<p><strong>英偉達</strong> 為數據中心提供全球最先進的人工智能（AI）芯片，同時也擁有越來越多的其他 AI 解決方案。例如，<strong>Serve Robotics</strong>（SERV -3.47%）在其旗艦 Gen3 機器人中使用英偉達的 Jetson Orin 硬件和軟件平台，使其能夠代表像 <strong>優步科技</strong> 的 Uber Eats 自主配送食品訂單。</p>
<p>英偉達曾是 Serve Robotics 的最大股東之一，直到在 2024 年最後一個季度出售了其全部股份。尚不清楚英偉達為何退出該投資，但 Serve 的股票在 2025 年下跌了近 30%，並且比歷史最高點下跌了 55%。看來這家芯片巨頭的時機把握得相當不錯。</p>
<p>但 Serve 計劃在今年根據與 Uber Eats 的重大協議部署 2000 台 Gen3 機器人，華爾街認為這將帶來顯著的收入增長。投資者應該在 Serve 股票下跌時買入，還是應該與英偉達保持觀望？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5MDQvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5MDQvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>轉變最後一公里物流</h2>
<p>Serve 認為現有的最後一公里物流解決方案效率低下，因為它們依賴於有人工駕駛員的汽車來配送小型食品訂單。該公司押注未來這些配送將由自主機器人和無人機來處理，預計到 2030 年將創造一個 4500 億美元的市場機會。</p>
<p>Serve 的機器人已達到 4 級自主駕駛，這意味着它們可以在指定區域的步道上行駛，而無需任何人工干預。自 2022 年初以來，這些機器人已代表餐廳完成了超過 100,000 次配送，準確率達到 99.8%，這使它們比人工配送員更可靠。</p>
<p>Serve 最新的 Gen3 機器人在計算能力（得益於英偉達的 Jetson Orin 系統）、速度、範圍和電池壽命方面相比於之前的版本有了巨大的提升。由於與 <strong>麥格納國際</strong> 的合作，製造成本也降低了 65%，麥格納是一家價值 145 億美元的汽車零部件和組件生產商。Serve 計劃在所有市場中每次配送收費 1 美元，具備更強能力的機器人結合更低的製造成本將使公司更進一步。</p>
<p>正如我之前提到的，Serve 正在根據與 Uber Eats 的協議在今年部署 2000 台 Gen3 機器人。該公司在 2025 年第一季度推出了 250 台，預計到第三季度末將再增加 700 台，其餘將在第四季度推出。這些新機器人已經使 Serve 能夠擴展到邁阿密和達拉斯，亞特蘭大將在本季度跟進。</p>
<h2>收入預計將飆升，但虧損在增加</h2>
<p>Serve 在 2025 年第一季度的收入僅為 440,465 美元，比去年同期下降了 53%——但之前的結果因麥格納支付給公司的一次性軟件許可費而被誇大。</p>
<p>Serve 第一季度的收入實際上比 2024 年第四季度增長了 150%，這更能反映其配送業務的快速增長。事實上，華爾街的共識預期（由 Yahoo! Finance 提供）表明，該公司在 2025 年全年可能產生 680 萬美元的收入，這意味着在接下來的三個季度中可能會有巨大的增長，因為更多的機器人將被部署。</p>
<p>但 Serve 面臨一個重大問題。第一季度淨虧損 1320 萬美元，這使得公司有望超過去年創下的 3920 萬美元的年度虧損記錄。構建自主技術並不便宜——Serve 最大的成本是研發，通常佔公司總運營費用的一半，這種情況可能不會很快改變。</p>
<p>因此，即使 Serve 在 2025 年產生 680 萬美元的收入，也遠遠不足以阻止再次出現鉅額淨虧損。該公司在第一季度末的資產負債表上有 1.977 億美元的現金，因此可以在未來幾年內維持當前的虧損。然而，管理層最終必須將重點轉向盈利；否則，它將不得不從投資者那裏籌集更多資金，這將大幅稀釋現有股東的股份。</p>
<h2>Serve 股票非常昂貴，但值得購買嗎？</h2>
<p>根據 Serve 過去 12 個月的收入為 130 萬美元和其市場資本化為 5.99 億美元，其股票的市銷率（P/S）高達 460。這意味着其股票的價格是英偉達股票的驚人 18 倍，而英偉達的市銷率僅為 26。</p>
<p>我認為 Serve 不應該以如此高的溢價交易於全球最高質量公司的股票之上，而英偉達在人工智能領域確立了領導地位，並擁有數十年的成功記錄。</p>
<p>話雖如此，如果根據未來收入來衡量 Serve 的估值，使用華爾街的預測，似乎更為合理。如果假設該公司今年將產生 680 萬美元的收入，那麼其股票的前瞻市銷率為 88。此外，如果假設 Serve 在 2026 年將實現 5780 萬美元的收入（如華爾街所預期），那麼其股票的前瞻市銷率僅為 10.3。</p>
<p>然而，Serve 能否達到華爾街的預期絕對沒有任何保證，因此今天購買該股票的投資者正在冒很大的風險。此外，儘管我們不知道英偉達為何出售其 370 萬股 Serve 股票（按當前價格計算價值 3900 萬美元），但這確實削弱了投資案例的光彩。</p>
<p>另一方面，如果投資者認為 Serve 到 2030 年將佔據其估計的 4500 億美元可尋址市場的相當一部分，那麼其當前股價可能是個便宜貨。但在投資這個故事時，重要的是要牢記潛在的重大風險。</p>

SERV

<p>Serve Robotics 的股票從高峰下跌了 55%，這與 Nvidia 退出作為主要股東的時間相吻合。儘管如此，Serve 計劃為 Uber Eats 部署 2,000 台 Gen3 機器人，目標是在預計到 2030 年達到 4500 億美元的市場中實現顯著的收入增長。然而，公司面臨着不斷增加的虧損挑戰，2025 年第一季度報告虧損 1320 萬美元，並且其高達 460 的市銷率引發了對其估值和未來盈利能力的擔憂。投資者對是否應該投資 Serve 的潛力或保持謹慎感到困惑</p>

<p><strong>Nvidia</strong> supplies the world's most advanced artificial intelligence (AI) chips for data centers, but it also has a growing portfolio of other AI solutions. For example, <strong>Serve Robotics</strong>(SERV -3.47%) uses Nvidia's Jetson Orin hardware and software platform in its flagship Gen3 robots, giving them the capability to autonomously deliver food orders on behalf of platforms like <strong>Uber Technologies</strong>' Uber Eats.</p>
