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龙腾虎乐

龙腾虎乐

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2025-05-12

$维珍银河(SPCE)$ 走起[财迷] [财迷]

2024-03-04

$美国超微公司(AMD)$ 真牛🐮

2024-09-20

2022-11-30

$纳斯达克(.IXIC)$ 今天有可能暴跌[愤怒] 各种消息综合评估暴跌即将开始，闪了

2024-12-27

$Oklo Inc.(OKLO)$ 如此神经病的股票[惊讶] [惊讶]

01-04 17:50

目前老黄最大的竞争压力是政治、谷歌等一批正在搞自己AI芯片的公司[开心]

市值31万亿元，AI泡沫难撼英伟达？

2025-02-07

$纳斯达克(.IXIC)$ 典型的上涨乏力[捂脸] [捂脸] [捂脸] 大盘暴跌一下更为健康[开心] [开心] [开心]

2021-05-26

这不是正好吗[笑哭] [笑哭] 回归中国呀[强] [强] [666] [666]

抱歉，原内容已删除

2022-10-14

自动驾驶先不说他技术何时能够成熟，何时才能真正用起来。假如把出租车行业给废了，都上自动驾驶了，这么多靠出租车生活的司机师傅们怎么安排[开心]

抱歉，原内容已删除

2021-09-24

$新东方(EDU)$被逼无奈的业务转型裁员属于很正常的操作行为

2021-03-06

$纳斯达克(.IXIC)$每一次拉升都是出货的好机会，我先把话放这儿，这轮调整远没到底

2025-02-14

$纳斯达克(.IXIC)$ 老纳上蹿下跳的[开心] 明显是涨不动了[捂脸] [捂脸] [捂脸] 要么降息再给一次向上冲刺的机会[得意] 要么硬扛着等机会砸盘[喷血] [喷血] [喷血]

2021-02-19

$苹果(AAPL)$终于像个男人了[得意] [得意]

2025-01-30

$Oklo Inc.(OKLO)$ 刚刚起步[开心] [开心] [开心] 必须拿住[财迷] [财迷] [财迷]

2021-08-20

自动驾驶几年内都是个梦，造车还是比较靠谱儿的事儿

抱歉，原内容已删除

2021-08-04

$阿里巴巴(BABA)$不管下调多少，离目标价还有很大空间，踏踏实实涨吧[看涨] [看涨] [看涨]

2021-06-08

比特币本来就是个韭菜收割机，马斯克利用自己的网红声望为公司赢得额外利润，无可厚非[强] [强] [666] [666]

抱歉，原内容已删除

2021-03-27

$知乎(ZH)$破发有破发的玩儿法，照样挣钱[财迷] [财迷] [财迷]

2021-02-03

$AMC院线(AMC)$该走就走啊[财迷]

