BV1NhEe6REQY · 浑水摸鱼清源1 00:00:00,080 --> 00:00:02,100 大家有没有注意到墙上的所有人 2 00:00:02,100 --> 00:00:06,540 街道上完全沉迷于猜测下一款英伟达会是什么 3 00:00:06,540 --> 00:00:06,940 你知道的 4 00:00:06,940 --> 00:00:09,419 每周都有分析师推出新的英伟达杀手级产品 5 00:00:09,419 --> 00:00:11,169 或者一些炒作的股票 6 00:00:11,169 --> 00:00:14,289 但下一个万亿级AI巨头 7 00:00:14,289 --> 00:00:16,530 可能根本没有在和英伟达竞争 8 00:00:16,530 --> 00:00:18,989 如果英伟达的CEO 9 00:00:18,989 --> 00:00:22,850 黄仁勋刚刚在T26大会上登台 10 00:00:22,850 --> 00:00:24,710 打断了另一家公司的CEO 11 00:00:24,710 --> 00:00:29,689 并向全世界宣布这将是下一个万亿级公司 12 00:00:29,689 --> 00:00:30,888 他确实这么做了 13 00:00:30,888 --> 00:00:32,689 而且他不是在假设 14 00:00:32,689 --> 00:00:33,088 嗯 15 00:00:33,088 --> 00:00:36,020 黄仁勋在谈论Marvel技术 16 00:00:36,020 --> 00:00:39,740 当一个领导万亿级AI帝国的人 17 00:00:39,740 --> 00:00:42,100 为这样的公司背书 18 00:00:42,100 --> 00:00:46,899 整个科技行业都会停下来审视数据 19 00:00:46,899 --> 00:00:50,579 Marvel的股价在黄仁勋发言后飙升超30% 20 00:00:50,579 --> 00:00:52,960 在这期视频中我们将解析 21 00:00:52,960 --> 00:00:56,619 黄仁勋为何做出这一惊人预测 22 00:00:56,619 --> 00:00:57,820 这为何如此疯狂 23 00:00:57,820 --> 00:01:01,280 瑞秋，黄仁勋在台上不只是口头称赞 24 00:01:01,280 --> 00:01:05,719 他还在宣布前几周提供了资金支持 25 00:01:05,719 --> 00:01:11,290 英伟达直接向Marvel注资20亿美元 26 00:01:11,290 --> 00:01:13,049 可转换优先股 27 00:01:13,049 --> 00:01:15,670 这是重大战略联盟 28 00:01:15,670 --> 00:01:19,390 当半导体领域的巨头告诉你 29 00:01:19,390 --> 00:01:23,810 这家公司掌握下一代AI基础设施的核心 30 00:01:23,810 --> 00:01:25,010 你不能忽视 31 00:01:25,010 --> 00:01:25,930 必须重视 32 00:01:25,930 --> 00:01:31,789 在深入分析Marvel最新财报前 33 00:01:31,789 --> 00:01:35,439 请帮忙点击订阅并开启通知 34 00:01:35,439 --> 00:01:39,659 我们每周追踪这些高增长科技趋势和企业联盟 35 00:01:39,659 --> 00:01:42,909 确保你不错过改变人生的市场机会 36 00:01:42,909 --> 00:01:43,950 点赞支持 37 00:01:43,950 --> 00:01:46,870 准备好一起看数据了 38 00:01:47,189 --> 00:01:47,629 是的 39 00:01:47,629 --> 00:01:48,250 嗯 40 00:01:48,250 --> 00:01:50,390 在深入数据前 41 00:01:50,390 --> 00:01:53,939 必须理解Marvel为何加速发展 42 00:01:53,939 --> 00:01:58,579 我们需要回顾公司近年转型 43 00:01:58,579 --> 00:02:02,400 Marvel曾以传统企业网络 44 00:02:02,400 --> 00:02:03,480 运营商基础设施 45 00:02:03,480 --> 00:02:04,620 硬盘存储闻名 46 00:02:04,620 --> 00:02:09,009 但已转型为AI基础设施巨头 47 00:02:09,009 --> 00:02:13,219 现代云数据中心的构建 48 00:02:13,219 --> 00:02:16,360 计算处理器只是半壁江山 49 00:02:16,360 --> 00:02:17,719 另一半是通信效率 50 00:02:17,719 --> 00:02:22,180 即数千分布式节点如何高效互联 51 00:02:22,180 --> 00:02:26,819 他们能以多快的速度共享数据而不引发巨大瓶颈 52 00:02:26,819 --> 00:02:30,319 而通信层正是美光科技介入的地方 53 00:02:30,319 --> 00:02:31,280 所以也许何塞 54 00:02:31,280 --> 00:02:34,879 你可以深入研究他们最近公布的Q1数据 55 00:02:34,879 --> 00:02:40,139 因为美光科技的财务增长故事变得相当疯狂 56 