<p><strong>英偉達</strong>(NVDA) 可能是過去三年人工智能進步浪潮中最大的受益者。該公司的市值現已超過 4.3 萬億美元，成為全球最有價值的公司。這得益於其市場領先的圖形處理單元（GPU）的持續需求，這些 GPU 對於大型語言模型的訓練和推理至關重要。</p>
<p>英偉達的財務數據顯示，這是一家仍在以驚人的速度增長銷售和利潤的龐大公司。但最近的一些發展讓人對英偉達能否繼續以如此快速的速度增長產生了疑問。這包括其最大客户之一與英偉達最強勁的競爭對手達成的最新交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NjIvZ2V0dHlpbWFnZXMtYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2lyY3VpdC1jaGlwLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NjIvZ2V0dHlpbWFnZXMtYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2lyY3VpdC1jaGlwLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達面臨的主要風險</h2>
<p>雖然英偉達的銷售因大型科技公司不惜一切代價保持在人工智能開發的前沿而激增，但這導致只有少數客户佔據了其收入的絕大部分。英偉達透露，第二季度其收入的 39% 來自僅兩個直接客户，85% 來自六個客户。</p>
<p>當然，能夠投入必要資本建設數據中心的公司數量有限。許多這樣的公司，如 <strong>微軟</strong>，擁有數十個大型客户通過其雲計算平台支付使用英偉達的芯片。因此，英偉達的客户集中風險並不是那麼大。不過，這仍然是投資者需要考慮的一個重要風險因素。</p>
<p>這一點最近引起了關注，因為 <strong>OpenAI</strong> 作為使用英偉達芯片的最大公司之一， reportedly 正在與 <strong>博通</strong>(AVGO -2.69%) 合作開發定製的人工智能加速器芯片。該報告與博通披露其擁有一個新的合格定製人工智能芯片客户的消息相吻合，並且已經獲得了 100 億美元的訂單。</p>
<p>如果 OpenAI 確實是博通的新客户，這將代表該公司的重大轉變。作為生成式人工智能的領導者，OpenAI 正在推進星際之門項目，該項目計劃在 2025 年至 2028 年間投資 5000 億美元用於人工智能基礎設施。其在公告中提到的技術合作夥伴名單中顯著包括了英偉達，但沒有博通。</p>
<h2>轉變已經開始</h2>
<p>OpenAI 可能不是唯一一家尋求使用更多定製硅解決方案並減少對英偉達依賴的公司。博通首席執行官 Hock Tan 表示，該公司在另外三家定製人工智能芯片客户中持續獲得市場份額，這些客户包括 <strong>Meta Platforms</strong>、<strong>Alphabet</strong> 和字節跳動。此外，微軟 reportedly 正在計劃大幅提升其下一代定製加速器的使用，這可能在 2027 年帶來 100 億到 120 億美元的訂單，Fubon Research 表示。</p>
<p>這一消息還跟隨了 OpenAI 最近與 Alphabet 的 Google Cloud 簽署的一項協議，使用其由博通設計的張量處理單元（TPU）。谷歌最近發佈的研究估計，其基於文本的人工智能提示的平均能耗僅為 0.24 瓦時，稱其為 “遠低於許多公共估計”。它還指出，過去一年效率提高了 33 倍。研究人員給出的效率原因之一是谷歌的 TPU 芯片。考慮到 OpenAI 的規模，轉向非英偉達架構可能會節省大量成本。</p>
<p>投資者面臨的問題是：市場是否已經充分考慮了英偉達可能面臨的市場份額損失以及其他芯片製造商的潛在收益？英偉達的股票目前交易約為未來收益預期的 38 倍，這仍高於自 2023 年初以來的平均價格。儘管如此，英偉達不太可能繼續經歷像去年和前年那樣的盈利增長。</p>
<p>但這並不意味着博通現在就便宜。由於贏得了一份大合同，博通的股票已經上漲至超過 50 倍的收益。儘管定製人工智能芯片是收入和利潤的重要驅動因素，但需要記住的是，目前其約一半的半導體銷售與人工智能相關，並且它還有一個相對成熟的軟件業務。隨着時間的推移，人工智能支出將對博通的整體業績產生更大影響，但目前，它的估值就像其所有收入都來自於與人工智能相關的支出。</p>
<p>因此，目前這兩家芯片製造商的估值都顯得昂貴。如果必須選擇一家公司，儘管市場估值，博通的上行潛力似乎比英偉達更強。不過，仍然有許多其他人工智能股票的價格對投資者更具吸引力。</p>

