NVIDIA 的效率優勢：競爭性定價退居二線

NVIDIA 憑藉其功效在 AI 芯片市場佔據主導地位，令競爭對手的定價策略黯然失色。 Huang 對每瓦性能的關注揭示了一個關鍵優勢。

NVIDIA's grip on the AI chip market isn't just about price; it's about power. CEO Jensen Huang emphasizes superior performance per watt, making pricing a secondary concern.

NVIDIA 對 AI 芯片市場的控制不僅僅在於價格，還在於價格。這是關於權力的。首席執行官黃仁勳強調卓越的每瓦性能，使定價成為次要問題。

The Power Play: NVIDIA's Efficiency Advantage

權力遊戲：NVIDIA 的效率優勢

NVIDIA's ascent to the world's most valuable company isn't just luck; it's strategy. Jensen Huang recently highlighted NVIDIA's competitive edge, focusing on infrastructure package dominance, even against competitors slashing prices. His argument? Power limitations. Huang stated that customers want to translate power into revenues. NVIDIA's “deep and extreme co-design” yields superior performance per watt. If NVIDIA's performance or tokens per watt was twice as high as another's, the customer can produce twice as much revenue from their data center.

NVIDIA 躋身全球最有價值公司的行列不僅僅是運氣，更是靠運氣。這是策略。黃仁勳最近強調了 NVIDIA 的競爭優勢，重點關注基礎設施包的主導地位，甚至對抗競爭對手大幅降價的情況。他的論點？功率限制。黃表示，客戶希望將力量轉化為收入。 NVIDIA 的“深入而極致的協同設計”可實現卓越的每瓦性能。如果 NVIDIA 的性能或每瓦代幣是其他公司的兩倍，那麼客戶可以從其數據中心獲得兩倍的收入。

Pricing Isn't Everything: The Performance-Per-Watt Moat

定價並不是一切：每瓦性能護城河

Huang illustrated this with a hypothetical: even a 15% discount from competitors can't compensate for the performance gap between NVIDIA's Blackwell and Hopper architectures. He argues that even if competitors offered their chips for free, the opportunity cost of giving up NVIDIA's performance per watt is too high. This explains why hyperscalers like Microsoft, Google, and Amazon continue to invest heavily in NVIDIA, regardless of the premium.

Huang 用一個假設來說明這一點：即使是競爭對手 15% 的折扣也無法彌補 NVIDIA Blackwell 和 Hopper 架構之間的性能差距。他認為，即使競爭對手免費提供芯片，放棄 NVIDIA 每瓦性能的機會成本也太高了。這解釋了為什麼微軟、谷歌和亞馬遜等超大規模企業繼續大力投資 NVIDIA，無論溢價如何。

What It Means for the Market

這對市場意味著什麼

Huang's perspective reveals a critical strategic reality: while rivals like AMD and Intel focus on price, NVIDIA is winning on efficiency. In data centers where power is a premium, NVIDIA's performance-per-watt advantage is an economic game-changer. It’s a compelling argument that transcends mere pricing considerations.

黃仁勳的觀點揭示了一個關鍵的戰略現實：AMD 和英特爾等競爭對手專注於價格，而 NVIDIA 則靠效率取勝。在電力非常昂貴的數據中心中，NVIDIA 的每瓦性能優勢是經濟上的遊戲規則改變者。這是一個令人信服的論點，超越了單純的定價考慮。

Stablecoins and the Future of Payments

穩定幣和支付的未來

YZi Labs led a $50 million funding round for Better Payment Network (BPN) which aims to improve multi-stablecoin payment systems, making digital payments faster and more reliable. This move underscores the increasing importance of stablecoins in the digital economy. The upgrade will make it easier for businesses and individuals to use stablecoins.

YZi Labs 領投 Better Payment Network (BPN) 一輪 5000 萬美元融資，旨在改進多穩定幣支付系統，使數字支付更快、更可靠。此舉凸顯了穩定幣在數字經濟中日益重要的重要性。此次升級將使企業和個人更容易使用穩定幣。

A Bit of Fun

一點樂趣

So, while others are busy cutting corners on price, NVIDIA's laughing all the way to the bank – powered by efficiency, of course. It's like bringing a hypercar to a go-kart race; sure, the go-kart might be cheaper, but who's really winning?

因此，當其他公司忙著在價格上偷工減料時，NVIDIA 卻一路笑到了銀行——當然，這得益於效率。這就像開著一輛超級跑車參加卡丁車比賽一樣；當然，卡丁車可能更便宜，但誰才是真正的贏家呢？