<p>當 <strong>Nvidia</strong>（NVDA -0.82%）在 1990 年代成立時，它是一家小眾芯片設計公司。其圖形處理單元（GPU）旨在增強視頻遊戲的視覺效果。然而，聯合創始人兼首席執行官黃仁勳有更廣泛的雄心；他意識到 GPU 在許多其他需要並行處理的應用中也能發揮作用。</p>
<p>快進到今天，黃仁勳的願景已經實現。Nvidia 的 GPU 現在為一系列生成性人工智能平台提供處理能力——從 OpenAI 的 ChatGPT 到 <strong>Alphabet</strong> 的 Gemini。通過提供作為人工智能基礎設施支柱的芯片，Nvidia 已經從一家中型半導體公司發展成為全球最有價值的企業。</p>
<p>投資者應清楚的認識到：變革性技術可以從小眾產品開始，然後重塑整個行業。如今量子計算的應用範圍也相對狹窄——但這項技術似乎正在成為人工智能領域下一個前沿。</p>
<p>一家公司小型競爭者—— <strong>Quantum Computing Inc.</strong>（QUBT -0.26%）——正在尋求顛覆這一領域。它能成為下一個 Nvidia 嗎？</p>
<h2>量子計算是下一個 GPU 嗎？</h2>
<p>就像最初 GPU 的主流商業應用很少一樣，目前量子計算機的應用也不多。這項技術仍然主要處於實驗階段。這些機器複雜，建造和操作成本高，尚未解決大規模的實際效用。然而，量子計算人工智能的潛力是巨大的。</p>
<p>與經典計算機不同——經典計算機以二進制形式存儲和處理數據——量子計算機使用量子比特（qubits），它們還可以由於一種稱為疊加的特性而持有概率幅度的值。結果是，在某些情況下，量子計算機可以比經典超級計算機更快地解決問題。</p>
<p>專家預計，量子計算的優勢將適用於許多用例，從藥物發現和金融風險建模到密碼學和預測能源模式。因此，量子計算有潛力在大規模上釋放數萬億美元的經濟價值。然而，正如 1990 年代的 GPU 一樣，先驅者的雄心願景與技術的廣泛商業應用之間的差距仍然很大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTAvZ2V0dHktd2hhdF9zLW5leHQtd2hhdHMteW91ci1wbGFuLTEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTAvZ2V0dHktd2hhdF9zLW5leHQtd2hhdHMteW91ci1wbGFuLTEuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>分析量子計算公司</h2>
<p>在過去的一年裏，量子計算公司（Quantum Computing Inc.，簡稱 QCi）已迅速進入公眾視野。鑑於其名稱與科技行業最熱門的主題之一相呼應，這家新興公司的股票在短短 12 個月內飆升了超過 3200%。雖然這樣的勢頭可能令人心動，但聰明的投資者會想要先深入瞭解。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5cf90c2a0ea7137880f5e4059503d053.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/5cf90c2a0ea7137880f5e4059503d053.png"/></p>
<p>QUBT 收入（TTM）數據來自 YCharts。</p>
<p>到目前為止，QCi 的收入微乎其微，並且持續消耗大量現金，這引發了對其盈利路徑的嚴重懷疑。</p>
<p>在我看來，量子計算公司的股票受益於公司在運營實力上的不足，更多的是由於散户投資者的熱情。該公司正處於合適的時機，乘着炒作驅動的浪潮。然而，QCi 引人注目的名稱與其基本商業面之間的不匹配令人擔憂。</p>
<h2>量子計算公司是下一個 Nvidia 嗎？</h2>
<p>Nvidia 的崛起從來不是僅靠品牌推動的。該公司帶來了尖端技術，逐步改進，並由一位具有遠見的領導者引領，他認識到 GPU 的用途可以遠遠超出遊戲，擴展到數據中心和人工智能。</p>
<p>同樣重要的是，該公司通過向開發者推廣其軟件架構 CUDA，建立了強大的護城河。CUDA 使用得越廣泛，Nvidia 就越有效地將開發者鎖定在其生態系統中。</p>
<p>量子計算公司缺乏這些類型的競爭優勢。其業務顯示出有限的吸引力，並且在硬件和軟件方面都落後於同行。與此同時，像 <strong>Microsoft</strong>、Alphabet、<strong>Amazon</strong> 和 <strong>International Business Machines</strong> 等巨頭已經在量子計算應用上進行了大量投資，並且它們在將這些應用整合到龐大的生態系統中方面處於良好位置。</p>
<p>在這種背景下，量子計算公司基本上已經成為一種投機性熱門股票，受到追逐快速利潤的日間交易者的青睞，而不是長期投資者建立持久頭寸的選擇。</p>
<p>對於那些希望接觸量子計算領域的人來説，更明智的方法是投資於已經建立的人工智能領導者，這些公司擁有盈利的多元化業務，並且也在探索這一新興技術。</p>