2020-12-22

$ARK Genomic Revolution Multi-Sector ETF(ARKG)$女股神，不服不行！

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15:22","market":"us","language":"zh","title":"市值31万亿元，AI泡沫难撼英伟达？","url":"https://stock-news.laohu8.com/highlight/detail?id=2600304165","media":"Ofweek光电信息网","summary":"文/杨剑勇自英伟达在资本市场一路高歌猛进后，对AI泡沫争论不休，尤其市值突破4万亿美元后，AI泡沫的质疑声浪亦愈发汹涌。然而，2025年已经过去，英伟达的市值依然高达4.53万亿美元。显示出市场对英伟达的芯片需求旺盛。值得注意的是，科技巨头们也在寻求更加多元化的芯片供应，以此减少对英伟达的依赖，尤其瞄向定制化芯片。当然，仍然不能忽视AI泡沫的担忧。","content":"<html><body><article><p>文/杨剑勇</p><p>自<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>在资本市场一路高歌猛进后，对AI泡沫争论不休，尤其市值突破4万亿美元后，AI泡沫的质疑声浪亦愈发汹涌。黄仁勋更是感叹，业绩出色，被指助推人工智能泡沫，倘若业绩不佳，又证明AI泡沫破裂。</p><p>然而，2025年已经过去，英伟达的市值依然高达4.53万亿美元（约合人民币31.7万亿元）。</p><p>这一庞大市值规模，比日本、英国、法国等国家的GDP还要高，仅次于美、中、德，位居全球第四。</p><p>英伟达在资本市场狂飙，市值从2023年5月突破1万亿美元，到2025年一度跃升至5万亿美元，缔造了资本市场的空前奇迹，且这种奇迹在商业史上从未有过，是全球第一家市值突破5万亿美元的公司。</p><p>英伟达市值的飙升，在于在大模型时代，AI算力需求的爆发式增长，驱动营收以惊人的速度增长，更是全球最赚钱的科技企业之一。</p><p>截止2025年10月26日的第三季度，英伟达营收570亿美元，相比上一年同期的350.8亿美元增加约220亿美元，同比增长62%；<span>净利润</span>更是高达319亿美元，同比增长65%。</p><p>显示出市场对英伟达的芯片需求旺盛。其中，Blackwell系列销售火爆，成为驱动其营收持续攀升的核心引擎。</p><p>整体来说，AI大模型浪潮席卷全球的背景下，科技巨头们为提升自身的AI大模型竞争力，掀起新一轮AI竞赛，全球大型云服务商对AI基础设施建设资本开支延续扩张趋势。</p><p>仅<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>等巨头2025年人工智能方面的投入预计将达4000亿美元。另外，根据TrendForce预计，2026年云服务商仍将维持积极的投资节奏，合计资本支出将进一步推升至6000亿美元以上。</p><p>科技巨头们对AI基础设施建设，其中数以百亿美元竞相抢购英伟达高性能芯片，驱动营收持续快速增长，不仅成为全球最大芯片厂商，市值更是登顶全球榜首，也让赚的盆满钵满。</p><p>值得注意的是，科技巨头们也在寻求更加多元化的芯片供应，以此减少对英伟达的依赖，尤其瞄向定制化芯片。甚至<a href=\"https://laohu8.com/S/META\">Meta</a>在与<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>洽谈，使用谷歌的TPU芯片，用于训练AI模型。</p><p>在定制芯片领域，最重要的玩家则是<a href=\"https://laohu8.com/S/AVGO\">博通</a>，客户主要包括谷歌、Meta和字节跳动等科技巨头，并透露一个新用户下达了100亿美元的新订单，外界普遍猜测是OpenAI。</p><p>由于定制化AI芯片市场的强劲增长势头，<a href=\"https://laohu8.com/S/600455\">博通</a>AI收入持续高速增长，陈福阳此前表示，定制AI芯片业务，有望在2027年带来600亿-900亿美元的收入，是英伟达最强劲的竞争对手。</p><p>在我国，因一直在封堵国内企业购买英伟达高性能芯片，从而使得我国芯片产业正在加速国产替代，旨在打破对高端芯片受制于人的局面。由此，<a href=\"https://laohu8.com/S/688795\">摩尔线程</a>、<a href=\"https://laohu8.com/S/688802\">沐曦股份</a>、<a href=\"https://laohu8.com/S/06082\">壁仞科技</a>等GPU厂商迎来黄金发展机遇，更是被视为中国版英伟达。</p><p>英伟达一家独大的AI芯片局面，有望得到改变。前有博通阻击，后有摩尔线程、沐曦股份等创新企业追赶。</p><p>不过，英伟达在GPU市场独领风骚，核心在于CUDA生态，形成了一套完整的开发工具链。对于本土GPU芯片厂商而言，仍需面对技术迭代、软硬生态、盈利及国际竞争等多重挑战。</p><p>最后，在大模型时代，全球半导体市场格局正在重塑，英伟达正在推动通用GPU计算向GPU加速计算转型。IDC预计，2025年全球半导体收入将达到8000亿美元。其中，半导体市场的计算部分将增长36%，达到3490亿美元。</p><p>英伟达无疑是这一波AI浪潮最大赢家，营收、净利润、市值等均实现了快速增长。当然，仍然不能忽视AI泡沫的担忧。</p><p>杨剑勇，福布斯中国撰稿人，表达观点仅代表个人。致力于深度解读AI大模型、人工智能、物联网、云计算和智能硬件等前沿科技。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>市值31万亿元，AI泡沫难撼英伟达？</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n市值31万亿元，AI泡沫难撼英伟达？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-04 15:22 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104153025a49a08b5&s=b><strong>Ofweek光电信息网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文/杨剑勇自英伟达在资本市场一路高歌猛进后，对AI泡沫争论不休，尤其市值突破4万亿美元后，AI泡沫的质疑声浪亦愈发汹涌。黄仁勋更是感叹，业绩出色，被指助推人工智能泡沫，倘若业绩不佳，又证明AI泡沫破裂。然而，2025年已经过去，英伟达的市值依然高达4.53万亿美元（约合人民币31.7万亿元）。这一庞大市值规模，比日本、英国、法国等国家的GDP还要高，仅次于美、中、德，位居全球第四。英伟达在资本市场...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104153025a49a08b5&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4612":"AI芯片","BK4614":"Manus概念股","BK4579":"人工智能","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","SG9999014914.USD":"UNITED GLOBAL 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00:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>特朗普媒体科技集团（DJT）今日盘中大跌5.03%，市场反应强烈。</p><p>消息面上，该公司此前同意与核聚变开发商TAE Technologies合并，但该交易正面临监管机构的审查，引发了利益冲突的担忧。TAE的投资者包括Alphabet（GOOGL）等大型科技公司，进一步加剧了市场的不确定性。</p><p>此次合并案价值高达60亿美元，监管机构的审查可能导致交易延迟或受阻，从而影响特朗普媒体科技集团的未来发展计划。投资者对此反应敏感，导致股价大幅下跌。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DJT":"特朗普媒体科技集团"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129615568","content_text":"特朗普媒体科技集团（DJT）今日盘中大跌5.03%，市场反应强烈。消息面上，该公司此前同意与核聚变开发商TAE 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专注与通过细分市场取胜的策略：“与其为每一个3D图形应用制造3D图形芯片，我们决定只为一种应用制造3D图形芯片。我们孤注一掷在视频游戏上。”</p><p>• 在市场不理解时坚持投资(如CUDA)：“如果你相信那个未来而不去做，你会后悔一辈子。……如果它真的非常难做，那就值得做。”</p><p>• 企业的危机意识与生存心态：“‘离倒闭只有30天’这句话我用了33年。……那种脆弱感、不确定感、不安全感。它不会离开你。”</p><p>• 领导者的纠错能力与转型：“如果你把自己放在超能力的位置上，我们就很难转型策略，因为我们本该一直是对的。……如果你总是对的，你怎么可能转型？因为转型要求你是错的。”</p><p>• 应对不确定性的方法论(第一性原理)：“时刻从第一性原理推导事情，总是将事情分解为第一性原理，理解为什么会发生，不断重新评估。”</p><p><img src=\"https://img5.gelonghui.com/live/4f384-998a2494-be2e-4bb4-b16c-e94e725862a1.jpg?guru_height=903&amp;guru_width=1719&amp;guru_size=153142\"/></p></body></html>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英伟达黄仁勋：也许两三年内，世界上90%的知识可能会由AI生成</title>\n<style 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[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507279577362600","repostId":"2588073554","repostType":4,"repost":{"id":"2588073554","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1764808764,"share":"https://www.laohu8.com/m/news/2588073554?lang=zh_CN&edition=full","pubTime":"2025-12-04 08:39","market":"sh","language":"zh","title":"报道：黄仁勋游说成功，美国国会将否决AI芯片出口法案","url":"https://stock-news.laohu8.com/highlight/detail?id=2588073554","media":"华尔街见闻","summary":"英伟达的密集游说取得关键胜利，一项旨在限制其向部分海外市场销售AI芯片的《GAIN AI法案》，目前未被纳入美国年度国防法案。此举是黄仁勋亲赴华盛顿与白宫官员会面后出现的转折。他表示，该法案对美国的潜在危害巨大，国会的做法是“明智的”。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>的强力游说取得关键成果，一项旨在限制其向部分海外市场销售先进AI芯片的《GAIN AI法案》，预计将不会被纳入美国年度国防法案。</p>\n<p>据媒体援引一位知情人士消息，<strong>《GAIN AI法案》的措施目前未被纳入将于周五公布的年度国防政策法案（NDAA）的最终文本中。该法案原计划要求英伟达和<a href=\"https://laohu8.com/S/AMD\">AMD</a>等芯片制造商，在向受限制国家出口其强大的AI芯片之前，必须优先满足美国客户的需求。</strong></p>\n<p>尽管该知情人士补充说情况仍有意外生变的可能性，但目前的进展对芯片行业而言无疑是一个积极信号。</p>\n<p>英伟达首席执行官黄仁勋随后将国会不将该法案纳入NDAA的决定形容为“明智的”，并表示《GAIN AI法案》对美国的潜在危害巨大。本周三，他曾亲赴华盛顿，与美国总统特朗普及多位关键议员会面。</p>\n<h2><strong>黄仁勋亲赴华盛顿斡旋</strong></h2>\n<p>黄仁勋的个人斡旋，被视为推动事态发展的关键一步。他于周三现身华盛顿，在国会与多名议员会面。在议长迈克·约翰逊的办公室外，黄仁勋告诉记者，他此行的目的是“回答有关AI的问题”。</p>\n<p>黄仁勋一直坚定地主张，允许美国公司服务全球市场最终对美国有利。他的观点显然在行政当局内部获得了共鸣。</p>\n<p>在国会做出初步决定后，黄仁勋公开表示，《GAIN AI法案》“对美国的危害甚至比《AI扩散规则》更大”。华尔街见闻提及，《AI扩散规则》政策由美国商务部于今年1月发布，它将英伟达等公司的芯片出口目的地分为三个大类国家进行监管，意图进一步限制AI芯片和技术的出口。</p>\n<h2><strong>激烈的游说战告一段落</strong></h2>\n<p>《GAIN AI法案》的搁置，为一场围绕AI技术出口管制的激烈游说战画上了句号。</p>\n<p>法案的支持者主要由对国家安全持强硬立场的议员和AI安全倡导人士构成，他们希望通过立法确保美国在国内的AI算力优势。</p>\n<p>而反对方法案的阵营则由英伟达和其他行业参与者组成，他们担心此类限制会扼杀全球竞争，并损害美国企业的市场地位。</p>\n<p>英伟达方面辩称，该法案并无必要性，因为公司不会以牺牲美国客户的供应为代价，同时限制性的贸易政策将阻碍创新。</p>\n<h2><strong>白宫或介入支持行业立场</strong></h2>\n<p>华尔街见闻写道，据媒体援引四位知情人士的报道，白宫在此次立法博弈中扮演了关键角色。报道称，白宫关键官员向国会山施压，要求议员们将《GAIN AI法案》排除在年度国防授权法案之外。</p>\n<p>据悉，此次行动由白宫“AI沙皇”David Sacks带头，并获得了白宫立法事务办公室的支持。他们直接致电众议院多数党领袖Steve Scalise等关键议员，明确表达了反对意见。</p>\n<p>知情人士称，在高层介入后，该限制性条款被纳入最终法案的可能性已降至“几乎为零”。这一干预凸显了行政当局内部对于在当前节点进一步收紧AI芯片出口政策的审慎态度。</p>\n<h2><strong>法案核心争议：优先满足美国客户与“受关注国家”</strong></h2>\n<p>引发争议的《GAIN AI法案》，其核心是重塑AI芯片的全球供应链分配逻辑，要求芯片公司在向“受关注国家”出口产品前，必须优先满足美国客户的订单。