NVIDIA 的市场跳水：人工智能泡沫还是市场进化？

尽管英伟达（NVDA）股价持续下跌，但行业专家布莱恩·比尔（Bryan Beal）坚持认为，人工智能生态系统仍然强劲，打消了“人工智能泡沫”破裂的说法。 Meta 和谷歌等主要客户设计了自己的人工智能芯片，市场的转变凸显了人工智能行业的转型而不是衰退。

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

NVIDIA近期市场暴跌：人工智能泡沫破裂了吗？

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.

英伟达（NVDA）股价的急剧下跌引发了人们对人工智能（AI）生态系统正在进入低迷的担忧，一些人认为“人工智能泡沫”正处于破裂的边缘。然而，行业专家和分析师敦促谨慎对待这种仓促的结论。

Disruption in NVIDIA's Business Model

NVIDIA 商业模式的颠覆

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.

著名企业高管布莱恩·比尔 (Bryan Beal) 最近对这一情况发表了看法，明确表示人工智能泡沫并未破裂。他澄清了 NVIDIA 商业模式的一个基本方面，这个方面一直受到许多人的关注：该公司不生产自己设计的芯片。

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 设计半导体，并由台积电 (TSMC) 有限公司制造。 NVIDIA 的客户群传统上包括 Meta、亚马逊、OpenAI、微软和谷歌等行业巨头。然而，最近的事态发展让许多客户开始设计自己的人工智能芯片，导致 NVIDIA 失去了很大一部分市场份额。

The Competitive Landscape Shifts

竞争格局发生变化

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.

英特尔和谷歌最近分别推出了 Gaudi 3 和 Axion 芯片，进一步加剧了对 NVIDIA 的竞争。这些新芯片可与 NVIDIA 最近推出的 Blackwell AI 芯片相媲美。

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."

主要客户的流失和强大竞争对手的出现无疑是导致NVDA股价近期暴跌的原因之一。然而，至关重要的是要认识到，这种低迷反映了人工智能市场动态的变化，而不是“人工智能泡沫”的破裂。

The AI Market's True State

人工智能市场的真实状况

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.

放弃 NVIDIA 服务并不意味着对 AI 解决方案的需求下降，而是表明随着公司寻求对其 AI 基础设施拥有更大的控制权，市场已经成熟。这种演变标志着健康的进步而不是崩溃。

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.

竞争的涌入可能会推动 NVIDIA 进行创新和适应，从而培育出更加强大和多样化的人工智能生态系统。此外，它为客户提供了更大的灵活性和选择，最终使整个行业受益。

Conclusion

结论

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.

尽管近期市场波动引发担忧，但仍需保持平衡的视角。所谓的“人工智能泡沫”远未破裂，仍然是一个快速发展且前景广阔的领域。 NVIDIA 面临的挑战凸显了人工智能领域的变革性，但并没有削弱该技术的长期潜力。