Nvidia AI Domination Is A Double-Edged Sword For Investors: 'Demand Could Outstrip Supply,' Analyst Says
Nvidia AI Domination Is A Double-Edged Sword For Investors: 'Demand Could Outstrip Supply,' Analyst Says
Nvidia Corp's (NASDAQ:NVDA) latest earnings report drew investor attention to the sustainability of AI capital expenditures (CapEx) amid delays in Nvidia's much-anticipated Blackwell GPU production.
英伟达公司(纳斯达克:NVDA)最新的财报引起了投资者对人工智能资本支出的可持续性的关注。这是由于英伟达备受期待的Blackwell GPU生产出现延迟。
But, as JPMorgan analyst Harlan Sur puts it, "Even slight delays in Blackwell will not take away from [cloud service provider] focus on AI, to continue to drive R&D, and on AI product and applications."
但是正如摩根大通分析师Harlan Sur所说,“即使Blackwell有轻微的延迟,也不会影响云服务提供商对人工智能的关注,继续推动研发以及人工智能产品和应用。”
"Demand for Blackwell is very strong and could outstrip supply at least through the middle of [2025]," Sur adds.
Sur补充说,“对Blackwell的需求非常强劲,至少到2025年中期都有可能超过供应。”
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An Opportunity To 'Drive Several Billion Dollars'
一个“创造数十亿美元收入”的机会
Sur's confidence in Nvidia's AI strategy is underscored by the company's guidance of an 8% quarter-over-quarter increase in revenue, fueled by "continued strong spending from its customers to support their AI/accelerated compute initiatives."
Sur对Nvidia的人工智能策略充满信心,因为公司预期营业收入将环比增长8%,来源于“持续强劲的客户支出,以支持他们的人工智能/加速计算计划。”
This outlook comes despite delays in Blackwell production, which Sur notes are "pushed out, as we expected, by ~2 months."
尽管Blackwell生产出现延迟,Sur指出,“如我们所预期,推迟了大约2个月。”然而,这个延迟只是个小坎坷。英伟达的Hopper GPU平台仍然能够使公司在未来几个季度“创造数十亿美元的收入。”
However, this delay is a mere bump in the road. Nvidia's Hopper GPU platform is keeping the company on track to potentially "drive several billion dollars of revenue" in the upcoming quarters.
然而,这个延迟只是一点小小的阻碍。英伟达的Hopper GPU平台使公司有望在接下来的几个季度创造“几十亿美元的营业收入”。
In The Early Stage Of The Gen AI Investment Cycle
在Gen AI投资周期的早期阶段
The conversation on AI CapEx doesn't end there. Gokul Hariharan, co-head of Asia Pacific TMT Research at JPMorgan, highlighted that Nvidia is still "in the early stage of an accelerated computing and Gen AI investment cycle," with customers seeing "very strong growth" next year.
关于AI CapEx的讨论还不止于此。摩根大通亚太地区科技、媒体与通讯研究联席主管Gokul Hariharan提到,Nvidia仍处于“加速计算和Gen AI投资周期的早期阶段”,客户明年将看到“非常强劲的增长”。
However, the market remains on edge, with some investors "still undecided" on AI adoption's broader trajectory, especially amid a competitive and rapidly evolving landscape, notes Hariharan.
然而,市场仍然处于紧张状态,一些投资者对AI采用的广泛轨迹“仍在犹豫不决”,尤其是在竞争激烈、迅速发展的环境中,Hariharan指出。
Read Also: Nvidia Stock Dips Despite Q2 Earnings Beat — Is The AI Rally Fading?
阅读更多: 尽管Q2盈利超预期,Nvidia股价下挫——人工智能大涨行情会逐渐消退吗?
Nvidia Pivotal In Driving The Semiconductor Sector Forward
Nvidia在推动半导体行业前进中起到关键作用
Despite the uncertainties, there's no denying Nvidia's pivotal role in driving the semiconductor sector forward. As Sur notes, Nvidia's growth is a bellwether for the entire industry, where "all types of chips are needed to support the effort – compute, network, storage, and memory."
尽管存在不确定性,但不可否认Nvidia在推动半导体行业向前发展方面发挥了至关重要的作用。正如Sur所言,Nvidia的增长是整个行业的风向标,在“计算、网络、存储和内存”方面都需要各种类型的芯片来支持这一努力。
This broad demand has ripple effects across the tech value chain, benefiting a range of semiconductor companies.
这种广泛需求对科技价值链产生了连锁反应,惠及了一系列半导体公司。
Looking ahead, Nvidia's ability to monetize its AI capabilities remains a critical focus. Sur emphasizes the potential for "real profits, revenue growth, and increased profitability" as generative AI adoption accelerates.
展望未来,Nvidia能否充分利用其人工智能能力仍然是一个关键焦点。Sur强调,随着生成式AI的采用加速,Nvidia存在着“真正的利润、收入增长和增加盈利能力”的潜力。
However, he cautions that "it is still early in the adoption phase," leaving room for both opportunity and risk.
不过,他警告说"现在还处于采用阶段的早期阶段",为机会和风险留下了空间。
Nvidia At Crossroads
英伟达处于十字路口
Ultimately, Nvidia stands at a crossroads, balancing between the burgeoning promise of AI and the practicalities of scaling production and managing geopolitical risks.
最终,英伟达面临十字路口,需要在人工智能的承诺和生产规模的实际问题以及地缘政治风险之间取得平衡。
As Sur aptly sums up, the AI race is far from over, but Nvidia's "ability to create completely new markets" remains its strongest hand in a high-stakes game.
正如Sur恰如其分地总结,人工智能竞赛远未结束,但英伟达在这场高风险游戏中"创造全新市场的能力"仍然是它最强大的 tro 化。
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Image: Shutterstock
图片:shutterstock