<div class="lb-trans"><p><strong>英偉達</strong> 為數據中心提供全球最先進的人工智能（AI）芯片，同時也擁有越來越多的其他 AI 解決方案。例如，<strong>Serve Robotics</strong>（SERV -3.47%）在其旗艦 Gen3 機器人中使用英偉達的 Jetson Orin 硬件和軟件平台，使其能夠代表像 <strong>優步科技</strong> 的 Uber Eats 自主配送食品訂單。</p>
</div><p>Nvidia used to be one of the largest shareholders in Serve Robotics until it sold its entire stake during the final quarter of 2024. It's not clear why Nvidia exited the position, but Serve stock is down by almost 30% in 2025, and by 55% from its all-time high. It seems the chip giant has excellent timing.</p>
<div class="lb-trans"><p>英偉達曾是 Serve Robotics 的最大股東之一，直到在 2024 年最後一個季度出售了其全部股份。尚不清楚英偉達為何退出該投資，但 Serve 的股票在 2025 年下跌了近 30%，並且比歷史最高點下跌了 55%。看來這家芯片巨頭的時機把握得相當不錯。</p>
</div><p>But Serve is on track to deploy 2,000 Gen3 robots this year under a major deal with Uber Eats, and Wall Street thinks it will lead to significant revenue growth. Should investors buy Serve stock while it's down, or should they sit on the sidelines with Nvidia?</p>
<div class="lb-trans"><p>但 Serve 計劃在今年根據與 Uber Eats 的重大協議部署 2000 台 Gen3 機器人，華爾街認為這將帶來顯著的收入增長。投資者應該在 Serve 股票下跌時買入，還是應該與英偉達保持觀望？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5MDQvYS1wYWlyLW9mLWF1dG9ub21vdXMtZm9vZC1kZWxpdmVyeS1yb2JvdHMtd2FpdGluZy1vbi10aGUtc2lkZXdhbGsuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818904%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>Transforming last-mile logistics</h2>
<div class="lb-trans"><h2>轉變最後一公里物流</h2>
</div><p>Serve believes existing last-mile logistics solutions are inefficient, because they rely on cars with human drivers to deliver small food orders. The company is betting these deliveries will be handled by autonomous robots and drones in the future, creating a potential $450 billion market opportunity by 2030.</p>
<div class="lb-trans"><p>Serve 認為現有的最後一公里物流解決方案效率低下，因為它們依賴於有人工駕駛員的汽車來配送小型食品訂單。該公司押注未來這些配送將由自主機器人和無人機來處理，預計到 2030 年將創造一個 4500 億美元的市場機會。</p>
</div><p>Serve's robots have achieved Level 4 autonomy, which means they can drive on sidewalks within designated areas without any human intervention. These robots have completed over 100,000 deliveries on behalf of restaurants primarily in Los Angeles since the start of 2022, with 99.8% accuracy, which makes them significantly more reliable than human delivery drivers.</p>
<div class="lb-trans"><p>Serve 的機器人已達到 4 級自主駕駛，這意味着它們可以在指定區域的步道上行駛，而無需任何人工干預。自 2022 年初以來，這些機器人已代表餐廳完成了超過 100,000 次配送，準確率達到 99.8%，這使它們比人工配送員更可靠。</p>
</div><p>Serve's latest Gen3 robot offers vast improvements in computing power (thanks to Nvidia's Jetson Orin systems), speed, range, and battery life compared to previous versions. It is also up to 65% cheaper to manufacture thanks to Serve's partnership with <strong>Magna International</strong>, which is a $14.5 billion producer of parts and components for the automotive industry. Serve is aiming to charge $1 per delivery across the board in all markets, and robots with greater capabilities combined with cheaper manufacturing costs will bring the company a step closer.</p>