<p>英偉達作為人工智能技術的領導者，面臨潛在的增長挑戰，因為其主要客户之一 OpenAI 據報道正在與競爭對手博通開發定製的人工智能芯片。這一變化可能會影響英偉達的收入，因為其收入在很大程度上依賴於少數關鍵客户。OpenAI 與谷歌雲在張量處理單元上的合作進一步突顯了競爭格局。儘管英偉達的股票估值為前瞻性收益的 38 倍，但博通的估值因新合同已飆升至超過 50 倍的收益。兩家公司看起來都很昂貴，但博通可能提供更強的上漲潛力</p>

<p><strong>Nvidia</strong>(NVDA) has been perhaps the single biggest beneficiary of the boom in AI progress over the last three years. The company's market cap now tops $4.3 trillion, making it the most valuable company in the world. That's driven by continued demand for its market-leading graphics processing units (GPUs), which are essential for large language model training and inference.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA) 可能是過去三年人工智能進步浪潮中最大的受益者。該公司的市值現已超過 4.3 萬億美元，成為全球最有價值的公司。這得益於其市場領先的圖形處理單元（GPU）的持續需求，這些 GPU 對於大型語言模型的訓練和推理至關重要。</p>
</div><p>Nvidia's financials show a massive company that's still growing sales and profits at a breakneck pace. But a couple of recent developments have put a question mark on how long Nvidia can continue to grow at a torrid pace. That includes a recent deal by one of its biggest customers with one of Nvidia's fiercest rivals.</p>
<div class="lb-trans"><p>英偉達的財務數據顯示，這是一家仍在以驚人的速度增長銷售和利潤的龐大公司。但最近的一些發展讓人對英偉達能否繼續以如此快速的速度增長產生了疑問。這包括其最大客户之一與英偉達最強勁的競爭對手達成的最新交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NjIvZ2V0dHlpbWFnZXMtYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2lyY3VpdC1jaGlwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832562%2Fgettyimages-ai-artificial-intelligence-circuit-chip.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 major risk facing Nvidia</h2>
<div class="lb-trans"><h2>英偉達面臨的主要風險</h2>
</div><p>While Nvidia has seen its sales boom as a result of big tech companies spending whatever it takes to stay at the forefront of AI development, that has resulted in just a handful of customers making up the vast majority of its revenue. Nvidia revealed that 39% of its revenue in the second quarter came from just two direct customers, and 85% came from six customers.</p>
<div class="lb-trans"><p>雖然英偉達的銷售因大型科技公司不惜一切代價保持在人工智能開發的前沿而激增，但這導致只有少數客户佔據了其收入的絕大部分。英偉達透露，第二季度其收入的 39% 來自僅兩個直接客户，85% 來自六個客户。</p>
</div><p>Of course, there are only so many companies in a position to spend the capital necessary to build out data centers. Many of those companies, like <strong>Microsoft</strong>, have dozens of big customers paying for access to those Nvidia chips through their cloud computing platforms. As such, Nvidia's customer concentration risk isn't quite that big. Still, it's a significant risk factor investors need to consider.</p>
<div class="lb-trans"><p>當然，能夠投入必要資本建設數據中心的公司數量有限。許多這樣的公司，如 <strong>微軟</strong>，擁有數十個大型客户通過其雲計算平台支付使用英偉達的芯片。因此，英偉達的客户集中風險並不是那麼大。不過，這仍然是投資者需要考慮的一個重要風險因素。</p>
</div><p>That came to the forefront recently because OpenAI, one of the biggest companies using Nvidia's chips, is reportedly working on a custom AI accelerator chip with <strong>Broadcom</strong>(AVGO -2.69%). The report coincides with Broadcom's disclosure that it has a new qualified custom AI chip customer, and it's already secured $10 billion of orders.</p>
<div class="lb-trans"><p>這一點最近引起了關注，因為 <strong>OpenAI</strong> 作為使用英偉達芯片的最大公司之一， reportedly 正在與 <strong>博通</strong>(AVGO -2.69%) 合作開發定製的人工智能加速器芯片。該報告與博通披露其擁有一個新的合格定製人工智能芯片客户的消息相吻合，並且已經獲得了 100 億美元的訂單。</p>
</div><p>If OpenAI is indeed Broadcom's new customer, that represents a major shift for the company. The generative AI leader is at the forefront of The Stargate Project, which is investing $500 billion between 2025 and 2028 in AI infrastructure. Its list of technology partners in the announcement notably included Nvidia, but not Broadcom.</p>
<div class="lb-trans"><p>如果 OpenAI 確實是博通的新客户，這將代表該公司的重大轉變。作為生成式人工智能的領導者，OpenAI 正在推進星際之門項目，該項目計劃在 2025 年至 2028 年間投資 5000 億美元用於人工智能基礎設施。其在公告中提到的技術合作夥伴名單中顯著包括了英偉達，但沒有博通。</p>