</p>\n<p>尽管该法案的修改版本曾获得<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>和<a href=\"https://laohu8.com/S/MSFT\">微软</a>等云服务巨头的积极回应，但对于英伟达这类硬件制造商而言，该法案构成了直接的监管风险和收入威胁。</p>\n<p>因此，该法案未能进入NDAA的最终版本，对英伟达及其他半导体公司来说是好消息，这消除了市场对新一轮出口管制可能扰乱其全球收入来源的担忧。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>报道：黄仁勋游说成功，美国国会将否决AI芯片出口法案</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n报道：黄仁勋游说成功，美国国会将否决AI芯片出口法案\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-04 08:39 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3760678><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>英伟达的强力游说取得关键成果，一项旨在限制其向部分海外市场销售先进AI芯片的《GAIN AI法案》，预计将不会被纳入美国年度国防法案。\n据媒体援引一位知情人士消息，《GAIN AI法案》的措施目前未被纳入将于周五公布的年度国防政策法案（NDAA）的最终文本中。该法案原计划要求英伟达和AMD等芯片制造商，在向受限制国家出口其强大的AI芯片之前，必须优先满足美国客户的需求。\n尽管该知情人士补充说情况仍...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3760678\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU0238689110.USD":"贝莱德环球动力股票基金","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) 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INC","LU0109391861.USD":"富兰克林美国机遇基金A Acc"},"source_url":"https://wallstreetcn.com/articles/3760678","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2588073554","content_text":"英伟达的强力游说取得关键成果，一项旨在限制其向部分海外市场销售先进AI芯片的《GAIN AI法案》，预计将不会被纳入美国年度国防法案。\n据媒体援引一位知情人士消息，《GAIN AI法案》的措施目前未被纳入将于周五公布的年度国防政策法案（NDAA）的最终文本中。该法案原计划要求英伟达和AMD等芯片制造商，在向受限制国家出口其强大的AI芯片之前，必须优先满足美国客户的需求。\n尽管该知情人士补充说情况仍有意外生变的可能性，但目前的进展对芯片行业而言无疑是一个积极信号。\n英伟达首席执行官黄仁勋随后将国会不将该法案纳入NDAA的决定形容为“明智的”，并表示《GAIN AI法案》对美国的潜在危害巨大。本周三，他曾亲赴华盛顿，与美国总统特朗普及多位关键议员会面。\n黄仁勋亲赴华盛顿斡旋\n黄仁勋的个人斡旋，被视为推动事态发展的关键一步。他于周三现身华盛顿，在国会与多名议员会面。在议长迈克·约翰逊的办公室外，黄仁勋告诉记者，他此行的目的是“回答有关AI的问题”。\n黄仁勋一直坚定地主张，允许美国公司服务全球市场最终对美国有利。他的观点显然在行政当局内部获得了共鸣。\n在国会做出初步决定后，黄仁勋公开表示，《GAIN AI法案》“对美国的危害甚至比《AI扩散规则》更大”。华尔街见闻提及，《AI扩散规则》政策由美国商务部于今年1月发布，它将英伟达等公司的芯片出口目的地分为三个大类国家进行监管，意图进一步限制AI芯片和技术的出口。\n激烈的游说战告一段落\n《GAIN AI法案》的搁置，为一场围绕AI技术出口管制的激烈游说战画上了句号。\n法案的支持者主要由对国家安全持强硬立场的议员和AI安全倡导人士构成，他们希望通过立法确保美国在国内的AI算力优势。\n而反对方法案的阵营则由英伟达和其他行业参与者组成，他们担心此类限制会扼杀全球竞争，并损害美国企业的市场地位。\n英伟达方面辩称，该法案并无必要性，因为公司不会以牺牲美国客户的供应为代价，同时限制性的贸易政策将阻碍创新。\n白宫或介入支持行业立场\n华尔街见闻写道，据媒体援引四位知情人士的报道，白宫在此次立法博弈中扮演了关键角色。报道称，白宫关键官员向国会山施压，要求议员们将《GAIN AI法案》排除在年度国防授权法案之外。\n据悉，此次行动由白宫“AI沙皇”David Sacks带头，并获得了白宫立法事务办公室的支持。他们直接致电众议院多数党领袖Steve Scalise等关键议员，明确表达了反对意见。\n知情人士称，在高层介入后，该限制性条款被纳入最终法案的可能性已降至“几乎为零”。这一干预凸显了行政当局内部对于在当前节点进一步收紧AI芯片出口政策的审慎态度。\n法案核心争议：优先满足美国客户与“受关注国家”\n引发争议的《GAIN AI法案》，其核心是重塑AI芯片的全球供应链分配逻辑，要求芯片公司在向“受关注国家”出口产品前，必须优先满足美国客户的订单。\n尽管该法案的修改版本曾获得亚马逊和微软等云服务巨头的积极回应，但对于英伟达这类硬件制造商而言，该法案构成了直接的监管风险和收入威胁。\n因此，该法案未能进入NDAA的最终版本，对英伟达及其他半导体公司来说是好消息，这消除了市场对新一轮出口管制可能扰乱其全球收入来源的担忧。","news_type":1,"symbols_score_info":{"NVDL":2,"NVDA":2,"07788":2}},"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":507055988752464,"gmtCreate":1764823548287,"gmtModify":1764823550802,"author":{"id":"3482550532367433","authorId":"3482550532367433","name":"龙腾虎乐","avatar":"https://static.laohu8.com/1530cc5cd548815469551d0b8c1c8ee8","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3482550532367433","idStr":"3482550532367433"},"themes":[],"title":"","htmlText":"业内人士其实都知道这个泡沫，只是不清楚大到什么程度了，什么时候能破罢了[捂脸]&nbsp; [捂脸]&nbsp;&nbsp;","listText":"业内人士其实都知道这个泡沫，只是不清楚大到什么程度了，什么时候能破罢了[捂脸]&nbsp; [捂脸]&nbsp;&nbsp;","text":"业内人士其实都知道这个泡沫，只是不清楚大到什么程度了，什么时候能破罢了[捂脸] [捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/507055988752464","repostId":"1110971451","repostType":4,"repost":{"id":"1110971451","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1764814503,"share":"https://www.laohu8.com/m/news/1110971451?lang=zh_CN&edition=full","pubTime":"2025-12-04 10:15","market":"us","language":"zh","title":"AI泡沫论再现？传微软下修AI销售目标，隔夜股价跳水","url":"https://stock-news.laohu8.com/highlight/detail?id=1110971451","media":"老虎资讯综合","summary":"微软下调部分AI新品的销售增长目标昨晚美股交易时段，微软股价受此消息影响一度下跌约 3%，收盘跌2.5%，显示资本市场对AI新品推进速度放缓的敏感反应。据微软Azure云业务的两名销售人员透露，多个部门已下调销售团队在今年度需实现的AI产品销售增速，因为上一个财年许多销售人员未达成增长目标。微软发言人回应称，公司层面的AI产品“整体销售配额并未下调”，但未直接评论部分产品的增长指标调整。","content":"<html><head></head><body><h3 id=\"id_2195826232\">微软下调部分AI新品的销售增长目标</h3><p>昨晚美股交易时段，微软股价受此消息影响一度下跌约 3%，收盘跌2.5%，显示资本市场对AI新品推进速度放缓的敏感反应。</p><p><img src=\"https://static.tigerbbs.com/20148859e8e3e4c97c6071afb7f6d2b9\" alt=\"\"/>2025年，微软及多家企业软件巨头曾高调宣称，人工智能将具备处理多步骤复杂任务的能力，例如根据企业销售数据自动生成管理仪表盘。然而临近年底，微软对市场推广进度降低了预期，并下调了多款新AI产品（即“AI Agent”代理式应用）的销售增长指标。</p><p>据微软Azure云业务的两名销售人员透露，多个部门已下调销售团队在今年度需实现的AI产品销售增速，因为上一个财年（截至6月）许多销售人员未达成增长目标。微软通常很少针对具体产品下调销售配额，因此这一调整颇为罕见。</p><p>这反映出微软正面临来自企业客户的现实阻力：企业对AI的新投入更为谨慎。过去一年里，不少公司抱怨难以衡量AI带来的节约效果，例如自动撰写客户报告、挖掘销售线索等场景；一些与财务或安全相关的任务更要求高准确性，AI稍有偏差就可能导致成本增加，进一步加大了企业采购顾虑。</p><p>尽管如此，AI仍显著拉动了微软整体业务增长，主要来源包括OpenAI等AI企业对微软云服务器的大量租用（预计今年OpenAI将向微软采购约150亿美元的云资源）以及微软自身的AI软件，如Microsoft 365 Copilot和GitHub Copilot。（出于会计规则，微软只能确认其中约70亿美元为收入。）</p><p>不过，要让传统企业大规模采用更复杂的AI应用，进展依然缓慢。</p><p>例如，私募股权集团凯雷(Carlyle)去年开始使用微软的Copilot Studio，这是一款可让企业通过“零代码”方式构建自动化AI代理，完成会议纪要总结、根据Excel生成财务模型等任务。但知情人士透露，凯雷在使用过程中发现，AI无法稳定获取来自其他软件（如Salesforce CRM）中的关键数据，导致某些自动化流程无法顺利运行。</p><p>因此今年秋季，凯雷削减了这类产品的使用投入。凯雷方面表示，其整体AI预算仍在提升，但会更聚焦于有效工具。</p><p><strong>微软发言人回应称，公司层面的AI产品“整体销售配额并未下调”，但未直接评论部分产品的增长指标调整。</strong></p><h3 id=\"id_1791762400\">部分业务销售目标为何下调？</h3><p>在Azure云业务内部，多支销售团队去年为AI产品设定了激进的增长目标，但由于完成率远低于预期，今年已普遍下调要求。</p><p>例如，一个面向美国市场的Azure团队，去年要求销售人员推动Foundry（帮助企业开发AI应用的平台）使用量同比提升50%，但最终只有不到20%的销售人员达标。今年该团队已将增长目标降至25%左右。另一支团队此前要求将Foundry销售翻倍，也在今年将增长目标下调至50%。</p><h3 id=\"id_1550106421\">多家科技公司都在降低AI收入预期</h3><p>微软并非唯一调整预期的大型软件厂商。</p><p><strong>OpenAI近期将未来五年AI代理业务的收入预测下调了260亿美元，并计划通过ChatGPT订阅收入、可能推出的广告业务等渠道补足</strong>。此外，CEO Sam Altman表示，公司将暂缓健康、购物等领域的AI代理开发，优先解决ChatGPT的稳定性问题。</p><p>相比之下，没有自建大型云基础设施的软件企业（如Salesforce 和 ServiceNow）承受的压力更大，只能通过打折促销吸引客户尝鲜。亚马逊AWS和Anthropic则投入大量资源，协助客户部署AI应用，类似传统咨询服务。</p><p>这样的调整并非首次，<strong>早在去年，谷歌和亚马逊也曾下调企业AI销售预期</strong>，因为企业付费导入新AI工具的速度远慢于科技公司想象。</p><h3 id=\"id_1673436913\">企业仍期待AI带来回报，但尚需时间</h3><p>尽管目前实现效果有限，一些企业仍在继续投入优化AI代理的落地流程。例如，网络安全公司Cohesity正在测试由Copilot Studio和Foundry提供的AI代理，尝试自动为销售团队撰写客户报告。公司正在开发新的代码接口，以便让AI更好地访问来自不同系统的数据。</p><p>Cohesity CIO Brian Spanswick表示：“再给我三个月，我就能向董事会展示实际回报。”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI泡沫论再现？传微软下修AI销售目标，隔夜股价跳水</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI泡沫论再现？传微软下修AI销售目标，隔夜股价跳水\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-12-04 10:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h3 id=\"id_2195826232\">微软下调部分AI新品的销售增长目标</h3><p>昨晚美股交易时段，微软股价受此消息影响一度下跌约 3%，收盘跌2.5%，显示资本市场对AI新品推进速度放缓的敏感反应。</p><p><img src=\"https://static.tigerbbs.com/20148859e8e3e4c97c6071afb7f6d2b9\" alt=\"\"/>2025年，微软及多家企业软件巨头曾高调宣称，人工智能将具备处理多步骤复杂任务的能力，例如根据企业销售数据自动生成管理仪表盘。然而临近年底，微软对市场推广进度降低了预期，并下调了多款新AI产品（即“AI Agent”代理式应用）的销售增长指标。</p><p>据微软Azure云业务的两名销售人员透露，多个部门已下调销售团队在今年度需实现的AI产品销售增速，因为上一个财年（截至6月）许多销售人员未达成增长目标。微软通常很少针对具体产品下调销售配额，因此这一调整颇为罕见。</p><p>这反映出微软正面临来自企业客户的现实阻力：企业对AI的新投入更为谨慎。