英偉達

微軟

<p>量子計算公司（Quantum Computing Inc.，QUBT）在過去一年中上漲超過 3200%，引發了與英偉達（Nvidia）崛起的比較。然而，QCi 的收入微薄且現金流出嚴重，這引發了對其盈利能力的質疑。與建立了強大競爭壁壘的英偉達不同，QCi 缺乏運營實力，並面臨來自微軟和亞馬遜等科技巨頭的競爭。該公司更被視為一種投機性的 “迷因股票”，而非穩健的投資。投資者被建議考慮那些在量子計算領域探索的成熟人工智能領導者</p>

<p>When <strong>Nvidia</strong>(NVDA -0.82%) was founded in the 1990s, it was a niche chip designer. Its graphics processing units (GPUs) were engineered to enhance the visuals of video games. Yet, co-founder and CEO Jensen Huang had broader ambitions; he realized that GPUs could be useful in many other applications where parallel processing could be applied.</p>
<div class="lb-trans"><p>當 <strong>Nvidia</strong>（NVDA -0.82%）在 1990 年代成立時，它是一家小眾芯片設計公司。其圖形處理單元（GPU）旨在增強視頻遊戲的視覺效果。然而，聯合創始人兼首席執行官黃仁勳有更廣泛的雄心；他意識到 GPU 在許多其他需要並行處理的應用中也能發揮作用。</p>
</div><p>Fast-forward to today, and Huang's vision has been realized. Nvidia's GPUs now provide the processing power for a host of generative AI platforms -- from OpenAI's ChatGPT to <strong>Alphabet</strong>'s Gemini. By providing the chips that are the backbone of AI infrastructure, Nvidia has evolved from a mid-tier semiconductor company into the world's most valuable enterprise.</p>
<div class="lb-trans"><p>快進到今天，黃仁勳的願景已經實現。Nvidia 的 GPU 現在為一系列生成性人工智能平台提供處理能力——從 OpenAI 的 ChatGPT 到 <strong>Alphabet</strong> 的 Gemini。通過提供作為人工智能基礎設施支柱的芯片，Nvidia 已經從一家中型半導體公司發展成為全球最有價值的企業。</p>
</div><p>The takeaway for investors should be clear: Transformative technologies can begin as niche products before reshaping entire industries. The uses for quantum computing today are also relatively narrow in scope -- but this tech appears to be emerging as one of the next frontiers in the AI realm.</p>
<div class="lb-trans"><p>投資者應清楚的認識到：變革性技術可以從小眾產品開始，然後重塑整個行業。如今量子計算的應用範圍也相對狹窄——但這項技術似乎正在成為人工智能領域下一個前沿。</p>
</div><p>One small-cap contender -- <strong>Quantum Computing Inc.</strong>(QUBT -0.26%)-- is seeking to disrupt the space. Could it become the next Nvidia?</p>
<div class="lb-trans"><p>一家公司小型競爭者—— <strong>Quantum Computing Inc.</strong>（QUBT -0.26%）——正在尋求顛覆這一領域。它能成為下一個 Nvidia 嗎？</p>
</div><h2>Is quantum computing the next GPU?</h2>
<div class="lb-trans"><h2>量子計算是下一個 GPU 嗎？</h2>
</div><p>Just as there were initially few mainstream commercial applications for GPUs, there aren't many so far for quantum computers. The technology remains largely experimental. The machines are complex, costly to build and operate, and have not yet addressed real-world utility at scale. Still, the potential of quantum computing AI is enormous.</p>
<div class="lb-trans"><p>就像最初 GPU 的主流商業應用很少一樣，目前量子計算機的應用也不多。這項技術仍然主要處於實驗階段。這些機器複雜，建造和操作成本高，尚未解決大規模的實際效用。然而，量子計算人工智能的潛力是巨大的。</p>