00:02:40,139 --> 00:02:40,680 是的 57 00:02:40,680 --> 00:02:41,080 我意思是 58 00:02:41,080 --> 00:02:44,699 美光的AI故事确实充满活力 59 00:02:44,699 --> 00:02:46,979 当我们看第一季度财政数据时 60 00:02:46,979 --> 00:02:48,000 2027财年财报 61 00:02:48,000 --> 00:02:51,969 他们创下了24.18亿美元的纪录 62 00:02:51,969 --> 00:02:55,149 同比增长约28% 63 00:02:55,149 --> 00:02:56,729 但关键区别在于 64 00:02:56,729 --> 00:02:58,229 就像瑞秋之前提到的 65 00:02:58,229 --> 00:03:02,149 他们主要以传统企业网络运营商基础设施闻名 66 00:03:02,149 --> 00:03:09,300 但现在超过76%的美光业务来自数据中心基础设施 67 00:03:09,300 --> 00:03:11,819 该业务板块贡献了183亿美元 68 00:03:11,819 --> 00:03:14,399 占总收入的大部分 69 00:03:14,399 --> 00:03:17,038 这不是单季度偶然现象 70 00:03:17,038 --> 00:03:21,759 这里的加速增长正引发机构大量买入 71 00:03:21,759 --> 00:03:24,099 2027财年全年 72 00:03:24,099 --> 00:03:30,120 美光预计总收入将增长40%至115亿美元 73 00:03:30,120 --> 00:03:33,780 管理层预计增速将进一步加快 74 00:03:33,780 --> 00:03:37,500 2028财年将达165亿美元 75 00:03:37,500 --> 00:03:43,340 明年在已超百亿美元基础上实现45%增长 76 00:03:43,340 --> 00:03:44,919 想想这背后的数学 77 00:03:44,919 --> 00:03:47,159 通常科技公司规模扩大后 78 00:03:47,159 --> 00:03:51,930 增长比例会因规模效应自然放缓 79 00:03:51,930 --> 00:03:54,150 但美光正反其道而行 80 00:03:54,150 --> 00:03:58,308 数据中心增速从46%提升至50% 81 00:03:58,308 --> 00:04:01,909 预计明年达55% 82 00:04:01,909 --> 00:04:05,650 原因很简单他们不只销售单一产品 83 00:04:05,650 --> 00:04:06,330 他们掌握 84 00:04:06,330 --> 00:04:10,099 AI数据中心世界的整体架构 85 00:04:10,099 --> 00:04:10,460 是的 86 00:04:10,460 --> 00:04:15,759 这种结构性优势正是美光战略规划的核心 87 00:04:15,759 --> 00:04:19,199 在2026年Evercore全球TMT会议上 88 00:04:19,199 --> 00:04:24,740 他们重点强调的第一个增长支柱是定制芯片 89 00:04:24,740 --> 00:04:26,120 和xPU附加率 90 00:04:28,560 --> 00:04:33,660 可将xPU视为各类定制AI加速器的统称 91 00:04:33,660 --> 00:04:36,199 像谷歌、微软 92 00:04:36,199 --> 00:04:37,100 Meta、亚马逊 93 00:04:37,100 --> 00:04:38,649 这些超大规模企业 94 00:04:38,649 --> 00:04:41,709 不愿为所有内部任务购买标准图形芯片 95 00:04:41,709 --> 00:04:43,389 每个任务都使用现成芯片 96 00:04:43,389 --> 00:04:44,209 成本过高 97 00:04:44,209 --> 00:04:46,740 无法完全适配其算法 98 00:04:46,740 --> 00:04:47,120 嗯 99 00:04:47,120 --> 00:04:50,319 因此他们需要定制化芯片 100 00:04:50,319 --> 00:04:55,060 这正是为他们专有的内部AI模型量身定制的 101 00:04:55,060 --> 00:04:56,680 因此Marvell正在行动 102 00:04:56,680 --> 00:05:02,250 作为真正为他们构建定制X系列的专业工程公司 103 00:05:02,250 --> 00:05:04,029 在财年27年 104 00:05:04,029 --> 00:05:05,029 这项定制业务 105 00:05:05,029 --> 00:05:07,569 他们已突破两亿美元大关 106 00:05:07,569 --> 00:05:09,740 这实现了20%的同比增长率 107 00:05:09,740 --> 00:05:10,399 但我想 108 00:05:10,399 --> 00:05:12,459 当我们进入财年2028年 109 00:05:12,459 --> 00:05:17,079 这是他们寻求业务重大拐点的时候 110 00:05:17,079 --> 00:05:18,839 是的，再提醒一下 111 00:05:18,839 --> 