<p>對於半導體明星 <strong>Nvidia</strong>(NVDA -0.66%) 來説，這一週非常忙碌。該公司舉辦了年度 GTC 峯會，向投資者展示了最新的產品創新、客户見證等內容。</p>
<p>在所有喧囂中，電子商務和雲計算巨頭 <strong>Amazon</strong>(AMZN 1.18%) 試圖對 Nvidia 發起攻擊。</p>
<p>下面，我將詳細介紹 Amazon 的一些有趣動態，並探討這位 &#34;七大奇蹟&#34; 成員是否剛剛對 Nvidia 進行了致命一擊。</p>
<h2>Amazon 剛剛做了什麼？</h2>
<p>Amazon 的雲部門——Amazon Web Services (AWS)——是一個相當複雜的運營。AWS 開發了多種不同的平台，甚至在業務中擁有大型基礎設施組件，包括數據中心和定製芯片。</p>
<p>在過去兩年中，Nvidia 在數據中心圖形處理單元 (GPU) 方面並沒有面臨太大的競爭威脅。這種局面為 Nvidia 提供了無與倫比的定價權。</p>
<p>但根據 <em>The Information</em> 的一份新報告，AWS 正在尋求通過價格與 Nvidia 競爭，在芯片領域大展拳腳。根據報告，AWS 聲稱其 Trainium 芯片的性能與 Nvidia 的 H100（稱為 Hopper）相當，但希望以 Nvidia GPU 售價的 25% 來出售這些芯片。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNjMvbnZpZGlhLWRhdGEtY2VudGVyLXdpdGgtbnZpZGlhLXVuaXRzLWluc3RhbGxlZC1zaG93aW5nLW52aWRpYS1sb2dvLnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNjMvbnZpZGlhLWRhdGEtY2VudGVyLXdpdGgtbnZpZGlhLXVuaXRzLWluc3RhbGxlZC1zaG93aW5nLW52aWRpYS1sb2dvLnBuZyZ3PTcwMA"/></p>
<p>圖片來源：Nvidia。</p>
<h2>定價壓力遲早會成為一個因素</h2>
<p>從表面上看，銷售一款與主流產品同樣優秀但價格大幅降低的產品，似乎對 Nvidia 來説是一個不利的逆風。然而，我想進一步探討幾個細節。</p>
<p>經歷前所未有的需求的一個缺點可以在供應鏈中找到。在過去兩年中，Nvidia 不得不在供應鏈物流上投入大量精力和資本，以試圖緩解其積壓訂單中的瓶頸。考慮到該公司芯片的需求似乎並未減退，包括 <strong>Microsoft</strong>、<strong>Meta Platforms</strong> 和 <strong>Alphabet</strong> 在內的許多客户都明確表示，他們正在開發自己的定製硅解決方案，以減少對 Nvidia 的高度依賴。</p>
<p>此外，<strong>Advanced Micro Devices</strong> 在過去一年中悄然崛起，成為 Nvidia 數據中心 GPU 的快速增長替代品。該公司吸引了 Microsoft、Meta 和 <strong>Oracle</strong> 等客户，利用 AMD 的新 MI300 加速器來補充他們的 Nvidia 基礎設施。</p>
<p>總體而言，當新產品開始進入市場時，傳統供應商往往被迫調整其定價策略，以保持競爭力。隨着雲計算巨頭的定製硅解決方案以及 AMD 的替代芯片的崛起，我認為 Nvidia 面臨定價壓力只是時間問題。</p>
<p>即使在競爭加劇的情況下，我認為 Nvidia 可能有辦法應對 Amazon 的定價策略。在 GTC 大會上，Nvidia 首席執行官黃仁勳開玩笑稱自己是 &#34;首席收入破壞者&#34;，談到 Hopper 芯片時。</p>
<p>他為什麼這麼説？黃仁勳接着説，&#34;在某些情況下，Hopper 是可以的。這是我能對 Hopper 説的最好的話。某些情況下你可以接受。並不多。&#34;</p>
<p>從本質上講，黃仁勳或多或少是在説，人工智能的發展速度如此之快，以至於曾被視為行業標準的芯片組已經過時。幸運的是，對 Nvidia 來説，這並不是問題。該公司的下一代架構，名為 Blackwell，在第四季度創造了 110 億美元的銷售額，對新芯片的需求依然高漲。</p>
<h2>我的最終看法</h2>
<p>在某種程度上，我認為黃仁勳貶低 Hopper GPU 是一種巧妙的方式來推銷 Blackwell 芯片，並展示這些新產品的強大。更進一步，黃仁勳在 GTC 上花了相當多的時間與投資者討論 Blackwell 的繼任產品 Rubin 架構。</p>
<p>我想強調的是，Nvidia 正在以驚人的速度進行創新，因此我並不認為 Amazon 的 Trainium 芯片會對 Nvidia 造成太大的逆風。雖然一些企業可能會選擇在更高效的價格點上接受不那麼複雜的架構，但我並不認為 Amazon 的定價策略會在長期內對 Nvidia 造成致命一擊。</p>

亞馬遜

<p>亞馬遜的雲計算部門 AWS reportedly 正在開發與 Nvidia 的 H100 GPU 競爭的 Trainium 芯片組，目標是以 Nvidia 價格的 25% 進行銷售。這一舉措可能會對 Nvidia 的定價策略造成壓力，尤其是微軟和 Meta 等公司正在探索定製硅解決方案。然而，Nvidia 仍在其下一代 Blackwell 架構上進行創新，該架構創造了 110 億美元的銷售額，這表明亞馬遜的定價策略在長期內可能不會對 Nvidia 產生顯著影響</p>

