就像一个酒店你让吧台_老虎社区_美港股上老虎 - 老虎社区

1
评论
收藏

美股周先森
11-13 15:25

就像一个酒店你让吧台去炒菜给客人吃！拿客人当猴耍吗？后面没选出有能力的人来执掌不会在继续持有了。

英伟达新掌门会给AI融资踩刹车？她曾将2500亿美元数据中心担保砍半，被黄仁勋嘲讽“只会做财务”，是“惊弓之鹿”

现有承诺大概率会被履行，但"没有黄仁勋的视野、人脉和召集力，下一轮同等规模的多方生态投资将更难落地"。在债务高企、循环融资和回报不确定性已被广泛质疑的当下，黄仁勋的离职可能触发AI生态系统整体风险溢价的重新定价——"这还不是一场融资危机，但可能成为更广泛风险重定价的催化剂。"

英伟达新掌门会给AI融资踩刹车？她曾将2500亿美元数据中心担保砍半，被黄仁勋嘲讽“只会做财务”，是“惊弓之鹿”

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

1

举报

评论

推荐
最新

empty

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":628838313215008,"tweetId":"628838313215008","gmtCreate":1794554747270,"gmtModify":1794554748980,"author":{"id":4193638932436702,"idStr":"4193638932436702","authorId":4193638932436702,"authorIdStr":"4193638932436702","name":"美股周先森","avatar":"https://static.tigerbbs.com/56e87f048e7d8919003fd0aede871df1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":1,"currentWearingBadge":{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.03.18","individualDisplayEnabled":0},"individualDisplayBadges":[],"wearingBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>就像一个酒店你让吧台去炒菜给客人吃！拿客人当猴耍吗？后面没选出有能力的人来执掌不会在继续持有了。</p></body></html>","htmlText":"<html><head></head><body><p>就像一个酒店你让吧台去炒菜给客人吃！拿客人当猴耍吗？后面没选出有能力的人来执掌不会在继续持有了。</p></body></html>","text":"就像一个酒店你让吧台去炒菜给客人吃！拿客人当猴耍吗？后面没选出有能力的人来执掌不会在继续持有了。","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/628838313215008","repostId":2683452144,"repostType":2,"repost":{"id":"2683452144","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":1794552181,"share":"https://www.laohunote.com/m/news/2683452144?lang=zh_CN&edition=full","pubTime":"2026-11-13 14:43","market":"us","language":"zh","title":"英伟达新掌门会给AI融资踩刹车？她曾将2500亿美元数据中心担保砍半，被黄仁勋嘲讽“只会做财务”，是“惊弓之鹿”","url":"https://stock-news.laohu8.com/highlight/detail?id=2683452144","media":"华尔街见闻","summary":"现有承诺大概率会被履行，但\"没有黄仁勋的视野、人脉和召集力，下一轮同等规模的多方生态投资将更难落地\"。在债务高企、循环融资和回报不确定性已被广泛质疑的当下，黄仁勋的离职可能触发AI生态系统整体风险溢价的重新定价——\"这还不是一场融资危机，但可能成为更广泛风险重定价的催化剂。\"","content":"<html><head></head><body><p style=\"text-align: left;\">黄仁勋的突然出局，不仅终结了英伟达一个时代，更动摇了整个AI生态系统赖以运转的融资基础。</p><p style=\"text-align: left;\">过去三年，英伟达在黄仁勋主导下扮演着&#34;AI中央银行&#34;的角色，以股权投资、信贷担保和租约兜底织就一张规模逾5000亿美元的循环融资网络，为这个仍在烧钱的行业持续输血。如今，这位创始人因婚外情丑闻黯然离场，接棒者正是他曾当面羞辱为&#34;惊弓之鹿&#34;、斥之为&#34;只会做财务&#34;的首席财务官Colette Kress。</p><p style=\"text-align: left;\">据《华尔街日报》报道，<strong>此前正是Kress主动将英伟达对OpenAI俄亥俄州数据中心的兜底承诺从最初谈判的2500亿美元砍至约1050亿美元，也是她在融资担保项目快速扩张期间，一再追问如何为担保定价、如何计算投资回报。</strong></p><p style=\"text-align: left;\"><strong>在市场看来，这位新掌门让英伟达的资产负债表更安全，却让所有指望英伟达下一张支票的AI公司陷入了更深的不确定性。</strong>高盛分析师James Schneider指出，现有承诺大概率会被履行，但&#34;没有黄仁勋的视野、人脉和召集力，下一轮同等规模的多方生态投资将更难落地&#34;。</p><h2 style=\"text-align: left;\">一张超过5000亿美元的循环融资网</h2><p style=\"text-align: left;\">要理解黄仁勋离职的冲击，首先需要理解他搭建的这台融资机器有多大。</p><p style=\"text-align: left;\">据英伟达7月26日的10-Q文件，公司的或有负债与承诺总规模已达5305亿美元。这一数字尚未涵盖7月后新签的交易，以及黄仁勋8月宣布的那个目标规模高达5000亿美元的AI计算融资平台中英伟达承诺提供的最多1250亿美元、即25%的兜底。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/489cb3e905b5d17975c825c8af48acd2\" data-align=\"center\" tg-width=\"1024\" tg-height=\"640\"/><span></span></p><p style=\"text-align: left;\">机制几乎一成不变：<strong>英伟达买入股权或提供担保，受益方承诺采购英伟达硬件，资金以GPU订单的形式回流。</strong>Safe Superintelligence尚未推出任何产品，便获得了Vera Rubin架构的大规模算力承诺；Meta追加了Vera Rubin、Spectrum-X和BlueField-4的订单；Nebius与IREN签署5GW部署协议——<strong>钱以股权形式流出，以营收形式回来。