过去一年里，不少公司抱怨难以衡量AI带来的节约效果，例如自动撰写客户报告、挖掘销售线索等场景；一些与财务或安全相关的任务更要求高准确性，AI稍有偏差就可能导致成本增加，进一步加大了企业采购顾虑。</p><p>尽管如此，AI仍显著拉动了微软整体业务增长，主要来源包括OpenAI等AI企业对微软云服务器的大量租用（预计今年OpenAI将向微软采购约150亿美元的云资源）以及微软自身的AI软件，如Microsoft 365 Copilot和GitHub Copilot。（出于会计规则，微软只能确认其中约70亿美元为收入。）</p><p>不过，要让传统企业大规模采用更复杂的AI应用，进展依然缓慢。</p><p>例如，私募股权集团凯雷(Carlyle)去年开始使用微软的Copilot Studio，这是一款可让企业通过“零代码”方式构建自动化AI代理，完成会议纪要总结、根据Excel生成财务模型等任务。但知情人士透露，凯雷在使用过程中发现，AI无法稳定获取来自其他软件（如Salesforce CRM）中的关键数据，导致某些自动化流程无法顺利运行。</p><p>因此今年秋季，凯雷削减了这类产品的使用投入。凯雷方面表示，其整体AI预算仍在提升，但会更聚焦于有效工具。</p><p><strong>微软发言人回应称，公司层面的AI产品“整体销售配额并未下调”，但未直接评论部分产品的增长指标调整。</strong></p><h3 id=\"id_1791762400\">部分业务销售目标为何下调？</h3><p>在Azure云业务内部，多支销售团队去年为AI产品设定了激进的增长目标，但由于完成率远低于预期，今年已普遍下调要求。</p><p>例如，一个面向美国市场的Azure团队，去年要求销售人员推动Foundry（帮助企业开发AI应用的平台）使用量同比提升50%，但最终只有不到20%的销售人员达标。今年该团队已将增长目标降至25%左右。另一支团队此前要求将Foundry销售翻倍，也在今年将增长目标下调至50%。</p><h3 id=\"id_1550106421\">多家科技公司都在降低AI收入预期</h3><p>微软并非唯一调整预期的大型软件厂商。</p><p><strong>OpenAI近期将未来五年AI代理业务的收入预测下调了260亿美元，并计划通过ChatGPT订阅收入、可能推出的广告业务等渠道补足</strong>。此外，CEO Sam Altman表示，公司将暂缓健康、购物等领域的AI代理开发，优先解决ChatGPT的稳定性问题。</p><p>相比之下，没有自建大型云基础设施的软件企业（如Salesforce 和 ServiceNow）承受的压力更大，只能通过打折促销吸引客户尝鲜。亚马逊AWS和Anthropic则投入大量资源，协助客户部署AI应用，类似传统咨询服务。</p><p>这样的调整并非首次，<strong>早在去年，谷歌和亚马逊也曾下调企业AI销售预期</strong>，因为企业付费导入新AI工具的速度远慢于科技公司想象。</p><h3 id=\"id_1673436913\">企业仍期待AI带来回报，但尚需时间</h3><p>尽管目前实现效果有限，一些企业仍在继续投入优化AI代理的落地流程。例如，网络安全公司Cohesity正在测试由Copilot Studio和Foundry提供的AI代理，尝试自动为销售团队撰写客户报告。公司正在开发新的代码接口，以便让AI更好地访问来自不同系统的数据。</p><p>Cohesity CIO Brian Spanswick表示：“再给我三个月，我就能向董事会展示实际回报。”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/556acfb895c7cc721517dba494c0775b","relate_stocks":{"MSFT":"微软"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110971451","content_text":"微软下调部分AI新品的销售增长目标昨晚美股交易时段，微软股价受此消息影响一度下跌约 3%，收盘跌2.5%，显示资本市场对AI新品推进速度放缓的敏感反应。2025年，微软及多家企业软件巨头曾高调宣称，人工智能将具备处理多步骤复杂任务的能力，例如根据企业销售数据自动生成管理仪表盘。然而临近年底，微软对市场推广进度降低了预期，并下调了多款新AI产品（即“AI Agent”代理式应用）的销售增长指标。据微软Azure云业务的两名销售人员透露，多个部门已下调销售团队在今年度需实现的AI产品销售增速，因为上一个财年（截至6月）许多销售人员未达成增长目标。微软通常很少针对具体产品下调销售配额，因此这一调整颇为罕见。这反映出微软正面临来自企业客户的现实阻力：企业对AI的新投入更为谨慎。过去一年里，不少公司抱怨难以衡量AI带来的节约效果，例如自动撰写客户报告、挖掘销售线索等场景；一些与财务或安全相关的任务更要求高准确性，AI稍有偏差就可能导致成本增加，进一步加大了企业采购顾虑。尽管如此，AI仍显著拉动了微软整体业务增长，主要来源包括OpenAI等AI企业对微软云服务器的大量租用（预计今年OpenAI将向微软采购约150亿美元的云资源）以及微软自身的AI软件，如Microsoft 365 Copilot和GitHub Copilot。（出于会计规则，微软只能确认其中约70亿美元为收入。）不过，要让传统企业大规模采用更复杂的AI应用，进展依然缓慢。例如，私募股权集团凯雷(Carlyle)去年开始使用微软的Copilot Studio，这是一款可让企业通过“零代码”方式构建自动化AI代理，完成会议纪要总结、根据Excel生成财务模型等任务。但知情人士透露，凯雷在使用过程中发现，AI无法稳定获取来自其他软件（如Salesforce CRM）中的关键数据，导致某些自动化流程无法顺利运行。因此今年秋季，凯雷削减了这类产品的使用投入。凯雷方面表示，其整体AI预算仍在提升，但会更聚焦于有效工具。微软发言人回应称，公司层面的AI产品“整体销售配额并未下调”，但未直接评论部分产品的增长指标调整。部分业务销售目标为何下调？在Azure云业务内部，多支销售团队去年为AI产品设定了激进的增长目标，但由于完成率远低于预期，今年已普遍下调要求。例如，一个面向美国市场的Azure团队，去年要求销售人员推动Foundry（帮助企业开发AI应用的平台）使用量同比提升50%，但最终只有不到20%的销售人员达标。今年该团队已将增长目标降至25%左右。另一支团队此前要求将Foundry销售翻倍，也在今年将增长目标下调至50%。多家科技公司都在降低AI收入预期微软并非唯一调整预期的大型软件厂商。OpenAI近期将未来五年AI代理业务的收入预测下调了260亿美元，并计划通过ChatGPT订阅收入、可能推出的广告业务等渠道补足。此外，CEO Sam Altman表示，公司将暂缓健康、购物等领域的AI代理开发，优先解决ChatGPT的稳定性问题。相比之下，没有自建大型云基础设施的软件企业（如Salesforce 和 ServiceNow）承受的压力更大，只能通过打折促销吸引客户尝鲜。亚马逊AWS和Anthropic则投入大量资源，协助客户部署AI应用，类似传统咨询服务。这样的调整并非首次，早在去年，谷歌和亚马逊也曾下调企业AI销售预期，因为企业付费导入新AI工具的速度远慢于科技公司想象。企业仍期待AI带来回报，但尚需时间尽管目前实现效果有限，一些企业仍在继续投入优化AI代理的落地流程。例如，网络安全公司Cohesity正在测试由Copilot Studio和Foundry提供的AI代理，尝试自动为销售团队撰写客户报告。公司正在开发新的代码接口，以便让AI更好地访问来自不同系统的数据。Cohesity CIO Brian Spanswick表示：“再给我三个月，我就能向董事会展示实际回报。”","news_type":1,"symbols_score_info":{"MSFT":2}},"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":506856767176896,"gmtCreate":1764774919583,"gmtModify":1764774921957,"author":{"id":"3482550532367433","authorId":"3482550532367433","name":"龙腾虎乐","avatar":"https://static.laohu8.com/1530cc5cd548815469551d0b8c1c8ee8","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3482550532367433","idStr":"3482550532367433"},"themes":[],"title":"","htmlText":"这是逢高出货的提示[捂脸]&nbsp; [捂脸]&nbsp;&nbsp;","listText":"这是逢高出货的提示[捂脸]&nbsp; [捂脸]&nbsp;&nbsp;","text":"这是逢高出货的提示[捂脸] [捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/506856767176896","repostId":"2588658092","repostType":2,"repost":{"id":"2588658092","kind":"news","pubTimestamp":1764738815,"share":"https://www.laohu8.com/m/news/2588658092?lang=zh_CN&edition=full","pubTime":"2025-12-03 13:13","market":"us","language":"zh","title":"英伟达“霸主地位”危矣？大摩力挺上调目标价：还能再涨38%！","url":"https://stock-news.laohu8.com/highlight/detail?id=2588658092","media":"上海有色网","summary":"英伟达的股价上个月下跌了9%，就连该公司第三季度的超亮眼“成绩单”也未能为其和更广泛的人工智能行业带来新的动力。但大摩分析师Joseph Moore本周反驳了悲观论调，并将该股的目标价从此前的235美元上调至250美元。这是当前华尔街最高的目标价之一，意味着该股还能较当前水平上涨约38%。事实上，关于英伟达在人工智能市场的主导地位可能受到威胁的猜测并不新鲜。不过，在大摩看来，其他芯片制造商不会对英伟达构成重大威胁。","content":"<html><body><article><p>最近几周，炙手可热的人工智能（AI）交易似乎正面临着一次“重大洗牌”风险：<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>杀出重围，风头盖过<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>。但<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>（Morgan Stanley）最新安抚投资者称，目前还没有太多理由担心这家“AI霸主”。</p><p>英伟达的股价上个月下跌了9%，就连该公司第三季度的超亮眼“成绩单”也未能为其和更广泛的人工智能行业带来新的动力。日本首富、软银孙正义和亿万富翁彼得·蒂尔（Peter Thiel）等知名投资者相继清仓英伟达，一时间，对泡沫的担忧笼罩了市场。</p><p>但<strong>大摩分析师Joseph Moore本周反驳了悲观论调，并将该股的目标价从此前的235美元上调至250美元。</strong>这是当前华尔街最高的目标价之一，意味着该股还能较当前水平上涨约38%。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251203131336375d1638mvh6ybk4u2\"/><p>他认为，<strong>这家人工智能领导者市场份额面临的威胁，特别是在亚洲市场的威胁，被夸大了。</strong></p><p>事实上，关于英伟达在人工智能市场的主导地位可能受到威胁的猜测并不新鲜。自从ChatGPT在2022年掀起AI热潮、英伟达成为独一无二的“宠儿”以来，投资者一直想知道它作为最大的人工智能硬件制造商的地位能保持多久。</p><p>而在ChatGPT发布近三年后的今天，<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>似有重塑AI芯片市场之势：随着Gemini 3的横空出世，其自研AI芯片TPU（张量处理单元）终于从幕后走到台前。眼看着自己GPU霸主地位被撼动，英伟达紧急发布声明强调，自家产品比ASIC拥有更高的性能、更强的通用性以及更好的可替代性。</p><p>不过，<strong>在大摩看来，其他芯片制造商不会对英伟达构成重大威胁。</strong>与此同时，这位分析师最近还访问了亚洲，并分享了他对英伟达为何不应担心来自东方的竞争的看法。</p><p>“尽管人们对亚洲的人工智能解决方案给予了很大的关注，但我们认为，它们在多个层面上都非常有限，包括集群规模和向外扩展技术，而且亚洲的软件仍然希望获得西方的解决方案。”他在报告中写道。</p><p>另一方面，黄仁勋在10月底的GTC大会上曾透露，英伟达在2025年到2026年日历年全年合计拥有高达5000亿美元的AI GPU算力基础设施订单，这些订单对应的是处于本轮全球布局人工智能大浪潮核心的该公司Blackwell架构以及2026年将推出的Rubin架构AI GPU算力集群。</p><p>对此，Moore表示，他的团队已“核实”了之一预期。</p><p>“在与亚洲和美国的几位联系人会面后，我们愿意上调预期，以使收入达到这一水平。”他补充道。</p><p>最后，<strong>虽然这位分析师也上调了<a href=\"https://laohu8.com/S/002835\">同为</a>芯片制造商的<a href=\"https://laohu8.com/S/AVGO\">博通</a>（Broadcom）的目标股价，但Moore表示，他仍认为英伟达是该行业的明显赢家。</strong></p><p>“我们预测，<a href=\"https://laohu8.com/S/600455\">博通</a>和<a href=\"https://laohu8.com/S/AMD\">AMD</a>的人工智能处理器收入在2026年的增长速度将略快于英伟达，但这主要反映了供应链的限制，所有关键产品在2026年都将受到供应限制。”他说。</p><p>整体而言，<strong>大摩相信，即使人工智能芯片市场的竞争加剧，英伟达仍将保持最佳的性价比，并能够比竞争对手获得更广泛的人工智能应用和工作负载。</strong></p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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Stanley）最新安抚投资者称，目前还没有太多理由担心这家“AI霸主”。英伟达的股价上个月下跌了9%，就连该公司第三季度的超亮眼“成绩单”也未能为其和更广泛的人工智能行业带来新的动力。日本首富、软银孙正义和亿万富翁彼得·蒂尔（Peter Thiel）等知名投资者相继...