Imiphumela yakamuva kaNvidia isiphinde yabeka inkampani esikhungweni senkulumompikiswano mayelana nalokhu ubuhlakani bokwenziwa kanye ne kungenzeka ukuqhuma kwebhamuza kulo mkhakha. Inkampani yethule izibalo ezingakaze zibonwe ngaphambili, ngenzuzo nemali engenayo engakaze ibonwe embonini ye-semiconductor, kuyilapho ukungabaza kukhula ngokusimama kwaleli zinga lokukhula.
Ekushicileleni umbiko wayo wekota, uNvidia ukubeke kwacaca ukuthi namuhla isebenza njenge i-thermometer ye- Imakethe ye-AI yomhlaba wonkeIsidingo sama-chips ayo ezikhungo zedatha kanye nezicelo zobuhlakani bokwenziwa kukhulise ukuthengisa nenzuzo, kodwa futhi kwembula ezinye izinkinga zezimali: uhlu lwempahla olukhulayo, ama-akhawunti atholakalayo aphezulu kunokuvamile, kanye nokuthembela okubalulekile kumakhasimende ambalwa amakhulu wobuchwepheshe.
Imali engenayo yomlando kanye nenzuzo eqhutshwa yi-AI
Ngonyaka wayo wakamuva wezimali, kubike inkampani yaseMelika irekhodi lemali engenayo elinganiselwa ku-$57.000 billionLesi sibalo simangaze ngisho nabahlaziyi abanethemba elikhulu ku-Wall Street. Ngaphakathi kwalelo nani, umkhakha wesikhungo sedatha usuyinjini yangempela yebhizinisi, eqhutshwa isiphithiphithi sokutshala izimali kungqalasizinda yobuhlakani bokwenziwa.
Esigabeni sedatha yedatha kuphela, kubike uNvidia Imali engenayo engu-$51.200 billionLokhu kumele ama-66% ukukhuphuka konyaka nonyaka futhi kudlula kalula cishe amabhiliyoni angama-49.000 amadola alindelwe yimakethe. Lokhu kuhlasela kukhombisa ukuthi izinkampani ezinkulu zobuchwepheshe, abahlinzeki bamafu, kanye namafemu e-AI akhiqizayo agxila kanjani ekusetshenzisweni kwehadiwe okukhethekile ukuqeqesha nokusebenzisa amamodeli athuthukile.
Inzuzo yonke iphinde yadonsa ukunaka kwabatshalizimali: UNvidia ufinyelelwe cishe inzuzo eyizigidi eziyizinkulungwane ezingama-32.000 zamaRandiLesi sibalo cishe asikaze sibe khona embonini yama-chip. Isilinganiso senzuzo sikhule ngokushesha, okubonisa ukuthi inkampani yenza imali ngendawo yamanani evumayo kanye nesikhundla esiphezulu sokuncintisana.
Ngemuva kwalezi zibalo kukhona impumelelo yokuhweba yezitayela zezakhiwo ezifana UBlackwell noRubinyakhelwe ngqo imithwalo yemisebenzi ye-AI. Inkampani iphinde yaqinisekisa ukuthi ilindele cishe U-$500.000 wezigidigidi emalini engenayo ehlanganisiwe yesikhathi esizayo ehlotshaniswa nale mindeni yomkhiqizo, ukuqagela okuthi, uma kufeziwe, kungahlanganisa i-Nvidia njengomunye wabadlali abanenzuzo enkulu kuyo yonke imboni yezobuchwepheshe.
Enye yama-chips adingeka kakhulu kukhathalogi yamanje yi- I-GB300osekuvele kubalwa cishe izingxenye ezimbili kwezintathu zakho konke ukuthengiswa komugqa wakwaBlackwell. Ngaphezu kwalokho, inkampani iyakugcizelela lokho Izivumelwano zakamuva nezinkampani ze-AI ezifana ne-HUMAIN ne-Anthropic Azifakiwe nakuleso sibikezelo sesigidi sesigidi samadola, okuphakamisa amathuba okukhula okwengeziwe uma isidingo sihlala siqinile.