</strong></p><p style=\"text-align: left;\">俄亥俄州数据中心项目是这套逻辑最极端的呈现。据《华尔街日报》报道，英伟达最终向OpenAI提供了1050亿美元的租约信贷担保，并可选择追加3.8GW算力。而据英伟达自身的CFO口径，俄亥俄园区每一代基础设施部署约等于150万块GPU，对应英伟达约1500亿至2000亿美元的营收——<strong>换言之，英伟达用1050亿美元的担保换取最高2000亿美元的芯片销售，周而复始，为期20年。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/230e522bc9bb6cceb8680a7c80b77681\" data-align=\"center\" tg-width=\"1024\" tg-height=\"640\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">彭博社援引Panmure Liberum的警告称，&#34;英伟达银行&#34;是这家芯片公司的护城河，同时也是一个信用风险来源——有限的自由现金流被大规模承诺给一个仍在努力实现商业变现的行业。</p><h2 style=\"text-align: left;\">黄仁勋亲手踩下刹车，Kress早已是幕后制动者</h2><p style=\"text-align: left;\">黄仁勋本人在辞职前已察觉这场扩张的隐患。</p><p style=\"text-align: left;\">据《华尔街日报》报道，今年8月他将顶级财务高管召集到办公室，直言英伟达正陷入&#34;一场麻烦&#34;：公司正在与大量无力支付芯片费用的企业谈判提供担保，部分交易由其女婿、今年1月晋升为副总裁的Nico Caprez主导推进。Caprez与另一名副总裁Raj Mirpuri曾在春季向潜在合作伙伴承诺，英伟达可以在数周内完成信贷支持安排，条件是对方同意分享一定比例的营收，数十家公司随即排队等候。</p><p style=\"text-align: left;\"><strong>在这次会议上，黄仁勋还当场打断了Kress的汇报，称她是&#34;惊弓之鹿&#34;，不过是一个&#34;汇报型CFO&#34;，而非能够参与战略决策的人。</strong>与此同时，他描述了公司面临的真正危机：<strong>大型云计算服务商正在加速转向替代芯片、削减对英伟达的依赖，而英伟达已承诺采购的大量晶圆和内存正&#34;如雪崩般&#34;扑来。</strong>据英伟达财报，相关供应承诺在短短三个月内从约580亿美元激增至约2790亿美元。</p><p style=\"text-align: left;\">就在黄仁勋发出&#34;雪崩预警&#34;之前，制动动作已由Kress悄然启动。</p><p style=\"text-align: left;\">据《华尔街日报》报道，正是她将英伟达对OpenAI俄亥俄项目的担保规模从初步谈判的2500亿美元压缩至最终落地的1050亿美元，并持续在内部质疑担保项目的定价逻辑与回报测算。8月下旬，英伟达宣布暂停部分收入分成式信贷支持交易，要求所有新交易须经高管团队及董事会审查。10月，黄仁勋在柏林会见数家主要客户CEO时，以日本汤面师傅的故事为喻，向在场的云计算公司高管传递了一个明确信号：&#34;你们不是在决定我产品的价值。&#34;</p><h2 style=\"text-align: left;\">5000亿美元融资平台：高调亮相，零成交</h2><p style=\"text-align: left;\">今年8月，黄仁勋身着标志性皮夹克，在六大全球顶级资产管理机构高管的簇拥下宣布这一融资平台，试图将GPU打造成可供<a href=\"https://laohu8.com/S/FISI\">金融机构</a>投资的资产类别——思路类似房地产或收费公路的证券化，将快速折旧的硬件转化为可担保的基础设施资产。</p><p style=\"text-align: left;\">然而，据彭博社报道，该平台迄今未能落地任何一笔交易，六家机构与英伟达签署的仍是初步意向备忘录，尚未形成最终协议。</p><p style=\"text-align: left;\"><strong>障碍之一是兜底比例。</strong>英伟达目前提供的剩余价值支持上限为交易规模的25%，而竞争对手<a href=\"https://laohu8.com/S/600455\">博通</a>已为今年5月<a href=\"https://laohu8.com/S/ANT\">Anthropic</a>一笔350亿美元债务交易提供了约86%的兜底，并将为另一笔630亿美元交易提供约72.5%的担保。面对如此悬殊的差距，部分客户和华尔街合作伙伴已向英伟达施压，要求提高兜底比例。据彭博社报道，该平台最早或要到明年1月才可能宣布首笔交易——前提是黄仁勋的离职不影响相关进程。</p><p style=\"text-align: left;\">Raymond James全球私募资本咨询业务负责人Sunaina Sinha Haldea对CNBC表示，管理层更迭为所有参与方提供了一个天然的&#34;暂停键&#34;，重新审视交易条款。她不认为资本会就此撤离，但警告称，&#34;他们可能要求为这种不确定性索取更高回报&#34;。她还预计，贷款方的追问将蔓延至整个AI基础设施交易市场：谁在真正承担这些结构中的风险？</p><h2 style=\"text-align: left;\">Kress接棒：收紧的手，复杂的局面</h2><p style=\"text-align: left;\">从黄仁勋鄙视的&#34;汇报型CFO&#34;，到英伟达史上首位女性临时CEO，Kress的上位充满戏剧性。熟悉英伟达投资决策的人士表示，Kress此前曾多次对黄仁勋力推的交易提出异议，<strong>预计不会以接近黄仁勋的速度推进新交易。</strong></p><p style=\"text-align: left;\">高盛分析师James Schneider在下调英伟达目标价后指出，<strong>英伟达将履行所有已宣布的承诺，但下一轮大规模多方生态投资将因缺乏黄仁勋的个人资源与号召力而更难推进。</strong>高盛还特别指出，英伟达股票此前已在折价交易，部分原因正是市场担忧：<strong>一旦英伟达或其竞争对手停止提供融资，AI基础设施增长将急剧放缓。</strong></p><p style=\"text-align: left;\">瑞银分析师Tim Arcuri在报告中将&#34;融资&#34;列为黄仁勋离职的三大核心影响之首，并估算英伟达每季度500亿至600亿美元的自由现金流中有很大一部分被回流至客户、供应商和新兴云计算商，即便只是短暂暂停，也可能从AI生态系统中抽走500亿美元以上——时机恰逢利率上行、信贷市场流动性收紧。</p><p style=\"text-align: left;\">William Blair分析师Sebastien Naji则认为，现有合同将在CEO更迭后存续，但受威胁的是下一轮交易，以及英伟达在2027年及以后捍卫市场份额的能力。随着黄仁勋离去或受制于调查，博通和AMD等竞争对手或将获得更大的市场空间。</p><h2 style=\"text-align: left;\">已定与未定：哪些交易将受冲击</h2><p style=\"text-align: left;\">外界目前认为，已签署具有法律约束力合同的投资预计不受影响。