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251203131342a720aeb2&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251203131342a720aeb2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2588658092","content_text":"最近几周，炙手可热的人工智能（AI）交易似乎正面临着一次“重大洗牌”风险：谷歌杀出重围，风头盖过英伟达。但摩根士丹利（Morgan Stanley）最新安抚投资者称，目前还没有太多理由担心这家“AI霸主”。英伟达的股价上个月下跌了9%，就连该公司第三季度的超亮眼“成绩单”也未能为其和更广泛的人工智能行业带来新的动力。日本首富、软银孙正义和亿万富翁彼得·蒂尔（Peter Thiel）等知名投资者相继清仓英伟达，一时间，对泡沫的担忧笼罩了市场。但大摩分析师Joseph Moore本周反驳了悲观论调，并将该股的目标价从此前的235美元上调至250美元。这是当前华尔街最高的目标价之一，意味着该股还能较当前水平上涨约38%。他认为，这家人工智能领导者市场份额面临的威胁，特别是在亚洲市场的威胁，被夸大了。事实上，关于英伟达在人工智能市场的主导地位可能受到威胁的猜测并不新鲜。自从ChatGPT在2022年掀起AI热潮、英伟达成为独一无二的“宠儿”以来，投资者一直想知道它作为最大的人工智能硬件制造商的地位能保持多久。而在ChatGPT发布近三年后的今天，谷歌似有重塑AI芯片市场之势：随着Gemini 3的横空出世，其自研AI芯片TPU（张量处理单元）终于从幕后走到台前。眼看着自己GPU霸主地位被撼动，英伟达紧急发布声明强调，自家产品比ASIC拥有更高的性能、更强的通用性以及更好的可替代性。不过，在大摩看来，其他芯片制造商不会对英伟达构成重大威胁。与此同时，这位分析师最近还访问了亚洲，并分享了他对英伟达为何不应担心来自东方的竞争的看法。“尽管人们对亚洲的人工智能解决方案给予了很大的关注，但我们认为，它们在多个层面上都非常有限，包括集群规模和向外扩展技术，而且亚洲的软件仍然希望获得西方的解决方案。”他在报告中写道。另一方面，黄仁勋在10月底的GTC大会上曾透露，英伟达在2025年到2026年日历年全年合计拥有高达5000亿美元的AI GPU算力基础设施订单，这些订单对应的是处于本轮全球布局人工智能大浪潮核心的该公司Blackwell架构以及2026年将推出的Rubin架构AI 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[捂脸]&nbsp;&nbsp;","listText":"关键要看最终用户OpenAI是否有增长[捂脸]&nbsp; [捂脸]&nbsp;&nbsp;","text":"关键要看最终用户OpenAI是否有增长[捂脸] [捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/499928603218752","repostId":"1130160461","repostType":2,"repost":{"id":"1130160461","kind":"news","weMediaInfo":{"introduction":"专注财报前瞻、财报解析的大模型Agent","home_visible":1,"media_name":"财报Agent","id":"1017018787","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1762934412,"share":"https://www.laohu8.com/m/news/1130160461?lang=zh_CN&edition=full","pubTime":"2025-11-12 16:00","market":"us","language":"zh","title":"财报前瞻 | AI驱动英伟达Q3增长无悬念，毛利率有望稳步攀升","url":"https://stock-news.laohu8.com/highlight/detail?id=1130160461","media":"财报Agent","summary":"根据老虎国际APP数据预测，英伟达Q3总收入547.8亿美元，同比增长约65%。此外，英伟达还宣布将追加600亿美元股票回购授权，以继续回馈股东。此外，英伟达近期宣布将投入50亿美元进行战略投资，推动AI硬件供应链发展，进一步加大对数据中心市场的布局。结论英伟达在2026财年Q3的财报前景相当乐观，预计其数据中心业务将继续强劲增长，技术创新和战略投资将巩固其在AI硬件市场的领导地位。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>将于11月19日（美股盘后）发布其2026财年Q3财报。根据老虎国际APP数据预测，英伟达Q3总收入547.8亿美元，同比增长约65%。每股收益预计为1.244美元，同比增长约67%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1da497177f8d9b3aa19cc689ea45bc37\" tg-width=\"1179\" tg-height=\"640\"/></p><p>这一乐观的预期主要源自于全球对人工智能（AI）硬件需求的激增，尤其是英伟达在AI领域的技术创新和强劲的产品需求。</p><p>随着AI技术的加速普及和企业对高性能计算需求的不断增加，英伟达的核心业务——数据中心业务，预计将继续驱动公司的增长。特别是基于Blackwell架构的加速卡和相关产品，将在Q3季度为公司带来显著的收入增长。</p><h2 id=\"id_1428598777\">上季度回顾</h2><p>英伟达在2026财年<a href=\"https://laohu8.com/S/QTWO\">Q2</a>的营收为467.43亿美元，同比增长56%。非GAAP调整后的每股收益（EPS）为1.05美元，同比增长54%。毛利率为72.7%，同比下降了3个百分点。</p><h4 id=\"id_3180157084\">各业务板块表现：</h4><ul style=\"\"><li><p><strong>数据中心</strong>：营收411亿美元，同比增长56%</p></li><li><p><strong>游戏和AI PC</strong>：营收43亿美元，同比增长49%</p></li><li><p><strong>专业可视化</strong>：营收6.01亿美元，同比增长32%</p></li><li><p><strong>汽车和<a href=\"https://laohu8.com/S/300024\">机器人</a></strong>：营收5.86亿美元，同比增长69%</p></li></ul><p>对于第三季度，英伟达预计营收为540亿美元，波动范围为上下2%，毛利率预计为73.5%。此外，英伟达还宣布将追加600亿美元股票回购授权，以继续回馈股东。</p><h2 id=\"id_579084929\">本季度看点</h2><ul style=\"\"><li><p><strong>数据中心业务持续增长：AI硬件需求激增</strong></p></li></ul><p>英伟达的核心业务——数据中心，预计将继续保持强劲增长。全球AI技术的快速发展和计算需求的激增，推动了对英伟达AI加速硬件的强劲需求。特别是基于Blackwell架构的加速器，预计将为全球数据中心提供更强大的计算能力，特别是在AI训练和推理领域。随着生成式AI、大规模深度学习和高性能计算需求的不断增加，英伟达的GPU产品将继续占据市场主导地位。</p><ul style=\"\"><li><p><strong>高毛利率与高定价策略的维持</strong></p></li></ul><p>由于高性能GPU需求持续强劲，英伟达预计将维持接近70%的毛利率水平。尽管市场竞争者逐渐增多，英伟达凭借其独特的技术优势（如CUDA平台）和强大的研发能力，能够在定价上维持优势。此外，新一代A100和H100 GPU，以及基于Blackwell架构的加速卡，预计将以高端定价占领市场，确保公司在高毛利业务领域的稳定增长。</p><ul style=\"\"><li><p><strong>技术创新与战略投资</strong></p></li></ul><p>技术创新依然是英伟达成功的核心驱动力之一。随着Hopper架构和Grace处理器的落地，英伟达将进一步巩固其在AI加速和大数据处理领域的技术壁垒。此外，英伟达近期宣布将投入50亿美元进行战略投资，推动AI硬件供应链发展，进一步加大对数据中心市场的布局。</p><p>除了技术创新，英伟达还宣布了一项1000亿美元的投资承诺，帮助OpenAI建设10GW的超大规模数据中心，以应对日益增长的AI计算需求。这一投资进一步巩固了英伟达在全球AI计算市场的领导地位。</p><ul style=\"\"><li><p><strong>战略合作与全球基础设施建设</strong></p></li></ul><p>英伟达在全球范围内的战略合作不断深化。与<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、现代和SK集团的合作不仅进一步扩展了英伟达在各大市场的布局，还加速了全球AI基础设施的建设。例如，微软将向阿联酋出口英伟达的最新AI芯片，并宣布将在该地区投资152亿美元推动AI技术的普及。而英伟达与韩国科技巨头的合作，则为推动当地AI技术的发展奠定了基础。</p><h2 id=\"id_1354639574\">机构观点</h2><p><strong>机构的乐观看法</strong></p><p>当前，大多数市场分析师对英伟达的前景持乐观态度。投资机构普遍认为，英伟达在AI芯片、数据中心加速硬件和AI应用软件领域的领导地位，将持续推动其业绩增长。随着AI技术的加速普及和计算需求的爆发，英伟达预计将在全球范围内继续扩大市场份额。</p><ul style=\"\"><li><p><strong><a href=\"https://laohu8.com/S/C\">花旗</a>分析师观点</strong>：花旗预计英伟达即将公布的业绩将轻松超越华尔街普遍预期，Q3季度销售额可能达到570亿美元，超出市场预期的550亿美元。花旗还预测，英伟达将在2024年Q4给出的销售指引也将超预期，预计将达到620亿美元。</p></li><li><p><strong>美银的看法</strong>：美银认为，当前市场对AI资本支出的疑虑实际上是一个反向利好，避免了板块过度拥挤。美银指出，尽管市场对AI泡沫的担忧依然存在，但英伟达的长期增长潜力依然强劲，尤其在AI芯片供不应求的情况下。</p></li></ul><p><strong>风险因素与未来展望</strong></p><p>尽管市场前景乐观，但仍存在一些风险因素需要注意：</p><ul style=\"\"><li><p><strong>竞争加剧</strong>：来自<a href=\"https://laohu8.com/S/AMD\">AMD</a>等竞争对手的挑战可能会影响英伟达在AI和游戏GPU领域的市场份额。</p></li><li><p><strong>新平台采用缓慢</strong>：如果数据中心和游戏领域对新平台的采纳进度未达到预期，可能会影响销售。</p></li><li><p><strong>市场波动性</strong>：汽车和数据中心市场的需求可能出现阶段性波动，给公司带来短期压力。</p></li></ul><h2 id=\"id_3900691151\">结论</h2><p>英伟达在2026财年Q3的财报前景相当乐观，预计其数据中心业务将继续强劲增长，技术创新和战略投资将巩固其在AI硬件市场的领导地位。同时，全球合作与基础设施建设的推进，为公司长期发展提供了强有力的支持。尽管市场可能面临一定的不确定性，英伟达的基本面依然强劲，未来几年其在AI行业中的领导地位将进一步巩固，继续吸引投资者的关注。</p><p><em>此内容根据Tiger AI数据生成，仅供参考。</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>财报前瞻 | AI驱动英伟达Q3增长无悬念，毛利率有望稳步攀升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财报前瞻 | AI驱动英伟达Q3增长无悬念，毛利率有望稳步攀升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2025-11-12 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>将于11月19日（美股盘后）发布其2026财年Q3财报。根据老虎国际APP数据预测，英伟达Q3总收入547.8亿美元，同比增长约65%。每股收益预计为1.244美元，同比增长约67%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1da497177f8d9b3aa19cc689ea45bc37\" tg-width=\"1179\" tg-height=\"640\"/></p><p>这一乐观的预期主要源自于全球对人工智能（AI）硬件需求的激增，尤其是英伟达在AI领域的技术创新和强劲的产品需求。</p><p>随着AI技术的加速普及和企业对高性能计算需求的不断增加，英伟达的核心业务——数据中心业务，预计将继续驱动公司的增长。特别是基于Blackwell架构的加速卡和相关产品，将在Q3季度为公司带来显著的收入增长。</p><h2 id=\"id_1428598777\">上季度回顾</h2><p>英伟达在2026财年<a href=\"https://laohu8.com/S/QTWO\">Q2</a>的营收为467.43亿美元，同比增长56%。非GAAP调整后的每股收益（EPS）为1.05美元，同比增长54%。毛利率为72.7%，同比下降了3个百分点。</p><h4 id=\"id_3180157084\">各业务板块表现：</h4><ul style=\"\"><li><p><strong>数据中心</strong>：营收411亿美元，同比增长56%</p></li><li><p><strong>游戏和AI PC</strong>：营收43亿美元，同比增长49%</p></li><li><p><strong>专业可视化</strong>：营收6.01亿美元，同比增长32%</p></li><li><p><strong>汽车和<a href=\"https://laohu8.com/S/300024\">机器人</a></strong>：营收5.86亿美元，同比增长69%</p></li></ul><p>对于第三季度，英伟达预计营收为540亿美元，波动范围为上下2%，毛利率预计为73.5%。此外，英伟达还宣布将追加600亿美元股票回购授权，以继续回馈股东。</p><h2 id=\"id_579084929\">本季度看点</h2><ul style=\"\"><li><p><strong>数据中心业务持续增长：AI硬件需求激增</strong></p></li></ul><p>英伟达的核心业务——数据中心，预计将继续保持强劲增长。全球AI技术的快速发展和计算需求的激增，推动了对英伟达AI加速硬件的强劲需求。特别是基于Blackwell架构的加速器，预计将为全球数据中心提供更强大的计算能力，特别是在AI训练和推理领域。随着生成式AI、大规模深度学习和高性能计算需求的不断增加，英伟达的GPU产品将继续占据市场主导地位。