<p>據報道，<strong>亞馬遜</strong>（AMZN +0.69%）正在與外部客户進行初步談判，計劃出售其 Trainium AI 芯片，而不僅僅是將這些自家制造的芯片堆疊在自己的數據中心中，以便為其雲計算客户提供服務。這並不令人驚訝：亞馬遜首席執行官安迪·賈西（Andy Jassy）已經表示，公司可能會朝這個方向發展。然而，亞馬遜決定出售其 AI 芯片的一個潛在受害者是 <strong>英偉達</strong>（NVDA 3.99%），這將使其在 AI 芯片市場的主導地位面臨更多競爭。英偉達的股東應該擔心嗎？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUzNzYvYW1hem9uLWFuZC1udmlkaWEtbG9nb3MucG5nJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUzNzYvYW1hem9uLWFuZC1udmlkaWEtbG9nb3MucG5nJnc9Mzg0MA"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>亞馬遜 AI 芯片的優勢</h2>
<p>亞馬遜開始設計自己的芯片有幾個原因。首先，幫助減少對英偉達硬件的依賴。作為提供頂級 GPU（圖形處理單元）以訓練和部署人工智能（AI）模型的市場領導者，英偉達有時面臨供應限制。亞馬遜以及其他超大規模雲服務商發現，定製芯片可以幫助他們規避這個問題。其次，對於亞馬遜來説，依賴 Trainium 通常更具成本效益。根據公司數據，Trainium2 的性價比比可比 GPU 高出 30%。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亞馬遜股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亞馬遜</p>
<p>今日變動</p>
<p>(0.69%) $1.60</p>
<p>當前價格</p>
<p>$234.39</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2.5 萬億</p>
<p>日內區間</p>
<p>$232.00 - $236.88</p>
<p>52 周區間</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>719</p>
<p>平均成交量</p>
<p>4560 萬</p>
<p>毛利率</p>
<p>50.60%</p>
<p>這意味着這家 雲計算巨頭 可以通過其 Trainium 業務降低開支並提高利潤率。它可以為其他公司提供同樣的價值主張。亞馬遜表示，如果其 AI 芯片部門是一家獨立的公司，年收入將達到 500 億美元。對於一家季度銷售額超過 1000 億美元的公司來説，這並不算多，但亞馬遜還表示，該部門的增長速度是其他業務的三位數年增長率。如果 AI 熱潮持續下去，它可能會成為亞馬遜一個重要的增長驅動力。但這一切對英偉達意味着什麼呢？</p>
<h2>英偉達應該沒問題</h2>
<p>值得注意的是，儘管設計自己的 AI 芯片具有優勢，亞馬遜仍然是英偉達的重要客户。正如賈西在公司第一季度財報電話會議上所説：</p>
<blockquote>
<p>儘管我們引入的 AI 芯片中最大數量是 Trainium，但我們與英偉達保持着深厚的合作關係。我們對他們非常尊重，繼續訂購大量產品，只要我能預見的未來，我們都會是合作伙伴，我們總會有客户希望在 AWS 上運行英偉達。</p>
</blockquote>
<p>這裏的教訓是，英偉達的硬件仍然是最好的和最通用的。該公司還因其 CUDA 生態系統而受益於廣泛的護城河。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="英偉達股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>英偉達</p>
<p>今日變動</p>
<p>(-3.99%) $-8.33</p>
<p>當前價格</p>
<p>$200.32</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.8 萬億</p>
<p>日內區間</p>
<p>$200.02 - $203.78</p>
<p>52 周區間</p>
<p>$149.26 - $236.54</p>
<p>成交量</p>
<p>4600</p>
<p>平均成交量</p>
<p>1.617 億</p>
<p>毛利率</p>
<p>74.15%</p>
<p>股息收益率</p>
<p>0.14%</p>
<p>即使公司尋求替代的 AI 芯片，快速增長的 AI 行業也應該為英偉達提供強勁的順風，支持多個贏家。此外，英偉達正在利用因自主 AI 的興起而帶來的重要新增長機會。隨着 AI 代理在 CPU（中央處理單元）上運行，英偉達預計到年底將產生 200 億美元的獨立 CPU 收入，並開始進入 2000 億美元的可尋址市場。</p>
<p>結論是：即使亞馬遜的 AI 芯片業務取得進展，英偉達仍可能保持領先，並繼續交出出色的財務業績。這就是為什麼這隻半導體股票仍然值得購買。</p>

