Mhedzisiro yazvino yaNvidia yakaisa kambani iyi pakati pekupokana nezve artificial intelligence uye zvinogona kuputika bubble muchikamu chino. Iyo kambani yakaratidza huwandu husati hwamboitika, iine purofiti uye mihoro isati yamboonekwa muindasitiri yesemiconductor, nepo kusahadzika kuri kukura nezve kusimba kwekukura uku.
Mukuburitsa chirevo chayo chekota, Nvidia akajekesa kuti nhasi inoshanda se thermometer ye musika wepasi rose weAIKudiwa kwemachipi ayo enzvimbo dzedhata uye hunyanzvi hwekushandisa kwakawedzera kutengesa uye purofiti, asi zvakaratidzawo mamwe matambudziko emari: kukwira kwezvinyorwa, maakaundi epamusoro-kupfuura-akajairwa anogamuchirwa, uye kuvimba kwakanyanya kune vashoma vashoma vatengi vetekinoroji.
Nhoroondo mari uye purofiti inotungamirwa neAI
Mugore rayo rekupedzisira rezvemari, iyo kambani yeUS yakashuma rekodhi mari inosvika madhora 57.000 bhiriyoniHuwandu uhu hwakashamisa kunyangwe vaongorori vane tariro paWall Street. Mukati meiyo yakazara, iyo data data sekisheni yave injini yechokwadi yebhizinesi, inofambiswa neinvestment frenzy muartificial intelligence infrastructure.
Muchikamu che data data chete, Nvidia yakashuma $51.200 bhiriyoni mumariIzvi zvinomiririra 66% gore-pamusoro-gore kuwedzera uye zviri nyore kudarika angangoita mabhiriyoni makumi mana nemapfumbamwe emadhora aitarisirwa nemusika. Kuvhiya uku kunoratidza kuti makambani makuru etekinoroji, vanopa makore, uye mafemu eAI anogadzira ari kutarisisa mashandisiro aanoita pane zvehunyanzvi hardware kudzidzisa nekumhanyisa mamodheru.
Net purofiti yakabatawo vanoisa mari kutarisisa: Nvidia akasvika inoda kusvika $32.000 bhiriyoni mupurofitiNhamba iyi haisati yamboitika muindasitiri yemachip. Mari yepurofiti yakakura nekuchimbidza, zvichiratidza kuti kambani iri kutora mari panzvimbo yakanaka yemitengo uye chinzvimbo chemakwikwi.
Kuseri kwenhamba idzi kune budiriro yekutengeserana yezvitaera zvekuvaka senge Blackwell naRubinyakagadzirirwa zvakananga AI mabasa akawanda. Iyo kambani yakasimbisa zvakare kuti inotarisira kutenderera $500.000 bhiriyoni mumubatanidzwa wemari inotevera yakabatana nemhuri dzezvigadzirwa izvi, fungidziro yekuti, kana ikazadzikiswa, yaizobatanidza Nvidia semumwe wevatambi vane pundutso muindasitiri yese yetekinoroji.
Imwe yeanonyanya kudiwa machipi mune yazvino catalogue ndeye GB300iyo inotoverengera zvingangoita zviviri muzvitatu zvezvose Blackwell mutsara kutengesa. Uyezve, kambani inosimbisa izvozvo Zvibvumirano zvichangoburwa nemafemu eAI akadai seHUMAIN neAnthropic Izvo hazvina kana kubatanidzwa mune iyo hafu-trillion-dollar fungidziro, zvichiratidza mukana wekuwedzera kukura kana kudiwa kukaramba kwakasimba.
Iyo mimvuri kuseri kwenhamba: kuunganidzwa, inventory uye kubuda kwemari
Padivi pemusoro mukuru wemarekodhi emari, zvinyorwa zvemari zvinoratidza imwe data iyo vanonyanya kungwarira vanoisa mari vari kuongorora zvakanyanya. Imwe yeiyi kuwedzera kwakanyanya kwe ... Maakaundi anogamuchirwa, ayo anomira pamadhora mazana matatu nemakumi matatu nemazana mana emadhoraIchi chinhu chinoratidza huwandu hwekutengesa kwakaitwa nechikwereti icho kambani isati yatora.
Zvinechekuita nenhamba iyi ndeye Days Sales Outstanding (DSO) metric, iyo inoratidza kuti zvinotora nguva yakareba sei, paavhareji, kuti kambani ishandure kutengesa ikoko kuita mari. Munyaya yaNvidia, iyo avhareji yakawedzera kusvika paanenge 53 mazuva anengeIyi inhanho iyo dzimwe nyanzvi dzinofunga kuti yakakwirira kunharaunda inokurumidza kukura uye inogona kukonzeresa kunetsana kana paine kudzikira kwekudiwa.