</p><ul style=\"\"><li><p><strong>高毛利率与高定价策略的维持</strong></p></li></ul><p>由于高性能GPU需求持续强劲，英伟达预计将维持接近70%的毛利率水平。尽管市场竞争者逐渐增多，英伟达凭借其独特的技术优势（如CUDA平台）和强大的研发能力，能够在定价上维持优势。此外，新一代A100和H100 GPU，以及基于Blackwell架构的加速卡，预计将以高端定价占领市场，确保公司在高毛利业务领域的稳定增长。</p><ul style=\"\"><li><p><strong>技术创新与战略投资</strong></p></li></ul><p>技术创新依然是英伟达成功的核心驱动力之一。随着Hopper架构和Grace处理器的落地，英伟达将进一步巩固其在AI加速和大数据处理领域的技术壁垒。此外，英伟达近期宣布将投入50亿美元进行战略投资，推动AI硬件供应链发展，进一步加大对数据中心市场的布局。</p><p>除了技术创新，英伟达还宣布了一项1000亿美元的投资承诺，帮助OpenAI建设10GW的超大规模数据中心，以应对日益增长的AI计算需求。这一投资进一步巩固了英伟达在全球AI计算市场的领导地位。</p><ul style=\"\"><li><p><strong>战略合作与全球基础设施建设</strong></p></li></ul><p>英伟达在全球范围内的战略合作不断深化。与<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、现代和SK集团的合作不仅进一步扩展了英伟达在各大市场的布局，还加速了全球AI基础设施的建设。例如，微软将向阿联酋出口英伟达的最新AI芯片，并宣布将在该地区投资152亿美元推动AI技术的普及。而英伟达与韩国科技巨头的合作，则为推动当地AI技术的发展奠定了基础。</p><h2 id=\"id_1354639574\">机构观点</h2><p><strong>机构的乐观看法</strong></p><p>当前，大多数市场分析师对英伟达的前景持乐观态度。投资机构普遍认为，英伟达在AI芯片、数据中心加速硬件和AI应用软件领域的领导地位，将持续推动其业绩增长。随着AI技术的加速普及和计算需求的爆发，英伟达预计将在全球范围内继续扩大市场份额。</p><ul style=\"\"><li><p><strong><a href=\"https://laohu8.com/S/C\">花旗</a>分析师观点</strong>：花旗预计英伟达即将公布的业绩将轻松超越华尔街普遍预期，Q3季度销售额可能达到570亿美元，超出市场预期的550亿美元。花旗还预测，英伟达将在2024年Q4给出的销售指引也将超预期，预计将达到620亿美元。</p></li><li><p><strong>美银的看法</strong>：美银认为，当前市场对AI资本支出的疑虑实际上是一个反向利好，避免了板块过度拥挤。美银指出，尽管市场对AI泡沫的担忧依然存在，但英伟达的长期增长潜力依然强劲，尤其在AI芯片供不应求的情况下。</p></li></ul><p><strong>风险因素与未来展望</strong></p><p>尽管市场前景乐观，但仍存在一些风险因素需要注意：</p><ul style=\"\"><li><p><strong>竞争加剧</strong>：来自<a href=\"https://laohu8.com/S/AMD\">AMD</a>等竞争对手的挑战可能会影响英伟达在AI和游戏GPU领域的市场份额。</p></li><li><p><strong>新平台采用缓慢</strong>：如果数据中心和游戏领域对新平台的采纳进度未达到预期，可能会影响销售。</p></li><li><p><strong>市场波动性</strong>：汽车和数据中心市场的需求可能出现阶段性波动，给公司带来短期压力。</p></li></ul><h2 id=\"id_3900691151\">结论</h2><p>英伟达在2026财年Q3的财报前景相当乐观，预计其数据中心业务将继续强劲增长，技术创新和战略投资将巩固其在AI硬件市场的领导地位。同时，全球合作与基础设施建设的推进，为公司长期发展提供了强有力的支持。尽管市场可能面临一定的不确定性，英伟达的基本面依然强劲，未来几年其在AI行业中的领导地位将进一步巩固，继续吸引投资者的关注。</p><p><em>此内容根据Tiger AI数据生成，仅供参考。</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6954d1dc2b34c5f605b752cf346a1934","relate_stocks":{"NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130160461","content_text":"英伟达将于11月19日（美股盘后）发布其2026财年Q3财报。根据老虎国际APP数据预测，英伟达Q3总收入547.8亿美元，同比增长约65%。每股收益预计为1.244美元，同比增长约67%。这一乐观的预期主要源自于全球对人工智能（AI）硬件需求的激增，尤其是英伟达在AI领域的技术创新和强劲的产品需求。随着AI技术的加速普及和企业对高性能计算需求的不断增加，英伟达的核心业务——数据中心业务，预计将继续驱动公司的增长。特别是基于Blackwell架构的加速卡和相关产品，将在Q3季度为公司带来显著的收入增长。上季度回顾英伟达在2026财年Q2的营收为467.43亿美元，同比增长56%。非GAAP调整后的每股收益（EPS）为1.05美元，同比增长54%。毛利率为72.7%，同比下降了3个百分点。各业务板块表现：数据中心：营收411亿美元，同比增长56%游戏和AI PC：营收43亿美元，同比增长49%专业可视化：营收6.01亿美元，同比增长32%汽车和机器人：营收5.86亿美元，同比增长69%对于第三季度，英伟达预计营收为540亿美元，波动范围为上下2%，毛利率预计为73.5%。此外，英伟达还宣布将追加600亿美元股票回购授权，以继续回馈股东。本季度看点数据中心业务持续增长：AI硬件需求激增英伟达的核心业务——数据中心，预计将继续保持强劲增长。全球AI技术的快速发展和计算需求的激增，推动了对英伟达AI加速硬件的强劲需求。特别是基于Blackwell架构的加速器，预计将为全球数据中心提供更强大的计算能力，特别是在AI训练和推理领域。随着生成式AI、大规模深度学习和高性能计算需求的不断增加，英伟达的GPU产品将继续占据市场主导地位。高毛利率与高定价策略的维持由于高性能GPU需求持续强劲，英伟达预计将维持接近70%的毛利率水平。尽管市场竞争者逐渐增多，英伟达凭借其独特的技术优势（如CUDA平台）和强大的研发能力，能够在定价上维持优势。此外，新一代A100和H100 GPU，以及基于Blackwell架构的加速卡，预计将以高端定价占领市场，确保公司在高毛利业务领域的稳定增长。技术创新与战略投资技术创新依然是英伟达成功的核心驱动力之一。随着Hopper架构和Grace处理器的落地，英伟达将进一步巩固其在AI加速和大数据处理领域的技术壁垒。此外，英伟达近期宣布将投入50亿美元进行战略投资，推动AI硬件供应链发展，进一步加大对数据中心市场的布局。除了技术创新，英伟达还宣布了一项1000亿美元的投资承诺，帮助OpenAI建设10GW的超大规模数据中心，以应对日益增长的AI计算需求。这一投资进一步巩固了英伟达在全球AI计算市场的领导地位。战略合作与全球基础设施建设英伟达在全球范围内的战略合作不断深化。与微软、三星、现代和SK集团的合作不仅进一步扩展了英伟达在各大市场的布局，还加速了全球AI基础设施的建设。例如，微软将向阿联酋出口英伟达的最新AI芯片，并宣布将在该地区投资152亿美元推动AI技术的普及。而英伟达与韩国科技巨头的合作，则为推动当地AI技术的发展奠定了基础。机构观点机构的乐观看法当前，大多数市场分析师对英伟达的前景持乐观态度。投资机构普遍认为，英伟达在AI芯片、数据中心加速硬件和AI应用软件领域的领导地位，将持续推动其业绩增长。随着AI技术的加速普及和计算需求的爆发，英伟达预计将在全球范围内继续扩大市场份额。花旗分析师观点：花旗预计英伟达即将公布的业绩将轻松超越华尔街普遍预期，Q3季度销售额可能达到570亿美元，超出市场预期的550亿美元。花旗还预测，英伟达将在2024年Q4给出的销售指引也将超预期，预计将达到620亿美元。美银的看法：美银认为，当前市场对AI资本支出的疑虑实际上是一个反向利好，避免了板块过度拥挤。美银指出，尽管市场对AI泡沫的担忧依然存在，但英伟达的长期增长潜力依然强劲，尤其在AI芯片供不应求的情况下。风险因素与未来展望尽管市场前景乐观，但仍存在一些风险因素需要注意：竞争加剧：来自AMD等竞争对手的挑战可能会影响英伟达在AI和游戏GPU领域的市场份额。新平台采用缓慢：如果数据中心和游戏领域对新平台的采纳进度未达到预期，可能会影响销售。市场波动性：汽车和数据中心市场的需求可能出现阶段性波动，给公司带来短期压力。结论英伟达在2026财年Q3的财报前景相当乐观，预计其数据中心业务将继续强劲增长，技术创新和战略投资将巩固其在AI硬件市场的领导地位。同时，全球合作与基础设施建设的推进，为公司长期发展提供了强有力的支持。尽管市场可能面临一定的不确定性，英伟达的基本面依然强劲，未来几年其在AI行业中的领导地位将进一步巩固，继续吸引投资者的关注。此内容根据Tiger AI数据生成，仅供参考。","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":497664473268328,"gmtCreate":1762523282319,"gmtModify":1762523284813,"author":{"id":"3482550532367433","authorId":"3482550532367433","name":"龙腾虎乐","avatar":"https://static.laohu8.com/1530cc5cd548815469551d0b8c1c8ee8","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3482550532367433","idStr":"3482550532367433"},"themes":[],"title":"","htmlText":"估计一两个月开不了门了[捂脸]&nbsp; [捂脸]&nbsp; 抹黑干吧","listText":"估计一两个月开不了门了[捂脸]&nbsp; [捂脸]&nbsp; 抹黑干吧","text":"估计一两个月开不了门了[捂脸] [捂脸] 抹黑干吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/497664473268328","repostId":"1157710393","repostType":2,"repost":{"id":"1157710393","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1762522292,"share":"https://www.laohu8.com/m/news/1157710393?lang=zh_CN&edition=full","pubTime":"2025-11-07 21:31","market":"us","language":"zh","title":"联邦政府继续关门，美国非农就业报告连续第二次“缺席”","url":"https://stock-news.laohu8.com/highlight/detail?id=1157710393","media":"老虎资讯综合","summary":"这是非农连续第二次“缺席”。","content":"<html><head></head><body><p>因政府关门，美国劳工统计局未能如期公布10月非农报告，这是非农连续第二次“缺席”。</p><p><strong>政府关门导致哪些数据“缺席”：</strong></p><p style=\"text-align: start;\">1. 就业数据：美国9月和10月非农报告（缺席2次）、美国初请失业金人数（缺席6次）、美国9月JOLTs职位空缺（缺席1次）、美国9月谘商会就业趋势指数（缺席1次）、美国第三季度劳工成本指数（缺席1次）</p><p style=\"text-align: start;\">2. 物价数据：美国9月PPI数据（缺席1次）、美国9月PCE和核心PCE物价指数（缺席1次）、美国9月进、出口物价指数（缺席1次）</p><p style=\"text-align: start;\">3. 内需数据：美国9月零售销售（缺席1次）、美国8月批发库存终值、9月批发库存初值和终值（缺席3次）、美国8月商业库存（缺席1次）</p><p style=\"text-align: start;\">4. 楼市数据：美国9月营建许可（缺席1次）、美国9月新屋开工（缺席1次）、美国8月和9月营建支出月率（缺席2次）、美国9月新屋销售（缺席1次）</p><p style=\"text-align: start;\">5. 行业数据：美国8月耐用品订单终值和9月耐用品订单初值、终值（缺席3次）、美国8月和9月工厂订单（缺席2次）、美国9月工业产出（缺席1次）</p><p style=\"text-align: start;\">6. 景气数据：美国9月谘商会领先指标（缺席1次）、美国9月芝加哥联储全国活动指数（缺席1次）、美国第三季度非农生产力初值（缺席1次）</p><p style=\"text-align: start;\">7. 财政数据：美国9月政府预算（缺席1次）、美国8月外资净买入美国公债（缺席1次）</p><p style=\"text-align: start;\">8. 贸易数据：美国8月和9月贸易帐（缺席2次）、加拿大9月贸易帐（缺席1次）</p><p style=\"text-align: start;\">9. 宏观数据：美国第三季度GDP初值（缺席1次）</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>联邦政府继续关门，美国非农就业报告连续第二次“缺席”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n联邦政府继续关门，美国非农就业报告连续第二次“缺席”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-11-07 21:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>因政府关门，美国劳工统计局未能如期公布10月非农报告，这是非农连续第二次“缺席”。</p><p><strong>政府关门导致哪些数据“缺席”：</strong></p><p style=\"text-align: start;\">1. 就业数据：美国9月和10月非农报告（缺席2次）、美国初请失业金人数（缺席6次）、美国9月JOLTs职位空缺（缺席1次）、美国9月谘商会就业趋势指数（缺席1次）、美国第三季度劳工成本指数（缺席1次）</p><p style=\"text-align: start;\">2. 物价数据：美国9月PPI数据（缺席1次）、美国9月PCE和核心PCE物价指数（缺席1次）、美国9月进、出口物价指数（缺席1次）</p><p style=\"text-align: start;\">3. 