<p>It's been a busy week for semiconductor darling <strong>Nvidia</strong>(NVDA -0.66%). The company hosted its annual GTC summit, showcasing to investors the latest and greatest in product innovation, customer testimonials, and more.</p>
<div class="lb-trans"><p>對於半導體明星 <strong>Nvidia</strong>(NVDA -0.66%) 來説，這一週非常忙碌。該公司舉辦了年度 GTC 峯會，向投資者展示了最新的產品創新、客户見證等內容。</p>
</div><p>In the middle of all the hoopla, e-commerce and cloud computing behemoth <strong>Amazon</strong>(AMZN 1.18%) attempted to take a jab at Nvidia.</p>
<div class="lb-trans"><p>在所有喧囂中，電子商務和雲計算巨頭 <strong>Amazon</strong>(AMZN 1.18%) 試圖對 Nvidia 發起攻擊。</p>
</div><p>Below, I'll detail some interesting developments out of Amazon and explore whether the &#34;Magnificent Seven&#34; member just made its checkmate move against Nvidia.</p>
<div class="lb-trans"><p>下面，我將詳細介紹 Amazon 的一些有趣動態，並探討這位 &#34;七大奇蹟&#34; 成員是否剛剛對 Nvidia 進行了致命一擊。</p>
</div><h2>What did Amazon just do?</h2>
<div class="lb-trans"><h2>Amazon 剛剛做了什麼？</h2>
</div><p>Amazon's cloud division -- Amazon Web Services (AWS) -- is a pretty sophisticated operation. AWS develops a multitude of different platforms and even has a large infrastructure component to the business, including data centers and custom chipsets.</p>
<div class="lb-trans"><p>Amazon 的雲部門——Amazon Web Services (AWS)——是一個相當複雜的運營。AWS 開發了多種不同的平台，甚至在業務中擁有大型基礎設施組件，包括數據中心和定製芯片。</p>
</div><p>For much of the last two years, Nvidia hasn't faced much of a competitive threat when it comes to data center graphics processing units (GPU). This dynamic has provided Nvidia with unparalleled pricing power.</p>
<div class="lb-trans"><p>在過去兩年中，Nvidia 在數據中心圖形處理單元 (GPU) 方面並沒有面臨太大的競爭威脅。這種局面為 Nvidia 提供了無與倫比的定價權。</p>
</div><p>But according to a new report from <em>The Information</em>, AWS is looking to make a splash in the chip realm by competing with Nvidia on price. Per the report, AWS claims that its Trainium chipsets perform on par with Nvidia's H100 (called Hopper) but is looking to sell them for 25% of what Nvidia sells its GPUs for.</p>
<div class="lb-trans"><p>但根據 <em>The Information</em> 的一份新報告，AWS 正在尋求通過價格與 Nvidia 競爭，在芯片領域大展拳腳。根據報告，AWS 聲稱其 Trainium 芯片的性能與 Nvidia 的 H100（稱為 Hopper）相當，但希望以 Nvidia GPU 售價的 25% 來出售這些芯片。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNjMvbnZpZGlhLWRhdGEtY2VudGVyLXdpdGgtbnZpZGlhLXVuaXRzLWluc3RhbGxlZC1zaG93aW5nLW52aWRpYS1sb2dvLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812063%2Fnvidia-data-center-with-nvidia-units-installed-showing-nvidia-logo.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>圖片來源：Nvidia。</p>