Chimwe chinhu chinokatyamadza ndechekuwedzera kweiyo Inventories, ayo atove akapoteredza 20.000 mabhiriyoni emadhoraVhoriyamu iyi inosiyana neyakajairwa hurukuro pamusoro peinofungidzirwa "yakawandisa kudiwa" kweGPUs uye AI michina. Kune vaongorori vakati wandei, chokwadi chekuti zvinyorwa zviri kukura nekukurumidza zvinogona kuratidza kuedza kutarisira mirairo yeramangwana kana, mumamiriro ezvinhu akaipisisa, njodzi yekuti imwe yemasheya inotora nguva yakareba kupfuura yaitarisirwa kusvika pamusika.
Kunyangwe iyo yakawanda accounting purofiti, iyo kubuda kwemari kubva kumabasa Yakaramba yakatenderedza 23.700 mamiriyoni emadhoraUyu mukaha uripo pakati pepurofiti uye kugadzirwa kwemari kazhinji unomutsa kushushikana, sezvo zvichiratidza kuti chikamu chakakosha chemhedzisiro haisati yashandurwa kuita mari iripo.
Kune vanoisa mari mumasangano, iyi data inopenda mufananidzo wakavhenganiswa: kune rimwe divi, kambani inotungamira pasina kupokana iyo AI chip musika uye inorova fungidziro kota mushure mekota; kune rimwe divi, zvakakosha zviri kutanga kuratidza zviratidzo zvekunetsekana mumiunganidzwa, zvinyorwa uye shanduko yepurofiti kuita mari chaiyo.
Kutsamira pane mashoma evakuru veAI vatengi
Nvidia inoshamisa yekukura mwero yakabatana zvakanyanya kune iyo mari kubva kune shoma nhamba yeAI uye makore makuruMahombe tekinoroji mapuratifomu, generative modelling marabhoritari, uye gore sevhisi vanopa vanoverengera chikamu chikuru chemirairo yeGPU uye akazara masisitimu.
Nyanzvi dzemaindasitiri dzinoratidza kuti kusungwa uku kunotakura njodzi yakajeka: kana chero yemakambani aya akasarudza kuderedza zvirongwa zvavo zvekushandisa kwezvivakwaMhedzisiro yeakaunti yaNvidia inogona kuve yakakosha. Haisi hukuru hwemaodha chete, asiwo kumhanya uko mamirioni emadhora emavhoriyamu emari ari kupihwa kune saiti ichiri kuvakwa.
Dzimwe mari dzekudyara dzakatanga kutaura pachena kunetseka kwavo nezve chokwadi chekuti indasitiri yeAI iri kukura, mukuona kwavo, nekukurumidza kupfuura kugona kugadzira purofiti chaiyo kubva kune yekupedzisira vatengiMune mamwe mazwi, hombe yemakomputa masisitimu ari kuvakwa pasina kujeka zvachose kana mabhizinesi emhando dzakabatana achave nepurofiti yakakwana munguva yepakati.
Muchirevo chechinyorwa ichi, Nvidia anoramba ari iye "mambo weAI chips"Asi zvakare ndiyo kambani inogona kunzwa mhedzisiro yechero kugadzirisa kutanga. Kana kudiwa kweGPU kuchinonoka, kungave nekuda kwekukura kwemusika kana kuderedzwa kwemari nemakambani makuru etekinoroji, kutengesa kwekambani kwaizokanganiswa zvakananga.
Parizvino, manejimendi aNvidia anosimbirira kuti kudiwa kunoramba kuchipfuura kupa muzvikamu zvakawanda uye izvo. Kudzokera shure kwemirairo yakazvipira kunoramba kwakasimbaNekudaro, musanganiswa wekukwira kwechigadzirwa uye kutsamira kune vashoma vatengi vakakura kwazvo kunoita kuti zvive zvakakosha kunyatso tarisisa shanduko yezvibvumirano izvi munzvimbo dziri kuuya.
Chiono chaJensen Huang: kukura kwechimiro, kwete bubble
Mukupindura manzwi achienzanisa yazvino AI boom kune zvakapfuura episodhi tekinoroji euphoria, CEO weNvidia, Jensen Huang anopokana kuti isu hatisi kutarisana nemhando yepamusoro bubble.Mune yazvino mhedzisiro mharidzo, mukuru akapokana kuti zviri kuitika ishanduko yakadzama yepasi rose IT zvivakwa, nemhedzisiro inozowedzera kwemakore.
Huang anopikisa kuti kiyi iri pakuti sei Maindasitiri anotonga mavhoriyamu makuru e data uye zvakaoma kuverengaZvikamu zvakaita sezvekufonerana, zvemari, hutano, mota, uye kugadzira zviri kubatanidza AI kuita otomatiki maitiro, kuvandudza kuita sarudzo, uye kuvhura mitsara yebhizinesi ichangoburwa yakaita sengano yesainzi.