00:05:20,560 我们一直强调财年2028年 112 00:05:20,560 --> 00:05:22,459 如果将其转换为日历年度 113 00:05:22,459 --> 00:05:24,160 提前约一年 114 00:05:24,160 --> 00:05:28,459 Marvell的财年2028年对应日历年的2027年 115 00:05:28,459 --> 00:05:31,560 毕竟当我们提到2028年时 116 00:05:31,560 --> 00:05:32,860 有些投资者可能会听后说 117 00:05:32,860 --> 00:05:33,060 哇 118 00:05:33,060 --> 00:05:34,420 这似乎还很遥远 119 00:05:34,420 --> 00:05:36,420 但实际上提前了一年 120 00:05:36,420 --> 00:05:36,740 是的 121 00:05:36,740 --> 00:05:37,288 嗯 122 00:05:37,288 --> 00:05:37,869 现在 123 00:05:37,869 --> 00:05:41,689 管理层表示客户收入预计翻倍增长 124 00:05:41,689 --> 00:05:44,839 在财年2028年将超过40亿美元 125 00:05:44,839 --> 00:05:50,029 由三大市场引擎同时发力驱动 126 00:05:50,029 --> 00:05:50,629 首先 127 00:05:50,629 --> 00:05:54,230 现有的定制XPU项目正在规模化 128 00:05:54,230 --> 00:06:00,500 首个定制XPU项目广为人知的是亚马逊的Tranium芯片 129 00:06:00,500 --> 00:06:01,160 其次 130 00:06:01,160 --> 00:06:02,339 全新层级 131 00:06:02,339 --> 00:06:06,610 一个超大规模XPU项目即将进入量产 132 00:06:06,610 --> 00:06:09,129 许多人预计这将是微软 133 00:06:09,129 --> 00:06:12,240 第三是他们所说的XPU附加方案 134 00:06:12,240 --> 00:06:15,408 这才是真正的利润来源 135 00:06:15,408 --> 00:06:18,249 当云巨头采购定制AI芯片时 136 00:06:18,249 --> 00:06:20,928 他们不会单独将其插入服务器机架 137 00:06:20,928 --> 00:06:25,379 需要Marvell的配套专用组件才能运行 138 00:06:25,379 --> 00:06:27,360 例如CL内存控制器 139 00:06:27,360 --> 00:06:28,360 定制网络卡 140 00:06:28,360 --> 00:06:31,569 安全加速器和高速PCIe交换机 141 00:06:31,569 --> 00:06:36,819 目前Marvell已有十余个附加项目进入量产 142 00:06:36,819 --> 00:06:39,259 等到财年2029年 143 00:06:39,259 --> 00:06:44,600 Marvell目标仅定制硅片收入就超100亿美元 144 00:06:44,600 --> 00:06:49,579 其长期模型预计将占据这一500亿美元市场的20%以上份额 145 00:06:49,579 --> 00:06:51,889 五千亿总可寻址市场 146 00:06:51,889 --> 00:06:55,259 当与云巨头锁定架构设计时 147 00:06:55,259 --> 00:06:58,339 收入往往极具粘性 148 00:06:58,339 --> 00:07:02,139 无法一夜之间被竞争对手取代 149 00:07:02,139 --> 00:07:02,699 嗯 150 00:07:02,699 --> 00:07:04,459 另一个要记住的是你知道的 151 00:07:04,459 --> 00:07:06,639 如果你觉得定制硅胶听起来很夸张 152 00:07:06,639 --> 00:07:10,040 漫威的核心业务一直是以光互连技术为主 153 00:07:10,040 --> 00:07:14,980 这项技术允许数据通过光波而非缓慢的铜线传输 154 00:07:14,980 --> 00:07:17,360 而在我之前提到的核心会议上 155 00:07:17,360 --> 00:07:23,250 Marvell的管理层将其分解为三个明确扩展的市场 156 00:07:23,250 --> 00:07:24,670 他们称之为横向扩展 157 00:07:24,670 --> 00:07:26,779 横向扩展和纵向扩展 158 00:07:26,779 --> 00:07:29,660 但让我们先从横向扩展部分开始 159 00:07:29,660 --> 00:07:32,519 这是他们标准的PAM4 DSP业务 160 00:07:32,519 --> 00:07:35,259 所以当你构建一个庞大的AI集群 161 00:07:35,259 --> 00:07:37,569 需要数千个GPU相互通信 162 00:07:39,189 --> 00:07:42,569 漫威的八百吉比特产品目前完全主导市场 163 00:07:42,569 --> 00:07:44,610 这是他们的下一代产品 164 00:07:44,610 --> 00:07:47,459 六太比特产品正在积极扩产 