<p>在過去兩年中，半導體巨頭 <strong>Nvidia</strong>（NVDA 1.74%）已成為推動人工智能（AI）革命的最大力量。該公司行業領先的圖形處理單元（GPU）和 CUDA 軟件平台幫助 Nvidia 在芯片市場上建立了相對於競爭對手的顯著領先優勢。</p>
<p>雖然 <strong>Advanced Micro Devices</strong> 在 AI 數據中心領域佔據了一個令人印象深刻的市場，但最近的報道表明，該公司仍遠遠落後於 Nvidia。</p>
<p>讓我們探討 Nvidia 相對於 AMD 的領先動態，並評估芯片領域的王者是否剛剛對其主要競爭對手下了致命一擊。</p>
<h2>Nvidia 繼續主導競爭</h2>
<p>在 AI 大趨勢的早期階段，Nvidia 在 GPU 領域相較於其他半導體公司享有先發優勢。雖然先發者可以幫助公司相對於競爭對手實現超常增長或與鄰近行業的領導者形成戰略合作關係，但並不能保證這些企業能夠維持其領先地位。</p>
<p>然而，就 Nvidia 而言，趨勢表明該公司相對於 AMD 的領先優勢可能正在擴大。</p>
<p>技術研究分析師兼 I/O Fund 首席執行官 Beth Kindig 最近分享了來自 SemiAnalysis 的數據，指出 Nvidia 在 AI 加速器市場的份額在第一季度增加了大約兩個百分點，目前約為 88%。相比之下，AMD 的市場份額縮小了約一個百分點，目前約佔市場的 4%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvZ2V0dHlpbWFnZXMtMTIwNDU4MzYwNi04LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvZ2V0dHlpbWFnZXMtMTIwNDU4MzYwNi04LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>為什麼這些趨勢可能對 AMD 構成威脅</h2>
<p>該圖表展示了 AMD 在第一季度按可報告部門劃分的收入和營業收入。其中一個顯著的結論是，AMD 的數據中心業務是其增長最快的業務，同時仍保持高度盈利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvc2NyZWVuc2hvdC0yMDI1LTA2LTI1LTE0MTA0Ny5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="394" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvc2NyZWVuc2hvdC0yMDI1LTA2LTI1LTE0MTA0Ny5qcGcmdz03MDA"/></p>
<p>數據來源：AMD 投資者關係。</p>
<p>然而，一個更微妙的觀點是，數據中心業務的銷售額環比下降了 5%。公平地説，這可能有多種原因。</p>
<p>首先，半導體行業是週期性的——這使得季度趨勢在整體業務健康狀況方面更難預測和評估。此外，AMD 最新的加速器架構預計將在今年晚些時候發貨。這個時間表可能在一定程度上影響了數據中心業務與第四季度相比的輕微放緩。</p>
<p>雖然這些觀點在理論上可能有一定道理，但考慮到 Nvidia 在第一季度實際上在 AI 加速器市場上 <em>獲得</em> 了市場份額，我發現這些觀點難以置信。</p>
<p>由於 AI 開發者競相購買 Nvidia 最新的 Blackwell 芯片，週期性因素或 AMD 的新競爭芯片似乎不足以説服客户等待 AMD 的產品，而不是選擇 Nvidia 的產品。</p>
<p>從長遠來看，這些動態可能對 AMD 構成威脅。儘管該公司能夠贏得 <strong>Oracle</strong>、<strong>Meta Platforms</strong> 和 <strong>Microsoft</strong> 等令人印象深刻的數據中心客户，但 AMD 的創新努力在此時似乎不足以超越 Nvidia。</p>
<h2>這是 Nvidia 的致命一擊嗎？</h2>
<p>截至撰寫本文時（6 月 25 日），AMD 的股價在 2025 年迄今已上漲 18%。根據圖表，這些漲幅略高於 Nvidia 股票的增幅。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png"/></p>
<p>NVDA 數據來源於 YCharts</p>
<p>考慮到 AMD 在市場份額上的缺乏以及明顯放緩的增長（至少目前如此），我認為很難為 AMD 的漲幅辯護。</p>
<p>雖然我懷疑 AMD 的增長前景可能會在下半年新芯片發佈後扭轉，但我也認為該公司將很難從 Nvidia 那裏重新獲得任何有意義的勢頭——因為 Nvidia 也將在今年晚些時候發佈新架構。</p>
<p>在我看來，Nvidia 可能暫時將 AMD 置於了一個致命的棋局中。我認為這些報告的數字可能暗示 Nvidia 將繼續在 AI 數據中心芯片領域保持領先，並可能迎來一個新的、持久的、持續的增長浪潮。</p>