Izithunzi ezingemuva kwezinombolo: amaqoqo, i-inventory kanye nokugeleza kwemali
Ngokuhambisana nesihloko esikhulu semali engenayo erekhodiwe, izitatimende zezimali zembula idatha ethile abatshalizimali abaqaphe kakhulu abayihlolisisayo. Okunye kwalokhu ukwanda okukhulu kwe... Ama-akhawunti atholakalayo, emi cishe ku-$33.400 billionLe nto ibonisa umthamo wokuthengiswa okwenziwa ngesikweletu inkampani engakayiqoqi.
Okuhlobene nalelo nani i-Days Sales Outstanding (DSO) metric, ebonisa ukuthi kuthatha isikhathi esingakanani, ngokwesilinganiso, ukuthi inkampani iguqule lokho kuthengiswa kube ukheshi. Endabeni kaNvidia, lelo silinganiso senyukele cishe cishe izinsuku ezingama-53Leli izinga abanye ochwepheshe abalithatha njengeliphezulu ngendawo ekhula ngokushesha kangaka futhi elingase libe umthombo wokushuba kwesimo uma kukhona ukwehla kwesidingo.
Enye into egqamayo wukwanda kwenani i-inventories, esevele izungeze ama-dollar ayizigidi eziyizinkulungwane ezingu-20.000Le volumu iphambene nenkulumo evamile mayelana "nesidingo esikhulu kakhulu" sama-GPU nemishini ye-AI. Kubahlaziyi abaningana, iqiniso lokuthi uhlu lwezimpahla lukhula ngokushesha okungaka lungabonisa umzamo wokulindela ama-oda wesikhathi esizayo noma, esimweni esibi kakhulu, ubungozi bokuthi esinye saleso sitoko sizothatha isikhathi eside kunokulindelekile ukuthi sifinyelele emakethe.
Naphezu kwenzuzo enkulu yokubalwa kwezimali, i- ukuhamba kwemali kusuka ekusebenzeni Yahlala yazungeza Ama-dollar ayi-23.700Leli gebe phakathi kwenzuzo nokukhiqizwa kwemali ngokuvamile liphakamisa ukukhathazeka, njengoba liphakamisa ukuthi ingxenye enkulu yemiphumela ayikaguqulwa ibe yimali etholakalayo.
Kubatshalizimali bezikhungo, le datha ipenda isithombe esixubile: ngakolunye uhlangothi, inkampani ehola ngokungangabazeki imakethe ye-chip ye-AI futhi ishaya izibikezelo ikota nekota; ngakolunye, izisekelo eziqala ukukhombisa izimpawu zokuxineka emaqoqweni, ohlwini lwezimpahla kanye nokuguqulwa kwenzuzo ibe yimali yangempela.
Ukuncika kwidlanzana lamakhasimende amakhulu e-AI
Izinga lokukhula elimangalisayo le-Nvidia lixhumene kakhulu ne- ukutshalwa kwezimali kusuka kwinombolo ekhawulelwe ye-AI namafu amakhulukaziIzinkundla ezinkulu zobuchwepheshe, amalabhorethri amamodeli akhiqizayo, nabahlinzeki besevisi yamafu benza ingxenye enkulu yama-oda ama-GPU namasistimu aphelele.
Ochwepheshe bezimboni baveza ukuthi lokhu kugxilisa ingqondo kunengozi ecacile: uma enye yalezi zinkampani inquma behlise ijubane izinhlelo zabo zokusebenzisa ingqalasizindaUmthelela kuma-akhawunti kaNvidia ungaba mkhulu. Akubona nje ubukhulu bama-oda, kodwa futhi nesivinini lapho isamba semali eyizigidi eziningi sinikelwa esizeni esakhiwa.
Ezinye izimali zokutshala izimali seziqalile ukuveza ngokukhululekile ukukhathazeka kwazo mayelana neqiniso lokuthi imboni ye-AI iyakhula, ngokubona kwabo, ngokushesha kunekhono lokukhiqiza inzuzo yangempela kumakhasimende wokugcinaNgamanye amazwi, kwakhiwa ingqalasizinda enkulu yekhompiyutha ngaphandle kokuthi kucace ngokuphelele ukuthi amamodeli amabhizinisi ahambisana nawo azoba nenzuzo eyanele yini esikhathini esimaphakathi.