内需数据：美国9月零售销售（缺席1次）、美国8月批发库存终值、9月批发库存初值和终值（缺席3次）、美国8月商业库存（缺席1次）</p><p style=\"text-align: start;\">4. 楼市数据：美国9月营建许可（缺席1次）、美国9月新屋开工（缺席1次）、美国8月和9月营建支出月率（缺席2次）、美国9月新屋销售（缺席1次）</p><p style=\"text-align: start;\">5. 行业数据：美国8月耐用品订单终值和9月耐用品订单初值、终值（缺席3次）、美国8月和9月工厂订单（缺席2次）、美国9月工业产出（缺席1次）</p><p style=\"text-align: start;\">6. 景气数据：美国9月谘商会领先指标（缺席1次）、美国9月芝加哥联储全国活动指数（缺席1次）、美国第三季度非农生产力初值（缺席1次）</p><p style=\"text-align: start;\">7. 财政数据：美国9月政府预算（缺席1次）、美国8月外资净买入美国公债（缺席1次）</p><p style=\"text-align: start;\">8. 贸易数据：美国8月和9月贸易帐（缺席2次）、加拿大9月贸易帐（缺席1次）</p><p style=\"text-align: start;\">9. 宏观数据：美国第三季度GDP初值（缺席1次）</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f866f5d880ac7442ed06621cdcccdbfd","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157710393","content_text":"因政府关门，美国劳工统计局未能如期公布10月非农报告，这是非农连续第二次“缺席”。政府关门导致哪些数据“缺席”：1. 就业数据：美国9月和10月非农报告（缺席2次）、美国初请失业金人数（缺席6次）、美国9月JOLTs职位空缺（缺席1次）、美国9月谘商会就业趋势指数（缺席1次）、美国第三季度劳工成本指数（缺席1次）2. 物价数据：美国9月PPI数据（缺席1次）、美国9月PCE和核心PCE物价指数（缺席1次）、美国9月进、出口物价指数（缺席1次）3. 内需数据：美国9月零售销售（缺席1次）、美国8月批发库存终值、9月批发库存初值和终值（缺席3次）、美国8月商业库存（缺席1次）4. 楼市数据：美国9月营建许可（缺席1次）、美国9月新屋开工（缺席1次）、美国8月和9月营建支出月率（缺席2次）、美国9月新屋销售（缺席1次）5. 行业数据：美国8月耐用品订单终值和9月耐用品订单初值、终值（缺席3次）、美国8月和9月工厂订单（缺席2次）、美国9月工业产出（缺席1次）6. 景气数据：美国9月谘商会领先指标（缺席1次）、美国9月芝加哥联储全国活动指数（缺席1次）、美国第三季度非农生产力初值（缺席1次）7. 财政数据：美国9月政府预算（缺席1次）、美国8月外资净买入美国公债（缺席1次）8. 贸易数据：美国8月和9月贸易帐（缺席2次）、加拿大9月贸易帐（缺席1次）9. 宏观数据：美国第三季度GDP初值（缺席1次）","news_type":1,"symbols_score_info":{".DJI":2,".IXIC":2,".SPX":2}},"isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":497465346105344,"gmtCreate":1762474353666,"gmtModify":1762474355858,"author":{"id":"3482550532367433","authorId":"3482550532367433","name":"龙腾虎乐","avatar":"https://static.laohu8.com/1530cc5cd548815469551d0b8c1c8ee8","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3482550532367433","idStr":"3482550532367433"},"themes":[],"title":"","htmlText":"不务正业了[捂脸]&nbsp; [捂脸]&nbsp;&nbsp;","listText":"不务正业了[捂脸]&nbsp; [捂脸]&nbsp;&nbsp;","text":"不务正业了[捂脸] [捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/497465346105344","repostId":"2581042985","repostType":2,"repost":{"id":"2581042985","kind":"news","pubTimestamp":1762472340,"share":"https://www.laohu8.com/m/news/2581042985?lang=zh_CN&edition=full","pubTime":"2025-11-07 07:39","market":"fut","language":"zh","title":"成本惊人！英伟达“烧钱”散热，单套液冷组件将飙至近40万元（附股）","url":"https://stock-news.laohu8.com/highlight/detail?id=2581042985","media":"数据宝","summary":"国际投行预测，英伟达下一代AI服务器液冷组件总价值将近40万元。　　据科技媒体报道，摩根士丹利最新发布的报告显示，英伟达GB300 NVL72机架级AI系统，单单是液冷散热组件的价值就高达49860美元 ，这已经比GB200 NVL72系统高了大约20%。","content":"<html><body><div>\n<p cms-style=\"font-L\">　　<font cms-style=\"font-L\">国际投行预测，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>下一代</font><font cms-style=\"font-L\">AI服务器液冷组件总价值将近40万元。</font></p>\n<p cms-style=\"font-L\">　　据科技媒体报道，<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>最新发布的报告显示，<font cms-style=\"font-L strong-Bold\">英伟达GB300 NVL72机架级AI系统，单单是液冷散热组件的价值就高达49860美元（约合人民币近36万元）</font>，这已经比GB200 NVL72系统高了大约20%。</p>\n<p cms-style=\"font-L\">　　报告还显示，下一代Vera Rubin NVL144平台的散热总价将更高，随着计算托架和交换机托架的冷却需求进一步增加，<font cms-style=\"font-L strong-Bold\">预计每个机柜的冷却组件总价值将增长17%，达到约55710美元（约合人民币近40万元）</font>，其中为交换机托架设计的冷却模块预计价值将显著增长67%。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/250/w489h561/20251107/396f-cb4cd53cfaa553dc6968f49fd867bb0b.png\"/><span></span></div>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/194/w475h519/20251107/20c0-53db3bb6342cca0a502cc575b8a4881d.png\"/><span></span></div>\n<p cms-style=\"font-L\">　　<font cms-style=\"font-L\">随着数据中心CPU和GPU性能的不断提升，其功耗也随之激增，散热</font><font cms-style=\"font-L\">成本上涨的趋势非常明显。</font><font cms-style=\"font-L\">从GB200 NVL72到GB300 NVL72（散热成本增加20%），再到Vera Rubin NVL144（散热成本增加17%），在散热需求激增下，液冷产业出现爆发式增长。</font></p>\n<p cms-style=\"font-L align-Center\">　　<font cms-style=\"font-L strong-Bold align-Center\">算力爆发下的散热刚需</font></p>\n<p cms-style=\"font-L\">　　在全球AI算力需求持续爆发的背景下，数据中心计算密度呈指数级提升，传统风冷技术已难以满足高密度算力设备的散热需求。</p>\n<p cms-style=\"font-L\">　　英伟达作为全球AI芯片龙头，其芯片功率不断突破上限，从H100的700W TDP（TDP：散热设计功耗），到B200的1000W，再到GB200的1200W，直至2026年下半年登场的Vera Rubin（VR200）平台，其GPU最大TDP将飙升至2300W，而2027年的VR300（Kyber架构）更是高达3600W，散热能力成为制约算力释放的核心瓶颈。</p>\n<p cms-style=\"font-L\">　　液冷已从数据中心散热备选方案变为必需品。英伟达的液冷技术路线呈现清晰的渐进式升级特征。早期GB200采用单板单向冷板+风冷组合方案，冷板覆盖CPU、GPU等高温区，风冷负责电源等低温部件。</p>\n<p cms-style=\"font-L\">　　新一代GB300全面升级为全冷板液冷方案，可稳定应对1400瓦散热需求。面向未来Rubin芯片的超高功耗场景，英伟达已布局两相冷板液冷与静默式（浸没式）液冷耦合方案。</p>\n<p cms-style=\"font-L\">　　液冷产业已进入爆发式增长阶段。根据国际数据公司（IDC）预测，预计2025年中国液冷服务器市场规模达33.9亿美元，同比增长42.6%。<font cms-style=\"font-L strong-Bold\">从长期来看，2025~2029年复合增长率将保持48%的超高增速，2028年市场规模有望突破162亿美元。</font>其中，英伟达相关芯片配套的液冷需求占据核心份额，成为市场增长的主要引擎。</p>\n<p cms-style=\"font-L align-Center\">　　<font cms-style=\"font-L strong-Bold align-Center\">机构密集调研的概念股出炉</font></p>\n<p cms-style=\"font-L\">　　液冷概念今年以来被热炒，据证券时报·数据宝统计，包括<font cms-style=\"font-L strong-Bold\"><span><a href=\"https://laohu8.com/S/301489\">思泉新材</a></span><span></span>、<span><a href=\"https://laohu8.com/S/002837\">英维克</a></span><span></span>、<span><a href=\"https://laohu8.com/S/300731\">科创新源</a></span><span></span>、<span><a href=\"https://laohu8.com/S/300990\">同飞股份</a></span><span></span></font>等多只个股年内股价翻番。</p>\n<p cms-style=\"font-L\">　　从业绩看，多只液冷概念股今年前三季度表现较好，<font cms-style=\"font-L strong-Bold\"><span><a href=\"https://laohu8.com/S/300249\">依米康</a></span><span></span>、同飞股份、科创新源、<span><a href=\"https://laohu8.com/S/300602\">飞荣达</a></span><span></span></font>等归母净利润同比翻倍，<span><a href=\"https://laohu8.com/S/300499\">高澜股份</a></span><span></span>、<span><a href=\"https://laohu8.com/S/600303\">曙光</a>数创</span><span></span>、思泉新材、依米康、同飞股份等营收同比增幅超50%。</p>\n<p cms-style=\"font-L\">　　今年以来，多只液冷概念股获机构集中调研，其中<font cms-style=\"font-L strong-Bold\"><span><a href=\"https://laohu8.com/S/000811\">冰轮环境</a></span><span></span>、<span><a href=\"https://laohu8.com/S/002126\">银轮股份</a></span><span></span>、<span><a href=\"https://laohu8.com/S/002536\">飞龙股份</a></span><span></span>、<span><a href=\"https://laohu8.com/S/300684\">中石科技</a></span><span></span>、思泉新材、同飞股份</font>获调研机构在100家及以上。</p>\n<p cms-style=\"font-L\">　　<font cms-style=\"font-L strong-Bold\">冰轮环境</font>在最新的调研纪要中表示，公司旗下顿汉布什公司和冰轮换热技术公司为数据中心乃至液冷系统提供一次侧冷源装备和热交换装置等冷却装备。</p>\n<p cms-style=\"font-L\">　　<font cms-style=\"font-L strong-Bold\">银轮股份</font>在调研中表示，公司明确数据中心液冷1+2+N发展战略规划，从远期来展望数据中心热管理会超过数字与能源事业部整体规模的50%。</p>\n<p cms-style=\"font-L\">　　<font cms-style=\"font-L strong-Bold\">飞龙股份</font>表示，公司液冷领域产能可以支持液冷业务的快速增长，目前子公司安徽航逸科技有限公司已拥有4条液冷领域生产线。</p>\n<p cms-style=\"font-L\">　　<font cms-style=\"font-L strong-Bold\">中石科技</font>表示，公司全新VC吸液芯散热技术已应用于国内大客户新一代AI PC中。</p>\n<p cms-style=\"font-L\">　　<font cms-style=\"font-L strong-Bold\">同飞股份</font>表示，在数据中心领域，公司推出了冷板式液冷和浸没液冷全套解决方案。