英伟达拟投资50亿美元的Safe Superintelligence，以及拟向Mira Murati创立的Thinking Machines Lab投资约25亿美元的交易，合同均已于数月前签署，预计将如期落地。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5801d51b323451f33ab922b1b5033350\" data-align=\"center\" tg-width=\"1024\" tg-height=\"576\"/><span></span></p><p style=\"text-align: left;\"><strong>受冲击更大的是仍处于谈判阶段的交易。</strong>英伟达拟在Anthropic即将进行的IPO中投资100亿美元，能否延续尚不明朗；此前英伟达已向Anthropic提供了1050亿美元的数据中心租赁信贷担保。正在谈判为Nscale提供逾50亿美元信贷担保的协议，截至10月底尚未签署。澳大利亚云计算商Firmus在撤回IPO后寻求至少20亿美元私募融资，英伟达此前已参与谈判，结果未定。人形机器人公司Figure AI据报道正与英伟达讨论追加10亿美元投资，最新进展不详。</p><p style=\"text-align: left;\">Saxo首席投资策略师Charu Chanana指出，<strong>真正的风险不是个别合作关系的瓦解，而是在债务高企、循环融资和回报不确定性已被广泛质疑的当下，黄仁勋的离职可能触发AI生态系统整体风险溢价的重新定价——&#34;这还不是一场融资危机，但可能成为更广泛风险重定价的催化剂。&#34;</strong></p><p style=\"text-align: left;\">Kress将在11月17日主持英伟达三季度财报电话会议，届时分析师必然追问她如何看待那5000亿美元的承诺，以及英伟达是否将继续扮演&#34;AI央行&#34;的角色。这将是黄仁勋离职后，市场对那台循环融资机器能否延续运转、最直接的一次测试。</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>英伟达新掌门会给AI融资踩刹车？她曾将2500亿美元数据中心担保砍半，被黄仁勋嘲讽“只会做财务”，是“惊弓之鹿”</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; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\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英伟达新掌门会给AI融资踩刹车？她曾将2500亿美元数据中心担保砍半，被黄仁勋嘲讽“只会做财务”，是“惊弓之鹿”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-11-13 14:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">黄仁勋的突然出局，不仅终结了英伟达一个时代，更动摇了整个AI生态系统赖以运转的融资基础。</p><p style=\"text-align: left;\">过去三年，英伟达在黄仁勋主导下扮演着&#34;AI中央银行&#34;的角色，以股权投资、信贷担保和租约兜底织就一张规模逾5000亿美元的循环融资网络，为这个仍在烧钱的行业持续输血。如今，这位创始人因婚外情丑闻黯然离场，接棒者正是他曾当面羞辱为&#34;惊弓之鹿&#34;、斥之为&#34;只会做财务&#34;的首席财务官Colette Kress。</p><p style=\"text-align: left;\">据《华尔街日报》报道，<strong>此前正是Kress主动将英伟达对OpenAI俄亥俄州数据中心的兜底承诺从最初谈判的2500亿美元砍至约1050亿美元，也是她在融资担保项目快速扩张期间，一再追问如何为担保定价、如何计算投资回报。</strong></p><p style=\"text-align: left;\"><strong>在市场看来，这位新掌门让英伟达的资产负债表更安全，却让所有指望英伟达下一张支票的AI公司陷入了更深的不确定性。</strong>高盛分析师James Schneider指出，现有承诺大概率会被履行，但&#34;没有黄仁勋的视野、人脉和召集力，下一轮同等规模的多方生态投资将更难落地&#34;。</p><h2 style=\"text-align: left;\">一张超过5000亿美元的循环融资网</h2><p style=\"text-align: left;\">要理解黄仁勋离职的冲击，首先需要理解他搭建的这台融资机器有多大。</p><p style=\"text-align: left;\">据英伟达7月26日的10-Q文件，公司的或有负债与承诺总规模已达5305亿美元。这一数字尚未涵盖7月后新签的交易，以及黄仁勋8月宣布的那个目标规模高达5000亿美元的AI计算融资平台中英伟达承诺提供的最多1250亿美元、即25%的兜底。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/489cb3e905b5d17975c825c8af48acd2\" data-align=\"center\" tg-width=\"1024\" tg-height=\"640\"/><span></span></p><p style=\"text-align: left;\">机制几乎一成不变：<strong>英伟达买入股权或提供担保，受益方承诺采购英伟达硬件，资金以GPU订单的形式回流。</strong>Safe Superintelligence尚未推出任何产品，便获得了Vera Rubin架构的大规模算力承诺；Meta追加了Vera Rubin、Spectrum-X和BlueField-4的订单；Nebius与IREN签署5GW部署协议——<strong>钱以股权形式流出，以营收形式回来。</strong></p><p style=\"text-align: left;\">俄亥俄州数据中心项目是这套逻辑最极端的呈现。据《华尔街日报》报道，英伟达最终向OpenAI提供了1050亿美元的租约信贷担保，并可选择追加3.8GW算力。而据英伟达自身的CFO口径，俄亥俄园区每一代基础设施部署约等于150万块GPU，对应英伟达约1500亿至2000亿美元的营收——<strong>换言之，英伟达用1050亿美元的担保换取最高2000亿美元的芯片销售，周而复始，为期20年。</strong></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/230e522bc9bb6cceb8680a7c80b77681\" data-align=\"center\" tg-width=\"1024\" tg-height=\"640\"/><span></span></p><p style=\"text-align: left;\"></p><p style=\"text-align: left;\">彭博社援引Panmure Liberum的警告称，&#34;英伟达银行&#34;是这家芯片公司的护城河，同时也是一个信用风险来源——有限的自由现金流被大规模承诺给一个仍在努力实现商业变现的行业。