<div class="lb-trans"><p>Serve 最新的 Gen3 機器人在計算能力（得益於英偉達的 Jetson Orin 系統）、速度、範圍和電池壽命方面相比於之前的版本有了巨大的提升。由於與 <strong>麥格納國際</strong> 的合作，製造成本也降低了 65%，麥格納是一家價值 145 億美元的汽車零部件和組件生產商。Serve 計劃在所有市場中每次配送收費 1 美元，具備更強能力的機器人結合更低的製造成本將使公司更進一步。</p>
</div><p>As I mentioned earlier, Serve is working to deploy 2,000 Gen3 robots this year under its deal with Uber Eats. The company launched 250 during the first quarter of 2025, with 700 more expected by the end of the third quarter, and the remainder to come during the fourth quarter. The new robots have already enabled Serve to expand into Miami and Dallas, with Atlanta to follow during the current quarter.</p>
<div class="lb-trans"><p>正如我之前提到的，Serve 正在根據與 Uber Eats 的協議在今年部署 2000 台 Gen3 機器人。該公司在 2025 年第一季度推出了 250 台，預計到第三季度末將再增加 700 台，其餘將在第四季度推出。這些新機器人已經使 Serve 能夠擴展到邁阿密和達拉斯，亞特蘭大將在本季度跟進。</p>
</div><h2>Revenue is forecast to soar, but losses are mounting</h2>
<div class="lb-trans"><h2>收入預計將飆升，但虧損在增加</h2>
</div><p>Serve generated just $440,465 in revenue during the first quarter of 2025, which was a 53% drop compared to the year-ago quarter -- but that prior result was inflated by a one-off software licensing fee Magna paid the company to use some of its technology.</p>
<div class="lb-trans"><p>Serve 在 2025 年第一季度的收入僅為 440,465 美元，比去年同期下降了 53%——但之前的結果因麥格納支付給公司的一次性軟件許可費而被誇大。</p>
</div><p>Serve's first-quarter revenue was actually a 150% <em>increase</em> compared to the fourth quarter of 2024 three months earlier, which is a better indication of how quickly its delivery business is ramping up. In fact, Wall Street's consensus estimate (provided by Yahoo! Finance) suggests the company could generate $6.8 million in revenue for the whole of 2025, which means there could be massive growth over the next three quarters as more robots are deployed.</p>
<div class="lb-trans"><p>Serve 第一季度的收入實際上比 2024 年第四季度增長了 150%，這更能反映其配送業務的快速增長。事實上，華爾街的共識預期（由 Yahoo! Finance 提供）表明，該公司在 2025 年全年可能產生 680 萬美元的收入，這意味着在接下來的三個季度中可能會有巨大的增長，因為更多的機器人將被部署。</p>
</div><p>But Serve has a big issue. It lost $13.2 million on the bottom line during the first quarter, which puts the company on track to exceed its record annual loss of $39.2 million from last year. Building autonomous technologies isn't cheap -- Serve's biggest cost is research and development, which regularly accounts for half of the company's total operating expenses, and that probably won't change anytime soon.</p>
<div class="lb-trans"><p>但 Serve 面臨一個重大問題。第一季度淨虧損 1320 萬美元，這使得公司有望超過去年創下的 3920 萬美元的年度虧損記錄。構建自主技術並不便宜——Serve 最大的成本是研發，通常佔公司總運營費用的一半，這種情況可能不會很快改變。</p>
</div><p>Therefore, even if Serve generates $6.8 million in revenue during 2025, it won't be anywhere near enough to prevent another gigantic net loss. The company had $197.7 million in cash on its balance sheet at the end of the first quarter, so it can afford to sustain its current losses for the next couple of years. However, management will eventually have to turn its focus toward profitability; otherwise, it will have to raise more money from investors, which will significantly dilute existing shareholders.</p>