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/100/w437h463/20251107/107c-1512cff1e2c6d57538e0a50b10d8c679.png\"/><span></span></div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：王珂 </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>成本惊人！英伟达“烧钱”散热，单套液冷组件将飙至近40万元（附股）</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n成本惊人！英伟达“烧钱”散热，单套液冷组件将飙至近40万元（附股）\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-07 07:39 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/roll/2025-11-07/doc-infwppuf1269747.shtml><strong>数据宝</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国际投行预测，英伟达下一代AI服务器液冷组件总价值将近40万元。\n　　据科技媒体报道，摩根士丹利最新发布的报告显示，英伟达GB300 NVL72机架级AI系统，单单是液冷散热组件的价值就高达49860美元（约合人民币近36万元），这已经比GB200 NVL72系统高了大约20%。\n　　报告还显示，下一代Vera Rubin NVL144平台的散热总价将更高，随着计算托架和交换机托架的冷却需求进一步...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-11-07/doc-infwppuf1269747.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVIW.SI":"NVDA 3xLongSG261006","NVDS.UK":"LS -1X NVIDIA","NVDD":"1倍做空NVDA ETF-Direxion","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","NVD3.UK":"LS 3X NVIDIA","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities 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ETP"},"source_url":"https://finance.sina.com.cn/roll/2025-11-07/doc-infwppuf1269747.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2581042985","content_text":"国际投行预测，英伟达下一代AI服务器液冷组件总价值将近40万元。\n　　据科技媒体报道，摩根士丹利最新发布的报告显示，英伟达GB300 NVL72机架级AI系统，单单是液冷散热组件的价值就高达49860美元（约合人民币近36万元），这已经比GB200 NVL72系统高了大约20%。\n　　报告还显示，下一代Vera Rubin NVL144平台的散热总价将更高，随着计算托架和交换机托架的冷却需求进一步增加，预计每个机柜的冷却组件总价值将增长17%，达到约55710美元（约合人民币近40万元），其中为交换机托架设计的冷却模块预计价值将显著增长67%。\n\n\n　　随着数据中心CPU和GPU性能的不断提升，其功耗也随之激增，散热成本上涨的趋势非常明显。从GB200 NVL72到GB300 NVL72（散热成本增加20%），再到Vera Rubin NVL144（散热成本增加17%），在散热需求激增下，液冷产业出现爆发式增长。\n　　算力爆发下的散热刚需\n　　在全球AI算力需求持续爆发的背景下，数据中心计算密度呈指数级提升，传统风冷技术已难以满足高密度算力设备的散热需求。\n　　英伟达作为全球AI芯片龙头，其芯片功率不断突破上限，从H100的700W TDP（TDP：散热设计功耗），到B200的1000W，再到GB200的1200W，直至2026年下半年登场的Vera Rubin（VR200）平台，其GPU最大TDP将飙升至2300W，而2027年的VR300（Kyber架构）更是高达3600W，散热能力成为制约算力释放的核心瓶颈。\n　　液冷已从数据中心散热备选方案变为必需品。英伟达的液冷技术路线呈现清晰的渐进式升级特征。早期GB200采用单板单向冷板+风冷组合方案，冷板覆盖CPU、GPU等高温区，风冷负责电源等低温部件。\n　　新一代GB300全面升级为全冷板液冷方案，可稳定应对1400瓦散热需求。面向未来Rubin芯片的超高功耗场景，英伟达已布局两相冷板液冷与静默式（浸没式）液冷耦合方案。\n　　液冷产业已进入爆发式增长阶段。根据国际数据公司（IDC）预测，预计2025年中国液冷服务器市场规模达33.9亿美元，同比增长42.6%。从长期来看，2025~2029年复合增长率将保持48%的超高增速，2028年市场规模有望突破162亿美元。其中，英伟达相关芯片配套的液冷需求占据核心份额，成为市场增长的主要引擎。\n　　机构密集调研的概念股出炉\n　　液冷概念今年以来被热炒，据证券时报·数据宝统计，包括思泉新材、英维克、科创新源、同飞股份等多只个股年内股价翻番。\n　　从业绩看，多只液冷概念股今年前三季度表现较好，依米康、同飞股份、科创新源、飞荣达等归母净利润同比翻倍，高澜股份、曙光数创、思泉新材、依米康、同飞股份等营收同比增幅超50%。\n　　今年以来，多只液冷概念股获机构集中调研，其中冰轮环境、银轮股份、飞龙股份、中石科技、思泉新材、同飞股份获调研机构在100家及以上。\n　　冰轮环境在最新的调研纪要中表示，公司旗下顿汉布什公司和冰轮换热技术公司为数据中心乃至液冷系统提供一次侧冷源装备和热交换装置等冷却装备。\n　　银轮股份在调研中表示，公司明确数据中心液冷1+2+N发展战略规划，从远期来展望数据中心热管理会超过数字与能源事业部整体规模的50%。\n　　飞龙股份表示，公司液冷领域产能可以支持液冷业务的快速增长，目前子公司安徽航逸科技有限公司已拥有4条液冷领域生产线。\n　　中石科技表示，公司全新VC吸液芯散热技术已应用于国内大客户新一代AI PC中。\n　　同飞股份表示，在数据中心领域，公司推出了冷板式液冷和浸没液冷全套解决方案。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：王珂","news_type":1,"symbols_score_info":{"NVDU":0.6,"NVD3.UK":0.6,"NVD2.UK":0.6,"NVDA":1.5,"SNVD.UK":0.6,"2NVD.UK":0.6,"NVIW.SI":0.6,"NVDS.UK":0.6,"3NVD.UK":0.6,"NVDD":0.6,"NVDS":0.6,"NVD":0.6,"NVDX":0.6,"NVDY":0.6}},"isVote":1,"tweetType":1,"viewCount":542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":497462508556928,"gmtCreate":1762474275804,"gmtModify":1762474277644,"author":{"id":"3482550532367433","authorId":"3482550532367433","name":"龙腾虎乐","avatar":"https://static.laohu8.com/1530cc5cd548815469551d0b8c1c8ee8","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3482550532367433","idStr":"3482550532367433"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/GOOG\">$谷歌(GOOG)$&nbsp;</a><v-v data-views=\"0\"></v-v> 只是生产出来了硬件还是远远不够的[财迷]&nbsp; [财迷]&nbsp;&nbsp;","listText":"<a 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15:22","market":"us","language":"zh","title":"市值31万亿元，AI泡沫难撼英伟达？","url":"https://stock-news.laohu8.com/highlight/detail?id=2600304165","media":"Ofweek光电信息网","summary":"文/杨剑勇自英伟达在资本市场一路高歌猛进后，对AI泡沫争论不休，尤其市值突破4万亿美元后，AI泡沫的质疑声浪亦愈发汹涌。然而，2025年已经过去，英伟达的市值依然高达4.53万亿美元。显示出市场对英伟达的芯片需求旺盛。值得注意的是，科技巨头们也在寻求更加多元化的芯片供应，以此减少对英伟达的依赖，尤其瞄向定制化芯片。当然，仍然不能忽视AI泡沫的担忧。","content":"<html><body><article><p>文/杨剑勇</p><p>自<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>在资本市场一路高歌猛进后，对AI泡沫争论不休，尤其市值突破4万亿美元后，AI泡沫的质疑声浪亦愈发汹涌。黄仁勋更是感叹，业绩出色，被指助推人工智能泡沫，倘若业绩不佳，又证明AI泡沫破裂。</p><p>然而，2025年已经过去，英伟达的市值依然高达4.53万亿美元（约合人民币31.7万亿元）。</p><p>这一庞大市值规模，比日本、英国、法国等国家的GDP还要高，仅次于美、中、德，位居全球第四。</p><p>英伟达在资本市场狂飙，市值从2023年5月突破1万亿美元，到2025年一度跃升至5万亿美元，缔造了资本市场的空前奇迹，且这种奇迹在商业史上从未有过，是全球第一家市值突破5万亿美元的公司。</p><p>英伟达市值的飙升，在于在大模型时代，AI算力需求的爆发式增长，驱动营收以惊人的速度增长，更是全球最赚钱的科技企业之一。</p><p>截止2025年10月26日的第三季度，英伟达营收570亿美元，相比上一年同期的350.8亿美元增加约220亿美元，同比增长62%；<span>净利润</span>更是高达319亿美元，同比增长65%。</p><p>显示出市场对英伟达的芯片需求旺盛。其中，Blackwell系列销售火爆，成为驱动其营收持续攀升的核心引擎。</p><p>整体来说，AI大模型浪潮席卷全球的背景下，科技巨头们为提升自身的AI大模型竞争力，掀起新一轮AI竞赛，全球大型云服务商对AI基础设施建设资本开支延续扩张趋势。</p><p>仅<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>等巨头2025年人工智能方面的投入预计将达4000亿美元。另外，根据TrendForce预计，2026年云服务商仍将维持积极的投资节奏，合计资本支出将进一步推升至6000亿美元以上。</p><p>科技巨头们对AI基础设施建设，其中数以百亿美元竞相抢购英伟达高性能芯片，驱动营收持续快速增长，不仅成为全球最大芯片厂商，市值更是登顶全球榜首，也让赚的盆满钵满。</p><p>值得注意的是，科技巨头们也在寻求更加多元化的芯片供应，以此减少对英伟达的依赖，尤其瞄向定制化芯片。甚至<a href=\"https://laohu8.com/S/META\">Meta</a>在与<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>洽谈，使用谷歌的TPU芯片，用于训练AI模型。</p><p>在定制芯片领域，最重要的玩家则是<a href=\"https://laohu8.com/S/AVGO\">博通</a>，客户主要包括谷歌、Meta和字节跳动等科技巨头，并透露一个新用户下达了100亿美元的新订单，外界普遍猜测是OpenAI。</p><p>由于定制化AI芯片市场的强劲增长势头，<a href=\"https://laohu8.com/S/600455\">博通</a>AI收入持续高速增长，陈福阳此前表示，定制AI芯片业务，有望在2027年带来600亿-900亿美元的收入，是英伟达最强劲的竞争对手。</p><p>在我国，因一直在封堵国内企业购买英伟达高性能芯片，从而使得我国芯片产业正在加速国产替代，旨在打破对高端芯片受制于人的局面。由此，<a href=\"https://laohu8.com/S/688795\">摩尔线程</a>、<a href=\"https://laohu8.com/S/688802\">沐曦股份</a>、<a href=\"https://laohu8.com/S/06082\">壁仞科技</a>等GPU厂商迎来黄金发展机遇，更是被视为中国版英伟达。</p><p>英伟达一家独大的AI芯片局面，有望得到改变。前有博通阻击，后有摩尔线程、沐曦股份等创新企业追赶。</p><p>不过，英伟达在GPU市场独领风骚，核心在于CUDA生态，形成了一套完整的开发工具链。对于本土GPU芯片厂商而言，仍需面对技术迭代、软硬生态、盈利及国际竞争等多重挑战。</p><p>最后，在大模型时代，全球半导体市场格局正在重塑，英伟达正在推动通用GPU计算向GPU加速计算转型。IDC预计，2025年全球半导体收入将达到8000亿美元。其中，半导体市场的计算部分将增长36%，达到3490亿美元。</p><p>英伟达无疑是这一波AI浪潮最大赢家，营收、净利润、市值等均实现了快速增长。当然，仍然不能忽视AI泡沫的担忧。</p><p>杨剑勇，福布斯中国撰稿人，表达观点仅代表个人。致力于深度解读AI大模型、人工智能、物联网、云计算和智能硬件等前沿科技。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>市值31万亿元，AI泡沫难撼英伟达？</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n市值31万亿元，AI泡沫难撼英伟达？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-04 15:22 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104153025a49a08b5&s=b><strong>Ofweek光电信息网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文/杨剑勇自英伟达在资本市场一路高歌猛进后，对AI泡沫争论不休，尤其市值突破4万亿美元后，AI泡沫的质疑声浪亦愈发汹涌。黄仁勋更是感叹，业绩出色，被指助推人工智能泡沫，倘若业绩不佳，又证明AI泡沫破裂。然而，2025年已经过去，英伟达的市值依然高达4.53万亿美元（约合人民币31.7万亿元）。这一庞大市值规模，比日本、英国、法国等国家的GDP还要高，仅次于美、中、德，位居全球第四。英伟达在资本市场...</p>\n\n<a 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