</p><h2 style=\"text-align: left;\">黄仁勋亲手踩下刹车，Kress早已是幕后制动者</h2><p style=\"text-align: left;\">黄仁勋本人在辞职前已察觉这场扩张的隐患。</p><p style=\"text-align: left;\">据《华尔街日报》报道，今年8月他将顶级财务高管召集到办公室，直言英伟达正陷入&#34;一场麻烦&#34;：公司正在与大量无力支付芯片费用的企业谈判提供担保，部分交易由其女婿、今年1月晋升为副总裁的Nico Caprez主导推进。Caprez与另一名副总裁Raj Mirpuri曾在春季向潜在合作伙伴承诺，英伟达可以在数周内完成信贷支持安排，条件是对方同意分享一定比例的营收，数十家公司随即排队等候。</p><p style=\"text-align: left;\"><strong>在这次会议上，黄仁勋还当场打断了Kress的汇报，称她是&#34;惊弓之鹿&#34;，不过是一个&#34;汇报型CFO&#34;，而非能够参与战略决策的人。</strong>与此同时，他描述了公司面临的真正危机：<strong>大型云计算服务商正在加速转向替代芯片、削减对英伟达的依赖，而英伟达已承诺采购的大量晶圆和内存正&#34;如雪崩般&#34;扑来。</strong>据英伟达财报，相关供应承诺在短短三个月内从约580亿美元激增至约2790亿美元。</p><p style=\"text-align: left;\">就在黄仁勋发出&#34;雪崩预警&#34;之前，制动动作已由Kress悄然启动。</p><p style=\"text-align: left;\">据《华尔街日报》报道，正是她将英伟达对OpenAI俄亥俄项目的担保规模从初步谈判的2500亿美元压缩至最终落地的1050亿美元，并持续在内部质疑担保项目的定价逻辑与回报测算。8月下旬，英伟达宣布暂停部分收入分成式信贷支持交易，要求所有新交易须经高管团队及董事会审查。10月，黄仁勋在柏林会见数家主要客户CEO时，以日本汤面师傅的故事为喻，向在场的云计算公司高管传递了一个明确信号：&#34;你们不是在决定我产品的价值。&#34;</p><h2 style=\"text-align: left;\">5000亿美元融资平台：高调亮相，零成交</h2><p style=\"text-align: left;\">今年8月，黄仁勋身着标志性皮夹克，在六大全球顶级资产管理机构高管的簇拥下宣布这一融资平台，试图将GPU打造成可供<a href=\"https://laohu8.com/S/FISI\">金融机构</a>投资的资产类别——思路类似房地产或收费公路的证券化，将快速折旧的硬件转化为可担保的基础设施资产。</p><p style=\"text-align: left;\">然而，据彭博社报道，该平台迄今未能落地任何一笔交易，六家机构与英伟达签署的仍是初步意向备忘录，尚未形成最终协议。</p><p style=\"text-align: left;\"><strong>障碍之一是兜底比例。</strong>英伟达目前提供的剩余价值支持上限为交易规模的25%，而竞争对手<a href=\"https://laohu8.com/S/600455\">博通</a>已为今年5月<a href=\"https://laohu8.com/S/ANT\">Anthropic</a>一笔350亿美元债务交易提供了约86%的兜底，并将为另一笔630亿美元交易提供约72.5%的担保。面对如此悬殊的差距，部分客户和华尔街合作伙伴已向英伟达施压，要求提高兜底比例。据彭博社报道，该平台最早或要到明年1月才可能宣布首笔交易——前提是黄仁勋的离职不影响相关进程。</p><p style=\"text-align: left;\">Raymond James全球私募资本咨询业务负责人Sunaina Sinha Haldea对CNBC表示，管理层更迭为所有参与方提供了一个天然的&#34;暂停键&#34;，重新审视交易条款。她不认为资本会就此撤离，但警告称，&#34;他们可能要求为这种不确定性索取更高回报&#34;。她还预计，贷款方的追问将蔓延至整个AI基础设施交易市场：谁在真正承担这些结构中的风险？</p><h2 style=\"text-align: left;\">Kress接棒：收紧的手，复杂的局面</h2><p style=\"text-align: left;\">从黄仁勋鄙视的&#34;汇报型CFO&#34;，到英伟达史上首位女性临时CEO，Kress的上位充满戏剧性。熟悉英伟达投资决策的人士表示，Kress此前曾多次对黄仁勋力推的交易提出异议，<strong>预计不会以接近黄仁勋的速度推进新交易。</strong></p><p style=\"text-align: left;\">高盛分析师James Schneider在下调英伟达目标价后指出，<strong>英伟达将履行所有已宣布的承诺，但下一轮大规模多方生态投资将因缺乏黄仁勋的个人资源与号召力而更难推进。</strong>高盛还特别指出，英伟达股票此前已在折价交易，部分原因正是市场担忧：<strong>一旦英伟达或其竞争对手停止提供融资，AI基础设施增长将急剧放缓。</strong></p><p style=\"text-align: left;\">瑞银分析师Tim Arcuri在报告中将&#34;融资&#34;列为黄仁勋离职的三大核心影响之首，并估算英伟达每季度500亿至600亿美元的自由现金流中有很大一部分被回流至客户、供应商和新兴云计算商，即便只是短暂暂停，也可能从AI生态系统中抽走500亿美元以上——时机恰逢利率上行、信贷市场流动性收紧。</p><p style=\"text-align: left;\">William Blair分析师Sebastien Naji则认为，现有合同将在CEO更迭后存续，但受威胁的是下一轮交易，以及英伟达在2027年及以后捍卫市场份额的能力。随着黄仁勋离去或受制于调查，博通和AMD等竞争对手或将获得更大的市场空间。</p><h2 style=\"text-align: left;\">已定与未定：哪些交易将受冲击</h2><p style=\"text-align: left;\">外界目前认为，已签署具有法律约束力合同的投资预计不受影响。英伟达拟投资50亿美元的Safe Superintelligence，以及拟向Mira Murati创立的Thinking Machines Lab投资约25亿美元的交易，合同均已于数月前签署，预计将如期落地。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5801d51b323451f33ab922b1b5033350\" data-align=\"center\" tg-width=\"1024\" tg-height=\"576\"/><span></span></p><p style=\"text-align: left;\"><strong>受冲击更大的是仍处于谈判阶段的交易。</strong>英伟达拟在Anthropic即将进行的IPO中投资100亿美元，能否延续尚不明朗；此前英伟达已向Anthropic提供了1050亿美元的数据中心租赁信贷担保。正在谈判为Nscale提供逾50亿美元信贷担保的协议，截至10月底尚未签署。澳大利亚云计算商Firmus在撤回IPO后寻求至少20亿美元私募融资，英伟达此前已参与谈判，结果未定。人形机器人公司Figure AI据报道正与英伟达讨论追加10亿美元投资，最新进展不详。