Kulo mongo, uNvidia uhlala engowolwazi "King of AI chips"Kodwa futhi yinkampani ekwazi ukuzwa imiphumela yanoma yikuphi ukulungiswa kuqala. Uma isidingo se-GPU sihamba kancane, kungakhathaliseki ukuthi kungenxa yokuvuthwa kwemakethe noma ukuncishiswa kwemali yizinkampani ezinkulu zobuchwepheshe, ukuthengiswa kwenkampani kuzoba nomthelela oqondile.
Okwamanje, abaphathi bakaNvidia bagcizelela ukuthi isidingo siyaqhubeka nokudlula ukunikezwa ngezigaba eziningi nokuthi Ukusalela emuva kwama-oda azibophezele kuhlala kuqinileKodwa-ke, inhlanganisela yokukhuphuka kwempahla nokuncika kumakhasimende ambalwa amakhulu kakhulu kwenza kube nesidingo sokuqapha ngokuseduze ukuvela kwalezi zinkontileka ezindaweni ezizayo.
Umbono kaJensen Huang: ukukhula kwesakhiwo, hhayi ibhamuza
Ephendula amazwi aqhathanisa i-AI boom yamanje neziqephu ezedlule ze-euphoria yezobuchwepheshe, i-CEO ye-Nvidia, U-Jensen Huang uphikisa ukuthi asibhekene nebhamuza lakudala.Esethulweni semiphumela yakamuva, isikhulu saphikisa ngokuthi okwenzekayo kuwuguquko olujulile lwengqalasizinda ye-IT yomhlaba wonke, nemiphumela ezonwebeka iminyaka.
U-Huang uthi ukhiye usekutheni Izimboni zilawula umthamo omkhulu wedatha nezibalo eziyinkimbinkimbiImikhakha efana nezokuxhumana, ezezimali, ezempilo, ezezimoto, nezokukhiqiza ihlanganisa i-AI ukuze izenzele izinqubo, ithuthukise ukuthathwa kwezinqumo, futhi ivule imigqa yebhizinisi esanda kubonakala njengenganekwane yesayensi.
Enhliziyweni yenkulumo yakhe kuvela umqondo we "I-Agent AI"Lezi zinhlelo ziyakwazi ukusebenza ngokungenelela kwabantu okuncane kakhulu, zilawule ngokuzimele imisebenzi eyinkimbinkimbi. Ngokuka-Huang, ukuthunyelwa ngobuningi kwalezi zinhlobo zama-ejenti ahlakaniphile kuzodinga umthamo omkhulu kakhulu wekhompiyutha kunamanje, okusho ukuthi isidingo sama-chips asebenza kahle kakhulu namapulatifomu e-AI sizoqhubeka sikhula isikhathi eside.
Isikhulu siveza ukuthi lolu shintsho aluyona nje imfashini yemakethe yamasheya, kodwa a ukucabanga kabusha kwesakhiwo kokuthi izikhungo zedatha nengqalasizinda yedijithali kwakhiwa kanjaniNgokombono wabo, ukutshalwa kwezimali kwamanje ku-AI hardware kanye nesofthiwe kusabela ezidingweni zangempela zebhizinisi kanye nokulindelwe ukusebenza kahle, kunokuba nje ube nomdlandla wokuqagela.
Noma kunjalo, u-Huang uyavuma ukuthi abadlali bemakethe kufanele bahlole ngokucophelela ukuthi yiziphi izingxenye zochungechunge lwenani olunikezwa kakhulu. ukuqinaKusukela kuzikhungo zedatha yenyama ngokwazo kuye ku- izinhlaka zokuqeqeshwa eziyimodeliokuhlanganisa izinsiza zamafu nezixazululo zesofthiwe. I-Nvidia ihlose ukuhlala ku- inhliziyo yaleyo ecosystem ngenhlanganisela yayo yama-GPU, amanethiwekhi, nezinkundla zokuthuthukisa.