</div><h2>Pricing pressure was going to be a factor at some point</h2>
<div class="lb-trans"><h2>定價壓力遲早會成為一個因素</h2>
</div><p>On the surface, selling a product that is as good as the mainstream but at a significantly reduced rate looks like an unwanted headwind for Nvidia. However, there are a couple of finer details I'd like to explore further.</p>
<div class="lb-trans"><p>從表面上看，銷售一款與主流產品同樣優秀但價格大幅降低的產品，似乎對 Nvidia 來説是一個不利的逆風。然而，我想進一步探討幾個細節。</p>
</div><p>One of the downsides of experiencing unprecedented demand can be found in the supply chain. Over the last two years, Nvidia has had to invest significant effort and capital into supply chain logistics to try to mitigate any bottlenecks in its backlog. Considering demand for the company's chips doesn't appear to fading, many of its own customers including <strong>Microsoft</strong>, <strong>Meta Platforms</strong>, and <strong>Alphabet</strong> have all made it clear that they are developing their own custom silicon solutions in an effort to reduce such heavy reliance on Nvidia.</p>
<div class="lb-trans"><p>經歷前所未有的需求的一個缺點可以在供應鏈中找到。在過去兩年中，Nvidia 不得不在供應鏈物流上投入大量精力和資本，以試圖緩解其積壓訂單中的瓶頸。考慮到該公司芯片的需求似乎並未減退，包括 <strong>Microsoft</strong>、<strong>Meta Platforms</strong> 和 <strong>Alphabet</strong> 在內的許多客户都明確表示，他們正在開發自己的定製硅解決方案，以減少對 Nvidia 的高度依賴。</p>
</div><p>On top of that, <strong>Advanced Micro Devices</strong> has quietly emerged as a fast-growing alternative to Nvidia's data center GPUs over the last year. The company has attracted the likes of Microsoft, Meta, and <strong>Oracle</strong> as customers, complementing their Nvidia infrastructure with AMD's new MI300 accelerators.</p>
<div class="lb-trans"><p>此外，<strong>Advanced Micro Devices</strong> 在過去一年中悄然崛起，成為 Nvidia 數據中心 GPU 的快速增長替代品。該公司吸引了 Microsoft、Meta 和 <strong>Oracle</strong> 等客户，利用 AMD 的新 MI300 加速器來補充他們的 Nvidia 基礎設施。</p>
</div><p>Broadly speaking, when new products begin to enter the marketplace, legacy providers tend to be forced to alter their pricing strategies in an effort to remain competitive. With custom silicon solutions from cloud hyperscalers, as well as alternative chipsets from AMD on the rise, I think it was only a matter of time before Nvidia was going to face some pricing pressure.</p>
<div class="lb-trans"><p>總體而言，當新產品開始進入市場時，傳統供應商往往被迫調整其定價策略，以保持競爭力。隨着雲計算巨頭的定製硅解決方案以及 AMD 的替代芯片的崛起，我認為 Nvidia 面臨定價壓力只是時間問題。</p>
