NVIDIA 的效率优势：竞争性定价退居二线

NVIDIA 凭借其功效在 AI 芯片市场占据主导地位，令竞争对手的定价策略黯然失色。 Huang 对每瓦性能的关注揭示了一个关键优势。

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 对 AI 芯片市场的控制不仅仅在于价格，还在于价格。这是关于权力的。首席执行官黄仁勋强调卓越的每瓦性能，使定价成为次要问题。

The Power Play: NVIDIA's Efficiency Advantage

权力游戏：NVIDIA 的效率优势

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 跻身全球最有价值公司的行列不仅仅是运气，更是靠运气。这是策略。黄仁勋最近强调了 NVIDIA 的竞争优势，重点关注基础设施包的主导地位，甚至对抗竞争对手大幅降价的情况。他的论点？功率限制。黄表示，客户希望将力量转化为收入。 NVIDIA 的“深入而极致的协同设计”可实现卓越的每瓦性能。如果 NVIDIA 的性能或每瓦代币是其他公司的两倍，那么客户可以从其数据中心获得两倍的收入。

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

定价并不是一切：每瓦性能护城河

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 用一个假设来说明这一点：即使是竞争对手 15% 的折扣也无法弥补 NVIDIA Blackwell 和 Hopper 架构之间的性能差距。他认为，即使竞争对手免费提供芯片，放弃 NVIDIA 每瓦性能的机会成本也太高了。这解释了为什么微软、谷歌和亚马逊等超大规模企业继续大力投资 NVIDIA，无论溢价如何。

What It Means for the Market

这对市场意味着什么

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.

黄仁勋的观点揭示了一个关键的战略现实：AMD 和英特尔等竞争对手专注于价格，而 NVIDIA 则靠效率取胜。在电力非常昂贵的数据中心中，NVIDIA 的每瓦性能优势是经济上的游戏规则改变者。这是一个令人信服的论点，超越了单纯的定价考虑。

Stablecoins and the Future of Payments

稳定币和支付的未来

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 领投 Better Payment Network (BPN) 一轮 5000 万美元融资，旨在改进多稳定币支付系统，使数字支付更快、更可靠。此举凸显了稳定币在数字经济中日益重要的重要性。此次升级将使企业和个人更容易使用稳定币。

A Bit of Fun

一点乐趣

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，当其他公司忙着在价格上偷工减料时，NVIDIA 却一路笑到了银行——当然，这得益于效率。这就像开着一辆超级跑车参加卡丁车比赛一样；当然，卡丁车可能更便宜，但谁才是真正的赢家呢？