Ukusabela kwamabhange amakhulu kanye nezimpawu kubatshalizimali baseYurophu
Amabhange amakhulu okutshalwa kwezimali kwamazwe ngamazwe asabela kahle kakhulu emalini etholwa yi-Nvidia yakamuva, nakuba engazifihli ubungozi obuhambisana nawo. izibalo ezinjalo ezingavamileAbahlaziyi bayavuma ukuthi inkampani igcina inzuzo yokuncintisana ebanzi kunezimbangi zayo, kodwa iyahluka ngezinga lokulinganisa abalibheka njengeliphusile ngemva komhlangano oqinile wezimakethe zamasheya weminyaka yakamuva.
German Bank Ikhethe ukugcina isincomo "sokubamba" kanye nenani eliqondiwe nxazonke $ 215 ngesabelo ngasinyeAbahlaziyi bayo bakholelwa ukuthi igebe nabaqhudelana nabo "lizokwanda," kodwa bayakwazisa ukuthi, ngamanani amanje, isitoko sisebangeni elicinene ngokuqhathaniswa namamethrikhi alo ayisisekelo.
Ngasohlangothini olunethemba elikhulu, UMorgan Stanley kanye ne-UBS Baphakamise izinhloso zabo ku- Amadola ka-235Bagcizelele ukuthi uNvidia wengeze cishe ama-dollar ayizigidi eziyizinkulungwane eziyi-10 emalini eyengeziwe, cishe amaRandi ayizigidi eziyizinkulungwane ezintathu ngaphezu kwalokho okulindelwe yimakethe. Lezi zinhlangano zikholelwa ukuthi ukwanda okusheshayo kwengqalasizinda ye-AI yomhlaba wonke kusekela ukukhula okuqhubekayo kwenkampani ezindaweni ezizayo.
Amanye amabhange, njenge UGoldman Sachs noJPMorganSebedlulele phambili ngokubeka inani labo elihlosiwe nxazonke Amadola ka-250 futhi uqinise isincomo sabo sokuthenga. Bakholelwa ukuthi umfutho wokutshalwa kwezimali ku-AI uyaqhubeka nokushesha nokuthi uNvidia usesimweni esikahle sokuthwebula ingxenye ebaluleke kakhulu yalokho kusetshenziswa kwemali okwenyukayo.
Emaphethelweni aphezulu ebangeni, amabhizinisi afana I-Citi, i-Barclays ne-Bank of America Babeka izinhloso zabo phakathi 270 no-275 dollars ngesabelo ngasinye. I-Bank of America, ikakhulukazi, ichaza i-Nvidia ngokuthi "isinqumo esihle kunazo zonke emkhakheni," echaza inhlanganisela ye Isidingo esinamandla, ukuphathwa kahle kokunikezwayo, nezibuyekezo ezikhuphukayo zenzuzo ngesheya ngalinyeKubatshalizimali base-Europe, lezi zilinganiso zinikeza iphuzu elicacile lereferensi lezinga lokulindela imakethe isivele yenza intengo kulo.
Ehlanganiswe ndawonye, ​​ama-akhawunti ka-Nvidia abonisa inkampani ehola umjaho wezobunhloli wokufakelwa Qopha imali engenayo, inzuzo engokomlando, kanye nomthelela okhulayo kungqalasizinda yedijithali yomhlaba wonkeKodwa futhi iyimodeli yebhizinisi engaphansi kwezidingo ezinzima zezezimali futhi isengozini enkulu ezinqumweni zokutshala izimali zamaklayenti ambalwa amakhulu. Njengoba i-AI ihlanganiswa nomnotho wangempela, ukuvela kokugeleza kwemali yayo, ukuphathwa kwempahla, kanye nekhono lokuhlukanisa isisekelo semali engenayo kuzoba yizici ezibalulekile ekunqumeni ukuthi i-boom yamanje iba yindinganiso entsha noma igcina ikhunjulwa njengesiqongo sebhamuza lobuchwepheshe.