</p><p style=\"text-align: left;\">Saxo首席投资策略师Charu Chanana指出，<strong>真正的风险不是个别合作关系的瓦解，而是在债务高企、循环融资和回报不确定性已被广泛质疑的当下，黄仁勋的离职可能触发AI生态系统整体风险溢价的重新定价——&#34;这还不是一场融资危机，但可能成为更广泛风险重定价的催化剂。&#34;</strong></p><p style=\"text-align: left;\">Kress将在11月17日主持英伟达三季度财报电话会议，届时分析师必然追问她如何看待那5000亿美元的承诺，以及英伟达是否将继续扮演&#34;AI央行&#34;的角色。这将是黄仁勋离职后，市场对那台循环融资机器能否延续运转、最直接的一次测试。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2973412848398de30de9b4a65c9df6c4","relate_stocks":{"AGOX":"Adaptive Alpha Opportunities ETF","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","BK4567":"ESG概念","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","FAI":"First Trust Bloomberg Artificial Intelligence ETF","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","FTEC":"Fidelity MSCI Information Techno","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","2NVD.UK":"2X NVIDIA ETP","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU0882574139.USD":"富达环球消费行业基金A ACC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","JGRO":"Jpmorgan Active Growth ETF","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU2063271972.USD":"富兰克林创新领域基金","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","BK4543":"AI","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","DIPS":"做空NVDA期权收益策略ETF-YieldMax","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","LU0823414478.USD":"法巴经典能源转换基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","USD":"ProShares Ultra Semiconductors","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","BK4549":"软银资本持仓","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4548":"巴美列捷福持仓","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","BK4554":"元宇宙及AR概念","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","BK4585":"ETF&股票定投概念","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU0080751232.USD":"富达环球多元动力基金A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","NULC":"Nuveen ESG Large-Cap ETF","BK4587":"ChatGPT概念","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","AIPI":"REX AI EQUITY PREMIUM INCOME ETF","IE000Q6AESB8.SGD":"PIMCO BALANCED INCOME AND GROWTH \"A\" (SGDHDG) INC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","BK4588":"碎股","BK4550":"红杉资本持仓","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4551":"寇图资本持仓","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","SG9999014906.USD":"大华全球优质成长基金Acc USD","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","BK4529":"IDC概念","LU0395794307.EUR":"JPM GLOBAL INCOME (DIV) \"A\" (EUR) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","NVC":"Corgi NVDA 2x Daily ETF","LU2102340556.USD":"AZ ALLOCATION - RISK PARITY FACTOR \"A\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","NVD":"2倍做空NVDA ETF-GraniteShares","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","NVDB":"ProShares Ultra NVDA ETF","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","NVDD":"1倍做空NVDA ETF-Direxion","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","NVDG":"2倍做多NVDA ETF- Leverage Shares","SG9999002232.USD":"Allianz Global High Payout USD","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","NVDL":"2倍做多NVDA ETF-GraniteShares","BK4527":"明星科技股","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","NVDA":"英伟达","NVDQ":"2倍做空NVDA