<p>英偉達在人工智能芯片市場鞏固了其主導地位，將其在人工智能加速器中的市場份額提高至 88%，而 AMD 的份額則降至 4%。儘管 AMD 在數據中心領域有所增長，但近期趨勢顯示銷售額下降，這引發了人們對其與英偉達競爭地位的擔憂。分析師指出，英偉達的技術進步和即將發佈的產品可能進一步鞏固其領先地位，可能使 AMD 面臨挑戰。總體而言，英偉達近期的表現可能標誌着在半導體行業對 AMD 的絕殺</p>

<p>Over the last two years, semiconductor powerhouse <strong>Nvidia</strong>(NVDA 1.74%) has emerged as the biggest force fueling the artificial intelligence (AI) revolution. The company's industry-leading graphics processing units (GPU) and CUDA software platform have helped Nvidia build a substantial lead over its competition in the chip market.</p>
<div class="lb-trans"><p>在過去兩年中，半導體巨頭 <strong>Nvidia</strong>（NVDA 1.74%）已成為推動人工智能（AI）革命的最大力量。該公司行業領先的圖形處理單元（GPU）和 CUDA 軟件平台幫助 Nvidia 在芯片市場上建立了相對於競爭對手的顯著領先優勢。</p>
</div><p>While <strong>Advanced Micro Devices</strong> has carved out an impressive pocket for itself in the AI data center landscape, recent reporting suggests that the company is still far behind Nvidia.</p>
<div class="lb-trans"><p>雖然 <strong>Advanced Micro Devices</strong> 在 AI 數據中心領域佔據了一個令人印象深刻的市場，但最近的報道表明，該公司仍遠遠落後於 Nvidia。</p>
</div><p>Let's explore the dynamics behind Nvidia's lead over AMD, and assess if the king of the chip realm just made its checkmate move against its top rival.</p>
<div class="lb-trans"><p>讓我們探討 Nvidia 相對於 AMD 的領先動態，並評估芯片領域的王者是否剛剛對其主要競爭對手下了致命一擊。</p>
</div><h2>Nvidia continues to dominate the competition</h2>
<div class="lb-trans"><h2>Nvidia 繼續主導競爭</h2>
</div><p>During the early phases of the AI megatrend, Nvidia benefited from having a first-mover advantage over other semiconductor companies when it comes to GPUs specifically. While being a first mover can help companies experience outsized growth relative to the competition or form strategic partnerships with leaders in adjacent industries, there's no guarantee that these businesses can sustain their leads.</p>
<div class="lb-trans"><p>在 AI 大趨勢的早期階段，Nvidia 在 GPU 領域相較於其他半導體公司享有先發優勢。雖然先發者可以幫助公司相對於競爭對手實現超常增長或與鄰近行業的領導者形成戰略合作關係，但並不能保證這些企業能夠維持其領先地位。</p>
</div><p>In the case of Nvidia, however, trends suggest that company's lead over AMD may only be getting bigger.</p>
<div class="lb-trans"><p>然而，就 Nvidia 而言，趨勢表明該公司相對於 AMD 的領先優勢可能正在擴大。</p>
</div><p>Beth Kindig, who serves as a technology research analyst and CEO of I/O Fund, recently shared a data point from SemiAnalysis that pointed out that Nvidia's market share in AI accelerators increased by roughly two points during the first quarter -- now hovering around 88%. By contrast, AMD's share shrunk by about one point, now comprising roughly 4% of the market.</p>
<div class="lb-trans"><p>技術研究分析師兼 I/O Fund 首席執行官 Beth Kindig 最近分享了來自 SemiAnalysis 的數據，指出 Nvidia 在 AI 加速器市場的份額在第一季度增加了大約兩個百分點，目前約為 88%。相比之下，AMD 的市場份額縮小了約一個百分點，目前約佔市場的 4%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvZ2V0dHlpbWFnZXMtMTIwNDU4MzYwNi04LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822912%2Fgettyimages-1204583606-8.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>Why these trends could spell trouble for AMD</h2>
<div class="lb-trans"><h2>為什麼這些趨勢可能對 AMD 構成威脅</h2>
</div><p>The chart illustrates AMD's revenue and operating income by reportable segment during the first quarter. One of the more notable takeaways is that AMD's data center operation is its fastest-growing business, all while remaining highly profitable.</p>
<div class="lb-trans"><p>該圖表展示了 AMD 在第一季度按可報告部門劃分的收入和營業收入。其中一個顯著的結論是，AMD 的數據中心業務是其增長最快的業務，同時仍保持高度盈利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI5MTIvc2NyZWVuc2hvdC0yMDI1LTA2LTI1LTE0MTA0Ny5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822912%2Fscreenshot-2025-06-25-141047.jpg&amp;op=resize&amp;w=700"/></p>
<p>Data source: AMD investor relations.</p>
<div class="lb-trans"><p>數據來源：AMD 投資者關係。</p>