<div class="lb-trans"><p>因此，即使 Serve 在 2025 年產生 680 萬美元的收入，也遠遠不足以阻止再次出現鉅額淨虧損。該公司在第一季度末的資產負債表上有 1.977 億美元的現金，因此可以在未來幾年內維持當前的虧損。然而，管理層最終必須將重點轉向盈利；否則，它將不得不從投資者那裏籌集更多資金，這將大幅稀釋現有股東的股份。</p>
</div><h2>Serve stock is very expensive, but is it a buy?</h2>
<div class="lb-trans"><h2>Serve 股票非常昂貴，但值得購買嗎？</h2>
</div><p>Based on Serve's trailing-12-month revenue of $1.3 million and its market capitalization of $599 million, its stock trades at an eye-popping price-to-sales (P/S) ratio of 460. That means it's a staggering 18 times more expensive than Nvidia stock, which trades at a P/S ratio of just 26.</p>
<div class="lb-trans"><p>根據 Serve 過去 12 個月的收入為 130 萬美元和其市場資本化為 5.99 億美元，其股票的市銷率（P/S）高達 460。這意味着其股票的價格是英偉達股票的驚人 18 倍，而英偉達的市銷率僅為 26。</p>
</div><p>I don't think Serve deserves to be trading at such a steep premium to one of the world's highest-quality companies, which has cemented a leadership position in AI and has a track record of success that spans decades.</p>
<div class="lb-trans"><p>我認為 Serve 不應該以如此高的溢價交易於全球最高質量公司的股票之上，而英偉達在人工智能領域確立了領導地位，並擁有數十年的成功記錄。</p>
</div><p>With that said, Serve's valuation does look more reasonable if you measure it based on its future revenue, using Wall Street's forecasts. If you assume the company will generate $6.8 million in revenue this year, that means its stock is trading at a forward P/S ratio of 88. Moreover, if you assume Serve will deliver $57.8 million in revenue during 2026 as Wall Street expects, then its stock trades at a forward P/S ratio of just 10.3 based on that result.</p>
<div class="lb-trans"><p>話雖如此，如果根據未來收入來衡量 Serve 的估值，使用華爾街的預測，似乎更為合理。如果假設該公司今年將產生 680 萬美元的收入，那麼其股票的前瞻市銷率為 88。此外，如果假設 Serve 在 2026 年將實現 5780 萬美元的收入（如華爾街所預期），那麼其股票的前瞻市銷率僅為 10.3。</p>
</div><p>However, there is absolutely no guarantee that Serve will meet Wall Street's estimates, so investors who buy the stock today are taking a very big leap of faith. Plus, even though we don't know exactly why Nvidia sold its 3.7 million shares in Serve (which would be worth $39 million at the current price), it does take some of the shine away from the investment case.</p>
<div class="lb-trans"><p>然而，Serve 能否達到華爾街的預期絕對沒有任何保證，因此今天購買該股票的投資者正在冒很大的風險。此外，儘管我們不知道英偉達為何出售其 370 萬股 Serve 股票（按當前價格計算價值 3900 萬美元），但這確實削弱了投資案例的光彩。</p>
</div><p>On the flip side, if investors think Serve will capture a significant portion of its estimated $450 billion addressable market by 2030, then its current stock price is probably a bargain. But it's important to keep the substantial risks in mind when buying into this story.</p>
<div class="lb-trans"><p>另一方面，如果投資者認為 Serve 到 2030 年將佔據其估計的 4500 億美元可尋址市場的相當一部分，那麼其當前股價可能是個便宜貨。但在投資這個故事時，重要的是要牢記潛在的重大風險。</p>
</div>

Should You Buy Serve Robotics Stock After Its 55% Crash? This Recent Move by Nvidia Might Hold the Answer.

- Nvidia 提供先進的 AI 芯片，Serve Robotics 使用其技術進行食品配送。  
- Serve 計劃在 2025 年部署 2,000 台機器人，預計收入將顯著增長。  
- 儘管收入預期上升，Serve 仍面臨鉅額虧損和高估值風險。  

在 Serve Robotics 股價暴跌 55% 後，你是否應該購買該股票？Nvidia 最近的動作可能會提供答案