</div><p>Unlike classical computers -- which store and manipulate data in binary form -- quantum computers use qubits, which can also hold values that are probability amplitudes, thanks to a property known as superposition. The result of this is that in some cases, quantum computers can solve problems exponentially faster than even a classical supercomputer.</p>
<div class="lb-trans"><p>與經典計算機不同——經典計算機以二進制形式存儲和處理數據——量子計算機使用量子比特（qubits），它們還可以由於一種稱為疊加的特性而持有概率幅度的值。結果是，在某些情況下，量子計算機可以比經典超級計算機更快地解決問題。</p>
</div><p>Experts expect that quantum computing's strengths will be applicable across a host of use cases, from drug discovery and financial risk modeling to cryptography and predicting energy patterns. As such, quantum computing has the potential to unlock trillions of dollars in economic value at scale. Yet, as with GPUs in the 1990s, the gap between the ambitious visions of the pioneers and widespread commercial adoption of the technology remains wide.</p>
<div class="lb-trans"><p>專家預計，量子計算的優勢將適用於許多用例，從藥物發現和金融風險建模到密碼學和預測能源模式。因此，量子計算有潛力在大規模上釋放數萬億美元的經濟價值。然而，正如 1990 年代的 GPU 一樣，先驅者的雄心願景與技術的廣泛商業應用之間的差距仍然很大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNTAvZ2V0dHktd2hhdF9zLW5leHQtd2hhdHMteW91ci1wbGFuLTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834050%2Fgetty-what_s-next-whats-your-plan-1.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>Analyzing Quantum Computing Inc.</h2>
<div class="lb-trans"><h2>分析量子計算公司</h2>
</div><p>Over the past year, Quantum Computing Inc., or QCi, has surged into the spotlight. Given that its name mirrors one of the tech sector's hottest themes, it's not too surprising that shares of this emerging company have skyrocketed by more than 3,200% in just 12 months. While momentum like that might be tempting to follow, smart investors will want to look beneath the surface first.</p>
<div class="lb-trans"><p>在過去的一年裏，量子計算公司（Quantum Computing Inc.，簡稱 QCi）已迅速進入公眾視野。鑑於其名稱與科技行業最熱門的主題之一相呼應，這家新興公司的股票在短短 12 個月內飆升了超過 3200%。雖然這樣的勢頭可能令人心動，但聰明的投資者會想要先深入瞭解。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5cf90c2a0ea7137880f5e4059503d053.png" alt="" original-src="https://media.ycharts.com/charts/5cf90c2a0ea7137880f5e4059503d053.png"/></p>
<p>QUBT Revenue (TTM) data by YCharts.</p>
<div class="lb-trans"><p>QUBT 收入（TTM）數據來自 YCharts。</p>
</div><p>So far, QCi is generating minimal revenue, and it continues to burn significant cash, which raises serious doubts about its path to profitability.</p>
<div class="lb-trans"><p>到目前為止，QCi 的收入微乎其微，並且持續消耗大量現金，這引發了對其盈利路徑的嚴重懷疑。</p>
</div><p>In my view, Quantum Computing Inc. shares are benefiting less from the company being in a position of operational strength and more from retail investors' enthusiasm. The company is in the right place at the right time and riding a wave of hype-driven narratives. And the mismatch between QCi's headline-grabbing name and its underlying business fundamentals is quite concerning.</p>
