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.
英偉達公司(納斯達克:NVDA)最新的業績引起了投資者對人工智能資本支出的可持續性的關注。這是由於英偉達備受期待的Blackwell GPU生產出現延遲。
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師Harlan Sur所說,「即使Blackwell有輕微的延遲,也不會影響雲服務提供商對人工智能的關注,繼續推動研發以及人工智能產品和應用。」
"Demand for Blackwell is very strong and could outstrip supply at least through the middle of [2025]," Sur adds.
Sur補充說,「對Blackwell的需求非常強勁,至少到2025年中期都有可能超過供應。」
Read Also: Dow Notches New Record Close But Nasdaq Falls Amid Decline In Nvidia Shares: Fear Index Enters 'Greed' Zone
閱讀更多:道指創下新的收盤紀錄,但納斯達克因英偉達股價下跌而下滑:恐慌指數進入「貪婪」區域
An Opportunity To 'Drive Several Billion Dollars'
一個「創造數十億美元收入」的機會
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對Nvidia的人工智能策略充滿信心,因爲公司預期營業收入將環比增長8%,來源於「持續強勁的客戶支出,以支持他們的人工智能/加速計算計劃。」
This outlook comes despite delays in Blackwell production, which Sur notes are "pushed out, as we expected, by ~2 months."
儘管Blackwell生產出現延遲,Sur指出,「如我們所預期,推遲了大約2個月。」然而,這個延遲只是個小坎坷。英偉達的Hopper GPU平台仍然能夠使公司在未來幾個季度「創造數十億美元的收入。」
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,這個延遲只是一點小小的阻礙。英偉達的Hopper GPU平台使公司有望在接下來的幾個季度創造「幾十億美元的營業收入」。
In The Early Stage Of The Gen AI Investment Cycle
在Gen AI投資週期的早期階段
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.
關於AI CapEx的討論還不止於此。摩根大通亞太地區科技、媒體與通訊研究聯席主管Gokul Hariharan提到,Nvidia仍處於「加速計算和Gen AI投資週期的早期階段」,客戶明年將看到「非常強勁的增長」。
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,市場仍然處於緊張狀態,一些投資者對AI採用的廣泛軌跡「仍在猶豫不決」,尤其是在競爭激烈、迅速發展的環境中,Hariharan指出。
Read Also: Nvidia Stock Dips Despite Q2 Earnings Beat — Is The AI Rally Fading?
閱讀更多: 儘管Q2盈利超預期,Nvidia股價下挫——人工智能大漲行情會逐漸消退嗎?
Nvidia Pivotal In Driving The Semiconductor Sector Forward
Nvidia在推動半導體行業前進中起到關鍵作用
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."
儘管存在不確定性,但不可否認Nvidia在推動半導體行業向前發展方面發揮了至關重要的作用。正如Sur所言,Nvidia的增長是整個行業的風向標,在「計算、網絡、存儲和內存」方面都需要各種類型的芯片來支持這一努力。
This broad demand has ripple effects across the tech value chain, benefiting a range of semiconductor companies.
這種廣泛需求對科技價值鏈產生了連鎖反應,惠及了一系列半導體公司。
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.
展望未來,Nvidia能否充分利用其人工智能能力仍然是一個關鍵焦點。Sur強調,隨着生成式AI的採用加速,Nvidia存在着「真正的利潤、收入增長和增加盈利能力」的潛力。
However, he cautions that "it is still early in the adoption phase," leaving room for both opportunity and risk.
不過,他警告說"現在還處於採用階段的早期階段",爲機會和風險留下了空間。
Nvidia At Crossroads
英偉達處於十字路口
Ultimately, Nvidia stands at a crossroads, balancing between the burgeoning promise of AI and the practicalities of scaling production and managing geopolitical risks.
最終,英偉達面臨十字路口,需要在人工智能的承諾和生產規模的實際問題以及地緣政治風險之間取得平衡。
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恰如其分地總結,人工智能競賽遠未結束,但英偉達在這場高風險遊戲中"創造全新市場的能力"仍然是它最強大的 tro 化。
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