英偉達

亞馬遜

亞馬遜每日 1 倍做空 ETF - Direxion

<p>亞馬遜正在探索將其自家研發的 Trainium AI 芯片銷售給外部客户，這可能會增加對英偉達的競爭。然而，由於英偉達硬件的卓越多功能性和 CUDA 生態系統，亞馬遜仍然是英偉達的重要客户。英偉達繼續受益於強勁的行業順風，包括自主 AI 和 CPU 收入機會的增長。分析師得出結論，儘管亞馬遜在努力，但英偉達很可能會維持其市場主導地位和財務實力</p>

<p>According to reports, <strong>Amazon</strong>( AMZN +0.69%) is in early talks to sell its Trainium AI chips to external customers, rather than just stacking its own data centers with these in-house-made chips for the benefit of its cloud computing clients. This shouldn't come as a surprise: Amazon's CEO, Andy Jassy, had already said that the company could be moving in that direction. However, one potential loser from Amazon's decision to sell its AI chips is <strong>Nvidia</strong>( NVDA 3.99%), which will now face more competition for dominance in the AI chip market. Should Nvidia's shareholders be worried?</p>
<div class="lb-trans"><p>據報道，<strong>亞馬遜</strong>（AMZN +0.69%）正在與外部客户進行初步談判，計劃出售其 Trainium AI 芯片，而不僅僅是將這些自家制造的芯片堆疊在自己的數據中心中，以便為其雲計算客户提供服務。這並不令人驚訝：亞馬遜首席執行官安迪·賈西（Andy Jassy）已經表示，公司可能會朝這個方向發展。然而，亞馬遜決定出售其 AI 芯片的一個潛在受害者是 <strong>英偉達</strong>（NVDA 3.99%），這將使其在 AI 芯片市場的主導地位面臨更多競爭。英偉達的股東應該擔心嗎？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUzNzYvYW1hem9uLWFuZC1udmlkaWEtbG9nb3MucG5nJnc9Mzg0MA" alt="Amazon and Nvidia logos." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F875376%2Famazon-and-nvidia-logos.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>圖片來源：The Motley Fool。</p>
</div><h2>The advantage of Amazon's AI chips</h2>
<div class="lb-trans"><h2>亞馬遜 AI 芯片的優勢</h2>
</div><p>Amazon started designing its own chips in-house for several reasons. First, to help decrease its exposure to Nvidia's hardware. As the market leader in offering best-in-class GPUs ( Graphics Processing Units) for training and deploying artificial intelligence (AI) models, Nvidia has sometimes faced supply constraints. Amazon, and, for that matter, other hyperscalers, have found that custom-made chips can help them sidestep this issue. Second, for Amazon, relying on Trainium is often more cost-effective. According to the company, Trainium2 offers 30% better price performance than comparable GPUs.</p>
<div class="lb-trans"><p>亞馬遜開始設計自己的芯片有幾個原因。首先，幫助減少對英偉達硬件的依賴。作為提供頂級 GPU（圖形處理單元）以訓練和部署人工智能（AI）模型的市場領導者，英偉達有時面臨供應限制。亞馬遜以及其他超大規模雲服務商發現，定製芯片可以幫助他們規避這個問題。其次，對於亞馬遜來説，依賴 Trainium 通常更具成本效益。根據公司數據，Trainium2 的性價比比可比 GPU 高出 30%。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亞馬遜</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(0.69%) $1.60</p>
<div class="lb-trans"><p>(0.69%) $1.60</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$234.39</p>
<div class="lb-trans"><p>$234.39</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$2.5T</p>
<div class="lb-trans"><p>$2.5 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$232.00 - $236.88</p>
<div class="lb-trans"><p>$232.00 - $236.88</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>719</p>
<div class="lb-trans"><p>719</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>45.6M</p>
<div class="lb-trans"><p>4560 萬</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><p>That means the cloud computing giant can reduce expenses and boost margins thanks to its Trainium franchise. It could offer the same value proposition to other companies. Amazon has said its AI chip unit would have an annual run rate of $50 billion if it were a stand-alone business. That's not a lot for a company that generates well over $100 billion in quarterly sales, but Amazon also said this segment is growing at triple-digit year-over-year rates, much faster than the rest of the business. And if the AI boom continues, it could become a meaningful growth driver for Amazon. But what does all of this mean for Nvidia?</p>