Pamwoyo wehurukuro yake panoonekwa pfungwa yekuti "Agent AI"Aya masisitimu anokwanisa kushanda nekupindira kushoma kwemunhu, anozvitonga ega mabasa akaomarara. Sekureva kwaHuang, kuendeswa kwakawanda kweaya marudzi evamiririri vakangwara kunoda yakakura kwazvo komputa kugona kupfuura iripo, zvichireva kuti kudiwa kwemachipisi epamusoro-soro uye mapuratifomu eAI acharamba achikura kwenguva yakareba.
Mutungamiriri anonongedza kuti shanduko iyi haingori fadhi yemusika wemasheya, asi a Kufungazve kwemaitiro ekuti nzvimbo dzedata uye zvigadzirwa zvedhijitari zvinogadzirwa seiMukuona kwavo, kudyara kwazvino muAI Hardware uye software inopindura kune chaiyo bhizinesi zvinodiwa uye zvinotarisirwa zvinotarisirwa, pane kungofungidzira kufarira.
Zvakangodaro, Huang anobvuma kuti vatambi vemusika vanofanira kunyatsoongorora kuti ndezvipi zvikamu zvecheni yakakosha zvinopa zvakanyanya. kusimbaKubva pane data data nzvimbo ivo pachavo kune iyo maitiro ekudzidzisa emhandokusanganisira cloud services uye software solutions. Nvidia inovavarira kuramba iri mu mwoyo weiyo ecosystem kuburikidza nekubatanidzwa kwayo kweGPUs, network, uye mapuratifomu ekusimudzira.
Kuita kwemabhangi makuru uye masaini kune vanoisa mari kuEurope
Mabhanga makuru ekudyara ekunze aita zvakanaka kune yazvino mihoro yaNvidia, kunyangwe ivo vasingavanze njodzi dzinovaperekedza. manhamba akasiyana akadaroVanoongorora vanobvumirana kuti kambani inochengetedza mukana wakakura wemakwikwi pamusoro pevakwikwidzi vayo, asi ivo vanosiyana padanho rekukosha ravanoona serine musoro mushure meiyo rally yakasimba yemusika wemasheya mumakore achangopfuura.
German Bank Yakasarudza kuchengetedza "hold" kurudziro uye mutengo wakatarwa kutenderedza $ 215 pamugoveVaongorori vayo vanotenda kuti gaka nevakwikwidzi "ringangowedzera," asi vanokoshesa kuti, nemitengo yazvino, masheya ari muchikamu chakaomarara zvichienderana nemametric ayo akakosha.
Padivi rine tariro, Morgan Stanley uye UBS Vakasimudza zvinangwa zvavo kune 235 madhoraVakaratidza kuti Nvidia yakawedzera madhora mabhiriyoni gumi mune imwe mari, inenge mabhiriyoni matatu emadhora pamusoro pezvinotarisirwa nemusika. Aya masangano anotenda kuti kukurumidza kuwedzera kweiyo AI yepasi rose zvivakwa kunotsigira kuenderera mberi kwekambani kukura munzvimbo dziri kuuya.
Mamwe mabhanga, akadai Goldman Sachs uye JPMorganVaenda imwe nhanho mberi nekuisa mutengo wavo wavakatarisisa 250 madhora uye kusimbisa kurudziro yavo yekutenga. Vanotenda kuti kuwedzera kwekudyara muAI kuri kuramba kuchikwira uye kuti Nvidia iri pachinzvimbo chekutora chikamu chakakosha chekuwedzera kwekushandisa.
Pamugumo wepamusoro wehuwandu, masangano akadai se Citi, Barclays uye Bank of America Vanoisa zvinangwa zvavo pakati 270 uye 275 madhora pamugove. Bank of America, kunyanya, inotsanangura Nvidia se "yakanakisa sarudzo muchikamu," ichidudza kusanganiswa kwe Kudiwa kwakasimba, manejimendi ekupa, uye kukwidziridzwa kwepamusoro kune mihoro pachikamuKune vanodyara mari vekuEurope, aya maesheni anopa yakajeka referensi poindi yezinga rezvinotarisirwa izvo musika watove nemitengo.
Kutorwa pamwechete, maakaundi aNvidia anoratidza kambani inotungamira nhangemutange yehungwaru Rekodha mari, purofiti yenhoroondo, uye pesvedzero iri kukura pane zvepasi rose zvedhijitariAsi zvakare iri bhizinesi modhi pasi pezvinorema mari zvinodiwa uye zvakanyanya panjodzi yesarudzo dzekudyara dzevatengi vakakura vashoma. Sezvo AI inosanganisirwa muhupfumi chaihwo, shanduko yekuyerera kwayo kwemari, manejimendi ezvinyorwa, uye kugona kusiyanisa hwaro hwemari inozove zvinhu zvakakosha pakuona kuti iyo boom iripo inova chiyero chitsva here kana kuti inopedzisira yarangarirwa sepamusoro pe tech bubble.