</div><h2>The shift is already underway</h2>
<div class="lb-trans"><h2>轉變已經開始</h2>
</div><p>OpenAI might not be the only company looking to use more custom silicon solutions and reduce its reliance on Nvidia. Broadcom CEO Hock Tan said it continues to gain share with its three other custom AI chip customers, which include <strong>Meta Platforms</strong>, <strong>Alphabet</strong>, and ByteDance. Additionally, Microsoft is reportedly planning a big step-up in usage for its next-generation custom accelerator, which could result in $10 billion to $12 billion in orders in 2027, according to Fubon Research.</p>
<div class="lb-trans"><p>OpenAI 可能不是唯一一家尋求使用更多定製硅解決方案並減少對英偉達依賴的公司。博通首席執行官 Hock Tan 表示，該公司在另外三家定製人工智能芯片客户中持續獲得市場份額，這些客户包括 <strong>Meta Platforms</strong>、<strong>Alphabet</strong> 和字節跳動。此外，微軟 reportedly 正在計劃大幅提升其下一代定製加速器的使用，這可能在 2027 年帶來 100 億到 120 億美元的訂單，Fubon Research 表示。</p>
</div><p>The news also follows a recent deal that OpenAI signed with Alphabet's Google Cloud to use its Tensor Processing Units (TPU), also designed by Broadcom. Google recently published research estimating its average energy expenditure for a text-based AI prompt was just 0.24 watt-hours, which it described as &#34;substantially lower than many public estimates.&#34; It also noted a 33-times improvement in efficiency over the past year. Part of the reason the researchers gave for its efficiency is Google's TPU chip. Considering OpenAI's scale, it could stand to save a lot by moving off Nvidia's architecture.</p>
<div class="lb-trans"><p>這一消息還跟隨了 OpenAI 最近與 Alphabet 的 Google Cloud 簽署的一項協議，使用其由博通設計的張量處理單元（TPU）。谷歌最近發佈的研究估計，其基於文本的人工智能提示的平均能耗僅為 0.24 瓦時，稱其為 “遠低於許多公共估計”。它還指出，過去一年效率提高了 33 倍。研究人員給出的效率原因之一是谷歌的 TPU 芯片。考慮到 OpenAI 的規模，轉向非英偉達架構可能會節省大量成本。</p>
</div><p>The question for investors is this: Has the market fully priced in the potential share loss Nvidia faces and the potential gains at other chipmakers? Nvidia shares now trade at about 38 times forward earnings estimates, which is still above its average price since early 2023. That's despite the fact that Nvidia's unlikely to experience a continuation of earnings growth like it saw last year and the year before.</p>
<div class="lb-trans"><p>投資者面臨的問題是：市場是否已經充分考慮了英偉達可能面臨的市場份額損失以及其他芯片製造商的潛在收益？英偉達的股票目前交易約為未來收益預期的 38 倍，這仍高於自 2023 年初以來的平均價格。儘管如此，英偉達不太可能繼續經歷像去年和前年那樣的盈利增長。</p>
</div><p>But that doesn't mean Broadcom is any bargain right now, either. Shares have climbed above 50 times earnings on the news that it won a big new contract. And while custom AI chips are a big driver of revenue and profits, it's important to remember that only about half of its current semiconductor sales are related to AI, and it has a relatively mature software business as well. Over time, AI spending will have a greater influence on Broadcom's overall results, but right now, it's valued as if all of its revenue comes from AI-related spend.</p>
<div class="lb-trans"><p>但這並不意味着博通現在就便宜。由於贏得了一份大合同，博通的股票已經上漲至超過 50 倍的收益。儘管定製人工智能芯片是收入和利潤的重要驅動因素，但需要記住的是，目前其約一半的半導體銷售與人工智能相關，並且它還有一個相對成熟的軟件業務。隨着時間的推移，人工智能支出將對博通的整體業績產生更大影響，但目前，它的估值就像其所有收入都來自於與人工智能相關的支出。</p>
</div><p>As such, both chipmakers look expensive right now. If you had to pick one, the upside looks stronger for Broadcom than Nvidia despite the market valuation. Still, there are plenty of other AI stocks with more compelling prices for investors to consider.</p>
<div class="lb-trans"><p>因此，目前這兩家芯片製造商的估值都顯得昂貴。如果必須選擇一家公司，儘管市場估值，博通的上行潛力似乎比英偉達更強。不過，仍然有許多其他人工智能股票的價格對投資者更具吸引力。</p>
</div>

One of Nvidia's Biggest Customers Just Struck a Massive Deal With Its Fiercest Rival

- Nvidia 市值超過 4.3 萬億美元，成為全球最有價值公司。  
- 39% 收入來自兩家客户，85% 來自六家客户，客户集中風險顯著。  
- OpenAI 可能轉向 Broadcom，影響 Nvidia 市場份額，投資者需關注潛在變化。  

Motley Fool

英偉達

博通

OpenAI

英偉達的一個最大客户剛剛與其最強勁的競爭對手達成了一項重大交易