<div class="lb-trans"><p>這意味着這家 雲計算巨頭 可以通過其 Trainium 業務降低開支並提高利潤率。它可以為其他公司提供同樣的價值主張。亞馬遜表示，如果其 AI 芯片部門是一家獨立的公司，年收入將達到 500 億美元。對於一家季度銷售額超過 1000 億美元的公司來説，這並不算多，但亞馬遜還表示，該部門的增長速度是其他業務的三位數年增長率。如果 AI 熱潮持續下去，它可能會成為亞馬遜一個重要的增長驅動力。但這一切對英偉達意味着什麼呢？</p>
</div><h2>Nvidia should be just fine</h2>
<div class="lb-trans"><h2>英偉達應該沒問題</h2>
</div><p>It is telling that despite the advantage of designing its own AI chips, Amazon continues to be a major Nvidia customer. As Jassy said during the company's first-quarter earnings conference call:</p>
<div class="lb-trans"><p>值得注意的是，儘管設計自己的 AI 芯片具有優勢，亞馬遜仍然是英偉達的重要客户。正如賈西在公司第一季度財報電話會議上所説：</p>
</div><blockquote>
<p>While the largest number of AI chips we are bringing in are Trainium, we continue to have a deep partnership with NVIDIA. We have immense respect for them, continue to order substantial quantities, will be partners for as long as I can foresee, and we will always have customers who want to run NVIDIA on AWS.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>儘管我們引入的 AI 芯片中最大數量是 Trainium，但我們與英偉達保持着深厚的合作關係。我們對他們非常尊重，繼續訂購大量產品，只要我能預見的未來，我們都會是合作伙伴，我們總會有客户希望在 AWS 上運行英偉達。</p>
</blockquote>
</div><p>The lesson here is that Nvidia's hardware is still the best and most versatile. The company also benefits from a wide moat thanks to its CUDA ecosystem.</p>
<div class="lb-trans"><p>這裏的教訓是，英偉達的硬件仍然是最好的和最通用的。該公司還因其 CUDA 生態系統而受益於廣泛的護城河。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4" alt="Nvidia Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FNVDA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: NVDA</h2>
<div class="lb-trans"><h2>NASDAQ: NVDA</h2>
</div><p>Nvidia</p>
<div class="lb-trans"><p>英偉達</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-3.99%) $-8.33</p>
<div class="lb-trans"><p>(-3.99%) $-8.33</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$200.32</p>
<div class="lb-trans"><p>$200.32</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$4.8T</p>
<div class="lb-trans"><p>$4.8 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$200.02 - $203.78</p>
<div class="lb-trans"><p>$200.02 - $203.78</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$149.26 - $236.54</p>
<div class="lb-trans"><p>$149.26 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>4.6K</p>
<div class="lb-trans"><p>4600</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>161.7M</p>
<div class="lb-trans"><p>1.617 億</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>74.15%</p>
<div class="lb-trans"><p>74.15%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.14%</p>
<div class="lb-trans"><p>0.14%</p>
</div><p>Even as companies seek alternative AI chips, the rapidly growing AI industry should provide a strong tailwind to Nvidia while also supporting multiple winners. Further, Nvidia is tapping into an important new growth opportunity thanks to the rise of agentic AI. With AI agents running on CPUs (Central Processing Units), Nvidia estimates it will generate $20 billion in stand-alone CPU revenue by the end of the year and begin making headway into a $200 billion total addressable market.</p>
<div class="lb-trans"><p>即使公司尋求替代的 AI 芯片，快速增長的 AI 行業也應該為英偉達提供強勁的順風，支持多個贏家。此外，英偉達正在利用因自主 AI 的興起而帶來的重要新增長機會。隨着 AI 代理在 CPU（中央處理單元）上運行，英偉達預計到年底將產生 200 億美元的獨立 CPU 收入，並開始進入 2000 億美元的可尋址市場。</p>
</div><p>Here's the bottom line: Even if Amazon's AI chip business makes progress, Nvidia will likely still reign supreme and continue delivering outstanding financial results. That's why the semiconductor stock remains a buy.</p>
<div class="lb-trans"><p>結論是：即使亞馬遜的 AI 芯片業務取得進展，英偉達仍可能保持領先，並繼續交出出色的財務業績。這就是為什麼這隻半導體股票仍然值得購買。</p>
</div>

Will Amazon's AI Chip Business Be a Threat to Nvidia?

- 亞馬遜正在與外部客户洽談出售 Trainium AI 芯片。  
- 該決定可能對英偉達構成競爭壓力，但亞馬遜依然是其重要客户。  
- 儘管面臨競爭，英偉達有望繼續保持市場主導地位。

亞馬遜的 AI 芯片業務是否會對英偉達構成威脅？