NVIDIA 的市場跳水：人工智慧泡沫還是市場演化？

儘管英偉達（NVDA）股價持續下跌，但產業專家布萊恩·比爾（Bryan Beal）堅持認為，人工智慧生態系統仍然強勁，打消了「人工智慧泡沫」破裂的說法。 Meta 和Google等主要客戶設計了自己的人工智慧晶片，市場的轉變凸顯了人工智慧產業的轉型而不是衰退。

NVIDIA's Recent Market Plunge: Is the Artificial Intelligence Bubble Bursting?

NVIDIA近期市場暴跌：人工智慧泡沫破裂了嗎？

The precipitous decline in NVIDIA's (NVDA) stock price has raised concerns that the Artificial Intelligence (AI) ecosystem is entering a downturn, with some suggesting that the "AI bubble" is on the verge of bursting. However, industry experts and analysts urge caution against such hasty conclusions.

英偉達（NVDA）股價的急劇下跌引發了人們對人工智慧（AI）生態系統正在進入低迷的擔憂，有些人認為「人工智慧泡沫」正處於破裂的邊緣。然而，行業專家和分析師敦促謹慎對待這種倉促的結論。

Disruption in NVIDIA's Business Model

NVIDIA 商業模式的顛覆

Acclaimed business executive Bryan Beal recently weighed in on the situation, stating unequivocally that the AI bubble is not bursting. He clarified a fundamental aspect of NVIDIA's business model that has flown under the radar for many: the company does not manufacture the chips it designs.

著名企業高管布萊恩比爾 (Bryan Beal) 最近對此情況發表了看法，明確表示人工智慧泡沫並未破裂。他澄清了 NVIDIA 商業模式的一個基本方面，這個方面一直受到許多人的關注：該公司不生產自己設計的晶片。

Instead, NVIDIA designs the semiconductors, and Taiwan Semiconductor Manufacturing Company (TSMC) Limited fabricates them. NVIDIA's client base has traditionally included industry behemoths such as Meta, Amazon, OpenAI, Microsoft, and Google. However, recent developments have seen many of these customers embark on designing their own AI chips, resulting in NVIDIA losing a substantial portion of its market share.

相反，NVIDIA 設計半導體，並由台積電 (TSMC) 有限公司製造。 NVIDIA 的客戶群傳統上包括 Meta、亞馬遜、OpenAI、微軟和谷歌等產業巨頭。然而，最近的事態發展讓許多客戶開始設計自己的人工智慧晶片，導致 NVIDIA 失去了很大一部分市場份額。

The Competitive Landscape Shifts

競爭格局發生變化

The recent unveiling of the Gaudi 3 and Axion chips by Intel and Google, respectively, has further intensified competition for NVIDIA. These new chips rival NVIDIA's recently launched Blackwell AI chip.

英特爾和Google最近分別推出了 Gaudi 3 和 Axion 晶片，進一步加劇了對 NVIDIA 的競爭。這些新晶片可與 NVIDIA 最近推出的 Blackwell AI 晶片相媲美。

The exodus of key clients and the emergence of strong rivals have undoubtedly contributed to the recent plunge in NVDA stock. However, it is crucial to recognize that this downturn reflects the changing dynamics of the AI market rather than a bursting of the "AI bubble."

主要客戶的流失和強大競爭對手的出現無疑是導致NVDA股價近期暴跌的原因之一。然而，至關重要的是要認識到，這種低迷反映了人工智慧市場動態的變化，而不是「人工智慧泡沫」的破裂。

The AI Market's True State

人工智慧市場的真實狀況

The shift away from NVIDIA's services does not indicate a declining demand for AI solutions but rather a maturation of the market as companies seek to assert greater control over their AI infrastructure. This evolution signals a healthy progression rather than a collapse.

放棄 NVIDIA 服務並不意味著對 AI 解決方案的需求下降，而是表明隨著公司尋求對其 AI 基礎設施擁有更大的控制權，市場已經成熟。這種演變標誌著健康的進步而不是崩潰。

The influx of competition may push NVIDIA to innovate and adapt, fostering a more robust and diverse AI ecosystem. Moreover, it empowers customers with greater flexibility and choice, ultimately benefiting the industry as a whole.

競爭的湧入可能會推動 NVIDIA 進行創新和適應，從而培育出更強大和多樣化的人工智慧生態系統。此外，它為客戶提供了更大的靈活性和選擇，最終使整個行業受益。

Conclusion

結論

While the recent market fluctuations have raised concerns, it is imperative to maintain a balanced perspective. The alleged "AI bubble" is far from bursting and remains a rapidly evolving and highly promising field. The challenges faced by NVIDIA highlight the transformative nature of the AI landscape but do not diminish the long-term potential of the technology.

儘管近期市場波動引發擔憂，但仍需保持平衡的視角。所謂的「人工智慧泡沫」遠未破裂，仍然是一個快速發展且前景廣闊的領域。 NVIDIA 面臨的挑戰凸顯了人工智慧領域的變革性，但並沒有削弱該技術的長期潛力。