ETF-T-Rex","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","NVDS":"1.5倍做空NVDA ETF-Tradr","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","NVDU":"2倍做多NVDA ETF-Direxion","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","NVDW":"NVDA周配息ETF-Roundhill","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","NVDX":"2倍做多NVDA ETF-T-Rex","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","SHOC":"Strive U.S. Semiconductor ETF","NVDO":"2倍上限加速NVDA ETF-Leverage Shares","NVDY":"NVDA期权收益策略ETF-YieldMax","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","NVII":"Rex NVDA Growth & Income ETF","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0528227936.USD":"富达环球人口趋势基金A-ACC","BK4532":"文艺复兴科技持仓","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0238689110.USD":"贝莱德环球动力股票基金","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","SGXZ44715902.SGD":"MAYBANK GLOBAL SHARIAH MULTI-ASSETS-I FUND \"A\" (SGDHDG) INC A","LU0072462426.USD":"贝莱德全球配置 A2","BK4534":"瑞士信贷持仓","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","VGT":"信息技术ETF-Vanguard","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","SMH":"半导体指数ETF-HOLDRs","ABFL":"ABACUS FCF LEADERS ETF","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU1144417596.USD":"UBS (LUX) GLOBAL QUALITY DIVIDEND EQUITY \"Q\" (USD) INC","NVYY":"GraniteShares YieldBOOST NVDA ETF","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","XLK":"高科技指数ETF-SPDR","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","SMHX":"VanEck Fabless Semiconductor ETF","FDTX":"Fidelity Disruptive Technology ETF","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU1935043452.HKD":"宏利环球多元资产收益 \"AA\" 基金（港元）派息","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","SNVD.UK":"LS -1X NVIDIA","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0109392836.USD":"富兰克林科技股A","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0898699433.AUD":"JPM GLOBAL INCOME \"A\" (AUDHDG) INC (M)","ROM":"ProShares Ultra Technology","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU1732800096.USD":"摩根大通环球收益基金A (irc)","EFIV":"SPDR S&P 500 ESG ETF","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","3NVD.UK":"LS 3X NVIDIA","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","LU0444971666.USD":"天利全球科技基金","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","TRFK":"PACER DATA AND DIGITAL REVOLUTION ETF","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","TEK":"iShares Technology Opportunities Active ETF","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","USXF":"iShares ESG Advanced MSCI USA ETF","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","BK4141":"半导体产品","07388":"南方两倍做空英伟达","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IXN":"iShares Trust S&P Global Informa","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","CHPX":"Global X AI Semiconductor & Quantum ETF","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4592":"伊斯兰概念","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","07788":"南方两倍做多英伟达","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","ANV":"GraniteShares Autocallable NVDA ETF","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","NVD2.UK":"2X NVIDIA ETP","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","NVD3.UK":"LS 