion into other California cities, in addition to Dallas and Fort Worth in Texas. If this program is successful, Uber could save significant amounts of money by shifting more deliveries to autonomous robots instead of human drivers. But that's only the beginning -- Serve believes autonomous last-mile logistics could be a $450 billion opportunity by 2030.</p>
<div class="lb-trans"><p>根據與 Uber Eats 的協議，Serve 將在 2025 年底前部署 2000 台機器人。這將涉及到加州其他城市的擴展，以及德克薩斯州的達拉斯和沃斯堡。如果該項目成功，Uber 可以通過將更多配送轉移到自主機器人而不是人類司機身上，節省大量資金。但這僅僅是個開始——Serve 認為，到 2030 年，自主最後一公里物流可能是一個 4500 億美元的機會。</p>
</div><h2>Serve is growing quickly, but it's walking a financial tightrope</h2>
<div class="lb-trans"><h2>Serve 正在快速增長，但面臨財務緊張</h2>
</div><p>Serve generated $221,555 in revenue (that's right, less than one-quarter of $1 million) during the third quarter of 2024. It represented 254% growth from the year-ago period, but it was also down by more than half from the second quarter three months earlier, when the company delivered $468,375 in revenue.</p>
<div class="lb-trans"><p>Serve 在 2024 年第三季度的收入為 221,555 美元（沒錯，不到 25 萬美元）。這比去年同期增長了 254%，但也比三個月前的第二季度下降了超過一半，當時公司的收入為 468,375 美元。</p>
</div><p>Here's why: Serve selected <strong>Magna International</strong> as its manufacturing partner for the 2,000 robots it plans to build this year. When the partnership was signed last year, it included a licensing deal in which Magna would pay Serve a $1.2 million fee to use its software in other segments of the robotics industry (as long as it isn't used to compete with Serve).</p>
<div class="lb-trans"><p>原因如下：Serve 選擇 <strong>Magna International</strong> 作為其計劃在今年生產的 2000 台機器人的製造合作伙伴。當去年簽署合作協議時，包括一項許可協議，Magna 將向 Serve 支付 120 萬美元的費用，以在機器人行業的其他領域使用其軟件（前提是不得與 Serve 競爭）。</p>
</div><p>That fee was fully realized in the second quarter, leaving Serve with just its delivery revenue alone in Q3, which explains the big sequential drop.</p>
<div class="lb-trans"><p>該費用在第二季度已全部實現，使得 Serve 在第三季度僅剩下配送收入，這解釋了大幅的環比下降。</p>
</div><p>Serve is currently walking a financial tightrope, because it's burning through cash at an alarming rate. It spent $25.3 million during the first three quarters of 2024, most of which went toward research and development. Since the company generated a minuscule amount of revenue, its net loss for the period came in at a whopping $26.1 million.</p>
<div class="lb-trans"><p>Serve 目前正面臨財務緊張，因為其現金消耗速度驚人。在 2024 年前三個季度，它花費了 2530 萬美元，其中大部分用於研發。由於公司產生的收入微乎其微，期間的淨虧損高達 2610 萬美元。</p>
</div><p>Serve has just $50.9 million in cash on hand, which will be wiped out within the next 18 months if it doesn't cut back on its spending (or find more revenue). However, the company established an at-the-market equity facility in November, which will allow it to raise a further $100 million by selling new shares to investors. This will provide a further cash runway, but will also dilute existing shareholders.</p>
<div class="lb-trans"><p>Serve 目前手頭僅有 5090 萬美元現金，如果不削減開支（或找到更多收入），將在未來 18 個月內耗盡。然而，該公司在 11 月建立了一個市場融資設施，這將允許其通過向投資者出售新股籌集額外的 1 億美元。這將提供進一步的現金流，但也會稀釋現有股東的股份。</p>