<div class="lb-trans"><p>在我看來，量子計算公司的股票受益於公司在運營實力上的不足，更多的是由於散户投資者的熱情。該公司正處於合適的時機，乘着炒作驅動的浪潮。然而，QCi 引人注目的名稱與其基本商業面之間的不匹配令人擔憂。</p>
</div><h2>Is Quantum Computing Inc. the next Nvidia?</h2>
<div class="lb-trans"><h2>量子計算公司是下一個 Nvidia 嗎？</h2>
</div><p>Nvidia's rise to dominance was never fueled by branding alone. The company brought cutting-edge technology to bear, steadily improved it over the years, and was led by a visionary who recognized how GPUs' uses could extend far beyond gaming and into data centers and AI.</p>
<div class="lb-trans"><p>Nvidia 的崛起從來不是僅靠品牌推動的。該公司帶來了尖端技術，逐步改進，並由一位具有遠見的領導者引領，他認識到 GPU 的用途可以遠遠超出遊戲，擴展到數據中心和人工智能。</p>
</div><p>Just as important, the company built a formidable moat by promoting its software architecture, CUDA, to developers. The more widely used CUDA became, the more effectively Nvidia locked developers into its ecosystem.</p>
<div class="lb-trans"><p>同樣重要的是，該公司通過向開發者推廣其軟件架構 CUDA，建立了強大的護城河。CUDA 使用得越廣泛，Nvidia 就越有效地將開發者鎖定在其生態系統中。</p>
</div><p>Quantum Computing Inc. lacks these types of competitive advantages. Its business is showing limited traction, and it's lagging its peers across both hardware and software. Meanwhile, giants like <strong>Microsoft</strong>, Alphabet, <strong>Amazon</strong>, and <strong>International Business Machines</strong> are already investing heavily in quantum computing applications, and they are well-positioned to integrate them into their sprawling ecosystems.</p>
<div class="lb-trans"><p>量子計算公司缺乏這些類型的競爭優勢。其業務顯示出有限的吸引力，並且在硬件和軟件方面都落後於同行。與此同時，像 <strong>Microsoft</strong>、Alphabet、<strong>Amazon</strong> 和 <strong>International Business Machines</strong> 等巨頭已經在量子計算應用上進行了大量投資，並且它們在將這些應用整合到龐大的生態系統中方面處於良好位置。</p>
</div><p>Against this backdrop, Quantum Computing Inc. has essentially become a speculative meme stock favored by day traders chasing quick profits rather than a holding of long-term investors building durable positions.</p>
<div class="lb-trans"><p>在這種背景下，量子計算公司基本上已經成為一種投機性熱門股票，受到追逐快速利潤的日間交易者的青睞，而不是長期投資者建立持久頭寸的選擇。</p>
</div><p>For those looking to gain exposure to the quantum computing landscape, a more prudent approach would be to invest in established AI leaders with profitable, diversified businesses that are also exploring this rising new technology.</p>
<div class="lb-trans"><p>對於那些希望接觸量子計算領域的人來説，更明智的方法是投資於已經建立的人工智能領導者，這些公司擁有盈利的多元化業務，並且也在探索這一新興技術。</p>
</div>

Could This Small-Cap Artificial Intelligence (AI) Stock Become the Next Nvidia?

- Nvidia 從小型芯片設計公司成長為全球最有價值企業，推動了 AI 基礎設施的發展。  
- Quantum Computing Inc. 股價在過去一年上漲超過 3,200%，但收入微薄且現金消耗嚴重。  
- 與 Nvidia 不同，QCi 缺乏競爭優勢，面臨大型科技公司在量子計算領域的激烈競爭。  

這隻小盤人工智能（AI）股票能否成為下一個英偉達？