3X NVIDIA","NVDS.UK":"LS -1X NVIDIA","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","BK4598":"佩洛西持仓","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","THMR":"THOR AdaptiveRisk Dynamic ETF","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","IETC":"iShares U.S. Tech Independence Focused ETF","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","09388":"南方两倍做空英伟达-U","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","BK4605":"半导体精选","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","BK4608":"AI应用概念股","SOXQ":"Invesco PHLX Semiconductor ETF","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","ILDR":"First Trust Innovation Leaders ETF","09788":"南方两倍做多英伟达-U","SOXX":"iShares费城交易所半导体ETF","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","SOXY":"YieldMax Target 12 Semiconductor Option Income ETF","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU0079474960.USD":"联博美国增长基金A","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","ESLG":"Eventide Large Cap Growth ETF","BK4612":"AI芯片","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","CLSE":"Convergence Long/Short Equity ETF","BK4614":"Manus概念股","BK4579":"人工智能","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","BK4581":"高盛持仓","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","ESUM":"EVENTIDE US MARKET ETF","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","CMAG":"Corgi Mag 7 ETF","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","METV":"Roundhill Ball Metaverse ETF","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","TTEQ":"T. Rowe Price Technology ETF","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","VT":"世界全股市ETF-Vanguard","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","BK4503":"景林资产持仓","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","CNEQ":"Alger Concentrated Equity ETF","GAMR":"Amplify Video Game Leaders ETF","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H"},"source_url":"https://wallstreetcn.com/articles/3785870","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2683452144","content_text":"黄仁勋的突然出局，不仅终结了英伟达一个时代，更动摇了整个AI生态系统赖以运转的融资基础。过去三年，英伟达在黄仁勋主导下扮演着\"AI中央银行\"的角色，以股权投资、信贷担保和租约兜底织就一张规模逾5000亿美元的循环融资网络，为这个仍在烧钱的行业持续输血。如今，这位创始人因婚外情丑闻黯然离场，接棒者正是他曾当面羞辱为\"惊弓之鹿\"、斥之为\"只会做财务\"的首席财务官Colette Kress。据《华尔街日报》报道，此前正是Kress主动将英伟达对OpenAI俄亥俄州数据中心的兜底承诺从最初谈判的2500亿美元砍至约1050亿美元，也是她在融资担保项目快速扩张期间，一再追问如何为担保定价、如何计算投资回报。在市场看来，这位新掌门让英伟达的资产负债表更安全，却让所有指望英伟达下一张支票的AI公司陷入了更深的不确定性。高盛分析师James Schneider指出，现有承诺大概率会被履行，但\"没有黄仁勋的视野、人脉和召集力，下一轮同等规模的多方生态投资将更难落地\"。一张超过5000亿美元的循环融资网要理解黄仁勋离职的冲击，首先需要理解他搭建的这台融资机器有多大。据英伟达7月26日的10-Q文件，公司的或有负债与承诺总规模已达5305亿美元。这一数字尚未涵盖7月后新签的交易，以及黄仁勋8月宣布的那个目标规模高达5000亿美元的AI计算融资平台中英伟达承诺提供的最多1250亿美元、即25%的兜底。机制几乎一成不变：英伟达买入股权或提供担保，受益方承诺采购英伟达硬件，资金以GPU订单的形式回流。Safe Superintelligence尚未推出任何产品，便获得了Vera Rubin架构的大规模算力承诺；Meta追加了Vera Rubin、Spectrum-X和BlueField-4的订单；Nebius与IREN签署5GW部署协议——钱以股权形式流出，以营收形式回来。俄亥俄州数据中心项目是这套逻辑最极端的呈现。据《华尔街日报》报道，英伟达最终向OpenAI提供了1050亿美元的租约信贷担保，并可选择追加3.8GW算力。而据英伟达自身的CFO口径，俄亥俄园区每一代基础设施部署约等于150万块GPU，对应英伟达约1500亿至2000亿美元的营收——换言之，英伟达用1050亿美元的担保换取最高2000亿美元的芯片销售，周而复始，为期20年。彭博社援引Panmure Liberum的警告称，\"英伟达银行\"是这家芯片公司的护城河，同时也是一个信用风险来源——有限的自由现金流被大规模承诺给一个仍在努力实现商业变现的行业。黄仁勋亲手踩下刹车，Kress早已是幕后制动者黄仁勋本人在辞职前已察觉这场扩张的隐患。