</div><h2>Over 20% of Serve's outstanding shares are held by Nvidia and Uber</h2>
<div class="lb-trans"><h2>超過 20% 的 Serve 流通股由 Nvidia 和 Uber 持有</h2>
</div><p>Serve Robotics became an independent entity in 2021, after Uber acquired its parent company, Postmates. However, as part of the spinoff, Uber retained a stake in Serve and it currently holds around 12% of its outstanding shares.</p>
<div class="lb-trans"><p>Serve Robotics 於 2021 年成為獨立實體，此前 Uber 收購了其母公司 Postmates。然而，作為分拆的一部分，Uber 保留了對 Serve 的股份，目前持有其流通股的約 12%。</p>
</div><p>Nvidia, on the other hand, has invested in Serve since 2022, and now owns 8.4% of its outstanding shares.</p>
<div class="lb-trans"><p>另一方面，Nvidia 自 2022 年以來一直在投資 Serve，現在擁有其流通股的 8.4%。</p>
</div><p>But before investors rush to join Uber and Nvidia as a Serve shareholder, they should carefully examine its valuation. Based on the company's trailing-12-month revenue and its market capitalization of around $700 million, its stock trades at a mind-boggling price-to-sales (P/S) ratio of 336. That's a staggering 11 times higher than Nvidia's P/S ratio.</p>
<div class="lb-trans"><p>但在投資者急於加入 Uber 和 Nvidia 成為 Serve 股東之前，他們應該仔細審查其估值。根據公司的過去 12 個月收入和約 7 億美元的市值，其股票的市銷率（P/S）高達 336。這是 Nvidia 市銷率的 11 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eab9458392e63498f83d7c29d0bd7257.png" alt="" original-src="https://media.ycharts.com/charts/eab9458392e63498f83d7c29d0bd7257.png"/></p>
<p>SERV PS Ratio data by YCharts</p>
<div class="lb-trans"><p>SERV 市銷率數據來源於 YCharts</p>
</div><p>Nvidia has a decades-long track record of success, with a rock-solid balance sheet and more than $100 billion in annual revenue. Not to mention, it's a highly profitable company. There is no rational case for Serve stock to trade at such a premium to Nvidia stock.</p>
<div class="lb-trans"><p>Nvidia 擁有數十年的成功記錄，資產負債表穩健，年收入超過 1000 億美元。更不用説，它是一家高盈利的公司。沒有合理的理由讓 Serve 的股票以如此高的溢價交易於 Nvidia 的股票。</p>
</div><p>With that said, Wall Street's consensus forecast (provided by Yahoo) suggests Serve's annual revenue could soar by 598% to $13.3 million during 2025, assuming it successfully deploys its 2,000 robots and ramps up deliveries under the deal with Uber. Based on that potential revenue figure, Serve stock trades at a forward P/S ratio of 54.</p>
<div class="lb-trans"><p>話雖如此，華爾街的共識預測（由 Yahoo 提供）表明，假設 Serve 成功部署其 2000 台機器人並在與 Uber 的協議下增加配送，其年收入可能在 2025 年飆升 598%，達到 1330 萬美元。根據這一潛在收入數字，Serve 的股票市銷率為 54。</p>
</div><p>Although that's a more reasonable valuation, it's still incredibly expensive, so there is a real risk of a steep correction in the stock at some point this year. As a result, investors should only put in money they can afford to lose.</p>
<div class="lb-trans"><p>儘管這更合理的估值，但仍然非常昂貴，因此在今年的某個時候，股票出現大幅回調的風險是真實存在的。因此，投資者應該只投入他們能夠承受損失的資金。</p>
</div>

Nvidia and Uber Are Backing This $700 Million Artificial Intelligence (AI) Stock. Should You?

- Serve Robotics 與 Uber Eats 簽署協議，計劃在 2025 年部署 2,000 輛自駕機器人。  
- 該公司第三季度收入為 221,555 美元，較去年增長 254%，但較前一季度下降超過一半。  
- Serve 目前現金僅 50.9 百萬美元，若不減少支出，預計將在 18 個月內耗盡。  

Motley Fool

英偉達和優步正在支持這隻價值 7 億美元的人工智能（AI）股票。你是否也應該投資？