</div><p>However, a more subtle idea is that sales from the data center business shrunk by 5% quarter over quarter. To be fair, there could be a number of reasons for this.</p>
<div class="lb-trans"><p>然而，一個更微妙的觀點是，數據中心業務的銷售額環比下降了 5%。公平地説，這可能有多種原因。</p>
</div><p>First, the semiconductor industry is cyclical -- which makes quarterly trends tougher to predict and gauge when it comes to the overall health of the business. In addition, AMD's latest accelerator architectures are expected to ship later this year. This timeline could be playing a role in the slight deceleration of the data center business compared to the fourth quarter.</p>
<div class="lb-trans"><p>首先，半導體行業是週期性的——這使得季度趨勢在整體業務健康狀況方面更難預測和評估。此外，AMD 最新的加速器架構預計將在今年晚些時候發貨。這個時間表可能在一定程度上影響了數據中心業務與第四季度相比的輕微放緩。</p>
</div><p>While these ideas may make some sense in theory, I find them hard to believe, given Nvidia actually <em>gained</em> ground in the AI accelerator market during the first quarter.</p>
<div class="lb-trans"><p>雖然這些觀點在理論上可能有一定道理，但考慮到 Nvidia 在第一季度實際上在 AI 加速器市場上 <em>獲得</em> 了市場份額，我發現這些觀點難以置信。</p>
</div><p>Since AI developers raced to buy Nvidia's newest Blackwell chips, factors such as cyclicality or new competitive chipsets from AMD didn't seem to be enough to persuade customers from waiting on AMD's products over those of Nvidia.</p>
<div class="lb-trans"><p>由於 AI 開發者競相購買 Nvidia 最新的 Blackwell 芯片，週期性因素或 AMD 的新競爭芯片似乎不足以説服客户等待 AMD 的產品，而不是選擇 Nvidia 的產品。</p>
</div><p>In the long run, these dynamics could spell trouble for AMD. Despite the company's ability to win impressive data center customers such as <strong>Oracle</strong>, <strong>Meta Platforms</strong>, and <strong>Microsoft</strong>, AMD's innovative efforts do not appear to be enough to outmaneuver Nvidia at this time.</p>
<div class="lb-trans"><p>從長遠來看，這些動態可能對 AMD 構成威脅。儘管該公司能夠贏得 <strong>Oracle</strong>、<strong>Meta Platforms</strong> 和 <strong>Microsoft</strong> 等令人印象深刻的數據中心客户，但 AMD 的創新努力在此時似乎不足以超越 Nvidia。</p>
</div><h2>Is this a checkmate move by Nvidia?</h2>
<div class="lb-trans"><h2>這是 Nvidia 的致命一擊嗎？</h2>
</div><p>As of this writing (June 25), shares of AMD have risen by 18% so far in 2025. Per the chart, these gains are slightly ahead of Nvidia stock's increase.</p>
<div class="lb-trans"><p>截至撰寫本文時（6 月 25 日），AMD 的股價在 2025 年迄今已上漲 18%。根據圖表，這些漲幅略高於 Nvidia 股票的增幅。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png" alt="" original-src="https://media.ycharts.com/charts/929fd53b294088522b55f7fb026fa280.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 數據來源於 YCharts</p>
</div><p>I think it's hard to justify AMD's gains over Nvidia, given the company's lack of market share and apparent decelerating growth (at least for now).</p>
<div class="lb-trans"><p>考慮到 AMD 在市場份額上的缺乏以及明顯放緩的增長（至少目前如此），我認為很難為 AMD 的漲幅辯護。</p>
</div><p>While I suspect AMD's growth profile could turn around following the release of new chipsets during the second half of the year, I also think it will be challenging for the company to gain any meaningful momentum back from Nvidia -- as Nvidia also has new architectures releasing later this year, too.</p>
<div class="lb-trans"><p>雖然我懷疑 AMD 的增長前景可能會在下半年新芯片發佈後扭轉，但我也認為該公司將很難從 Nvidia 那裏重新獲得任何有意義的勢頭——因為 Nvidia 也將在今年晚些時候發佈新架構。</p>
</div><p>To me, Nvidia may have put AMD in a checkmate position for the time being. I think these figures reported could imply that Nvidia will remain the leader in AI data center chips and could be on its way to a new, prolonged, and sustained wave of growth.</p>
<div class="lb-trans"><p>在我看來，Nvidia 可能暫時將 AMD 置於了一個致命的棋局中。我認為這些報告的數字可能暗示 Nvidia 將繼續在 AI 數據中心芯片領域保持領先，並可能迎來一個新的、持久的、持續的增長浪潮。</p>
</div>

Did Nvidia Just Say "Checkmate" to AMD?

- 英偉達在人工智能領域的市場份額已達約 88%，領先於 AMD 的 4%。  
- AMD 數據中心業務雖增長迅速，但銷售額環比下降 5%。  
- 英偉達的市場主導地位可能使 AMD 面臨長期挑戰。  

英偉達是否剛剛對 AMD 説 “將軍”？