据《华尔街日报》报道，今年8月他将顶级财务高管召集到办公室，直言英伟达正陷入\"一场麻烦\"：公司正在与大量无力支付芯片费用的企业谈判提供担保，部分交易由其女婿、今年1月晋升为副总裁的Nico Caprez主导推进。Caprez与另一名副总裁Raj Mirpuri曾在春季向潜在合作伙伴承诺，英伟达可以在数周内完成信贷支持安排，条件是对方同意分享一定比例的营收，数十家公司随即排队等候。在这次会议上，黄仁勋还当场打断了Kress的汇报，称她是\"惊弓之鹿\"，不过是一个\"汇报型CFO\"，而非能够参与战略决策的人。与此同时，他描述了公司面临的真正危机：大型云计算服务商正在加速转向替代芯片、削减对英伟达的依赖，而英伟达已承诺采购的大量晶圆和内存正\"如雪崩般\"扑来。据英伟达财报，相关供应承诺在短短三个月内从约580亿美元激增至约2790亿美元。就在黄仁勋发出\"雪崩预警\"之前，制动动作已由Kress悄然启动。据《华尔街日报》报道，正是她将英伟达对OpenAI俄亥俄项目的担保规模从初步谈判的2500亿美元压缩至最终落地的1050亿美元，并持续在内部质疑担保项目的定价逻辑与回报测算。8月下旬，英伟达宣布暂停部分收入分成式信贷支持交易，要求所有新交易须经高管团队及董事会审查。10月，黄仁勋在柏林会见数家主要客户CEO时，以日本汤面师傅的故事为喻，向在场的云计算公司高管传递了一个明确信号：\"你们不是在决定我产品的价值。\"5000亿美元融资平台：高调亮相，零成交今年8月，黄仁勋身着标志性皮夹克，在六大全球顶级资产管理机构高管的簇拥下宣布这一融资平台，试图将GPU打造成可供金融机构投资的资产类别——思路类似房地产或收费公路的证券化，将快速折旧的硬件转化为可担保的基础设施资产。然而，据彭博社报道，该平台迄今未能落地任何一笔交易，六家机构与英伟达签署的仍是初步意向备忘录，尚未形成最终协议。障碍之一是兜底比例。英伟达目前提供的剩余价值支持上限为交易规模的25%，而竞争对手博通已为今年5月Anthropic一笔350亿美元债务交易提供了约86%的兜底，并将为另一笔630亿美元交易提供约72.5%的担保。面对如此悬殊的差距，部分客户和华尔街合作伙伴已向英伟达施压，要求提高兜底比例。据彭博社报道，该平台最早或要到明年1月才可能宣布首笔交易——前提是黄仁勋的离职不影响相关进程。Raymond James全球私募资本咨询业务负责人Sunaina Sinha Haldea对CNBC表示，管理层更迭为所有参与方提供了一个天然的\"暂停键\"，重新审视交易条款。她不认为资本会就此撤离，但警告称，\"他们可能要求为这种不确定性索取更高回报\"。她还预计，贷款方的追问将蔓延至整个AI基础设施交易市场：谁在真正承担这些结构中的风险？Kress接棒：收紧的手，复杂的局面从黄仁勋鄙视的\"汇报型CFO\"，到英伟达史上首位女性临时CEO，Kress的上位充满戏剧性。熟悉英伟达投资决策的人士表示，Kress此前曾多次对黄仁勋力推的交易提出异议，预计不会以接近黄仁勋的速度推进新交易。高盛分析师James Schneider在下调英伟达目标价后指出，英伟达将履行所有已宣布的承诺，但下一轮大规模多方生态投资将因缺乏黄仁勋的个人资源与号召力而更难推进。高盛还特别指出，英伟达股票此前已在折价交易，部分原因正是市场担忧：一旦英伟达或其竞争对手停止提供融资，AI基础设施增长将急剧放缓。瑞银分析师Tim Arcuri在报告中将\"融资\"列为黄仁勋离职的三大核心影响之首，并估算英伟达每季度500亿至600亿美元的自由现金流中有很大一部分被回流至客户、供应商和新兴云计算商，即便只是短暂暂停，也可能从AI生态系统中抽走500亿美元以上——时机恰逢利率上行、信贷市场流动性收紧。William Blair分析师Sebastien Naji则认为，现有合同将在CEO更迭后存续，但受威胁的是下一轮交易，以及英伟达在2027年及以后捍卫市场份额的能力。随着黄仁勋离去或受制于调查，博通和AMD等竞争对手或将获得更大的市场空间。已定与未定：哪些交易将受冲击外界目前认为，已签署具有法律约束力合同的投资预计不受影响。英伟达拟投资50亿美元的Safe Superintelligence，以及拟向Mira Murati创立的Thinking Machines Lab投资约25亿美元的交易，合同均已于数月前签署，预计将如期落地。受冲击更大的是仍处于谈判阶段的交易。英伟达拟在Anthropic即将进行的IPO中投资100亿美元，能否延续尚不明朗；此前英伟达已向Anthropic提供了1050亿美元的数据中心租赁信贷担保。正在谈判为Nscale提供逾50亿美元信贷担保的协议，截至10月底尚未签署。澳大利亚云计算商Firmus在撤回IPO后寻求至少20亿美元私募融资，英伟达此前已参与谈判，结果未定。人形机器人公司Figure AI据报道正与英伟达讨论追加10亿美元投资，最新进展不详。Saxo首席投资策略师Charu Chanana指出，真正的风险不是个别合作关系的瓦解，而是在债务高企、循环融资和回报不确定性已被广泛质疑的当下，黄仁勋的离职可能触发AI生态系统整体风险溢价的重新定价——\"这还不是一场融资危机，但可能成为更广泛风险重定价的催化剂。\"Kress将在11月17日主持英伟达三季度财报电话会议，届时分析师必然追问她如何看待那5000亿美元的承诺，以及英伟达是否将继续扮演\"AI央行\"的角色。这将是黄仁勋离职后，市场对那台循环融资机器能否延续运转、最直接的一次测试。","news_type":1,"symbols_score_info":{"NVDD":0.6,"NULC":0.6,"CLSE":0.6,"SHOC":0.6,"NVII":0.6,"SMH":0.6,"METV":0.6,"JGRO":0.6,"NVDX":0.6,"AGOX":0.6,"NVC":0.6,"IETC":0.6,"GAMR":0.6,"CMAG":0.6,"ROM":0.6,"SNVD.UK":0.6,"IXN":0.6,"AIPI":0.6,"SNVDAmain":0.6,"ILDR":0.6,"NVDL":0.6,"FAI":0.6,"SMHX":0.6,"ESLG":0.6,"USXF":0.6,"ABFL":0.6,"NVDS":0.6,"CNEQ":0.6,"TRFK":0.6,"NVDA":1.98,"LFGY":0.6,"09788":0.6,"NVDU":0.6,"NVDS.UK":0.6,"NVDQ":0.6,"TYLG":0.6,"3NVD.UK":0.6,"USD":0.6,"NVDW":0.6,"THMR":0.6,"NVDG":0.6,"NVDB":0.6,"TEK":0.6,"DIPS":0.6,"NVDO":0.6,"NVD2.UK":0.6,"SNPE":0.6,"VT":0.6,"SOXX":0.6,"TTEQ":0.6,"07788":0.6,"EFIV":0.6,"ESUM":0.6,"09388":0.6,"TTXU":0.6,"SOXY":0.6,"XLK":0.6,"NVDY":0.6,"NVD":0.6,"CHPX":0.6,"NVYY":0.6,"07388":0.6,"FDTX":0.6,"FTEC":0.6,"SOXQ":0.6,"SPTE":0.6,"NVD3.UK":0.6,"2NVD.UK":0.6,"ANV":0.6,"VGT":0.6}},"isVote":1,"tweetType":1,"viewCount":15,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":93,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}