</div><p>Even with rising competition, I think Nvidia may have a workaround to Amazon's pricing strategy. During the GTC conference, Nvidia CEO Jensen Huang jokingly called himself the &#34;chief revenue destroyer&#34; when talking about the Hopper chip.</p>
<div class="lb-trans"><p>即使在競爭加劇的情況下，我認為 Nvidia 可能有辦法應對 Amazon 的定價策略。在 GTC 大會上，Nvidia 首席執行官黃仁勳開玩笑稱自己是 &#34;首席收入破壞者&#34;，談到 Hopper 芯片時。</p>
</div><p>Why would he do that? Well, Huang went on to say that &#34;there are circumstances where Hopper is fine. That's the best thing I could say about Hopper. There are circumstances where you're fine. Not many.&#34;</p>
<div class="lb-trans"><p>他為什麼這麼説？黃仁勳接着説，&#34;在某些情況下，Hopper 是可以的。這是我能對 Hopper 説的最好的話。某些情況下你可以接受。並不多。&#34;</p>
</div><p>In essence, Huang is more or less saying that AI development is moving at such a rapid pace that the chipsets that were once considered the industry-standard are already going out of style. Luckily for Nvidia, that's not a problem. The company's next-generation architecture, dubbed Blackwell, generated $11 billion in sales during the fourth quarter and demand for the new chips remains sky high.</p>
<div class="lb-trans"><p>從本質上講，黃仁勳或多或少是在説，人工智能的發展速度如此之快，以至於曾被視為行業標準的芯片組已經過時。幸運的是，對 Nvidia 來説，這並不是問題。該公司的下一代架構，名為 Blackwell，在第四季度創造了 110 億美元的銷售額，對新芯片的需求依然高漲。</p>
</div><h2>My final take</h2>
<div class="lb-trans"><h2>我的最終看法</h2>
</div><p>In a way, I view Huang talking down the Hopper GPUs as a clever way to sell Blackwell chips and market just how powerful these new products are. Taking this a step further, Huang spent quite a bit of time at GTC to talk to investors about Blackwell's successor product, the Rubin architecture.</p>
<div class="lb-trans"><p>在某種程度上，我認為黃仁勳貶低 Hopper GPU 是一種巧妙的方式來推銷 Blackwell 芯片，並展示這些新產品的強大。更進一步，黃仁勳在 GTC 上花了相當多的時間與投資者討論 Blackwell 的繼任產品 Rubin 架構。</p>
</div><p>The idea I really want to drive home here is that Nvidia is innovating at a staggering pace, so I don't see Amazon's Trainium chips as much of a headwind for Nvidia. While it's likely some businesses will settle for less sophisticated architecture at a more efficient price point, I do not see Amazon's pricing strategy as a checkmate move against Nvidia in the long-run.</p>
<div class="lb-trans"><p>我想強調的是，Nvidia 正在以驚人的速度進行創新，因此我並不認為 Amazon 的 Trainium 芯片會對 Nvidia 造成太大的逆風。雖然一些企業可能會選擇在更高效的價格點上接受不那麼複雜的架構，但我並不認為 Amazon 的定價策略會在長期內對 Nvidia 造成致命一擊。</p>
</div>

Did Amazon Just Say "Checkmate" to Nvidia?

- 亞馬遜雲服務（AWS）計劃以低於英偉達（Nvidia）25% 的價格推出 Trainium 芯片。  
- 英偉達面臨來自 AWS 和 AMD 的競爭壓力，可能影響其定價策略。  
- 儘管如此，英偉達的新一代架構 Blackwell 仍保持強勁需求。  

亞馬遜是否剛剛對英偉達説了 “將軍”？