165 00:07:47,459 --> 00:07:50,759 因此他们的整体互连业务 166 00:07:50,759 --> 00:07:53,588 同比增长超过70% 167 00:07:53,588 --> 00:07:58,279 目前已完全超出管理层的预期指引 168 00:07:58,279 --> 00:07:59,240 嗯，何塞 169 00:07:59,240 --> 00:08:02,199 或许你可以更深入分析规模扩展方面 170 00:08:02,199 --> 00:08:04,279 现在需要扩大业务的一部分 171 00:08:04,279 --> 00:08:06,839 这正在改变美光的游戏规则 172 00:08:06,839 --> 00:08:07,339 是的 173 00:08:07,339 --> 00:08:08,120 瑞秋你提到了 174 00:08:08,120 --> 00:08:08,399 呃 175 00:08:08,399 --> 00:08:08,600 你 176 00:08:08,600 --> 00:08:10,000 你提出了这三个不同的 177 00:08:10,000 --> 00:08:10,279 呃 178 00:08:10,279 --> 00:08:10,819 市场对吧 179 00:08:10,819 --> 00:08:11,319 技能展示 180 00:08:11,319 --> 00:08:12,519 跨技能并规模化扩展 181 00:08:12,519 --> 00:08:14,819 同时我们还需要更详细地解释一下 182 00:08:14,819 --> 00:08:16,759 瑞秋在 scout 方面做得非常出色 183 00:08:16,759 --> 00:08:19,009 所谓横向扩展是指拥有多个服务器 184 00:08:19,009 --> 00:08:21,889 并且能够连接到这些多台服务器 185 00:08:21,889 --> 00:08:23,970 服务器之间的网络连接 186 00:08:23,970 --> 00:08:25,519 这就是横向扩展 187 00:08:25,519 --> 00:08:30,480 纵向扩展则是尝试在单个服务器内增加芯片密度 188 00:08:30,480 --> 00:08:31,399 你正在进行纵向扩展 189 00:08:31,399 --> 00:08:34,029 单个机架能容纳多少芯片 190 00:08:34,029 --> 00:08:34,509 现在 191 00:08:34,509 --> 00:08:36,509 横跨这里的是一件庞大的事物 192 00:08:36,509 --> 00:08:38,029 这目前还相当新颖 193 00:08:38,029 --> 00:08:43,328 至少在AI领域的兴奋中，单个数据中心已不再足够 194 00:08:43,328 --> 00:08:47,509 因此现在你需要能够扩展到其他数据中心 195 00:08:47,509 --> 00:08:52,870 并尝试连接它们使其看起来像一个单一的巨大数据中心 196 00:08:52,870 --> 00:08:56,409 因为目前单个数据中心受限于电力 197 00:08:56,409 --> 00:08:57,750 受限于冷却能力 198 00:08:57,750 --> 00:09:01,899 还有许多其他因素需要能够跨多地点扩展 199 00:09:01,899 --> 00:09:05,568 同时仍能保持相同的效率 200 00:09:05,568 --> 00:09:09,620 因此这需要比普通网络高十倍的带宽 201 00:09:09,620 --> 00:09:10,299 漫威 202 00:09:10,299 --> 00:09:13,340 刚刚建成了行业首个安全一点的设施 203 00:09:13,340 --> 00:09:19,169 采用先进2纳米制造工艺的六太比特数据中心互连模块 204 00:09:19,169 --> 00:09:20,629 今年晚些时候将开始试产 205 00:09:20,629 --> 00:09:27,909 管理层预计该业务在财年2028年将实现年化10亿美元的营收规模 206 00:09:27,909 --> 00:09:32,230 相比财年2026年的5亿美元大幅增长 207 00:09:32,230 --> 00:09:35,269 然后需要进行规模扩展，这我们之前讨论过光子技术 208 00:09:35,269 --> 00:09:38,929 管理层将其称为最具战略意义的长期布局 209 00:09:38,929 --> 00:09:43,078 他们完成了对Celestial I公司的收购 210 00:09:43,078 --> 00:09:45,379 以巩固硅光子技术 211 00:09:45,379 --> 00:09:49,870 使数据能在服务器内部通过光信号传输 212 00:09:49,870 --> 00:09:53,669 T1超算客户已锁定其大规模量产 213 00:09:53,669 --> 00:09:59,110 该业务预计今年底单季将达5亿美元 214 00:09:59,110 --> 00:10:03,109 明年同期将激增至10亿美元 215 00:10:03,109 --> 00:10:06,149 我们在光子领域显然备受市场关注 216 00:10:06,149 --> 00:10:08,688 而美满电子正在积极布局这一领域 217 00:10:08,688 --> 00:10:14,299 我还想回到我们最初提到的与英伟达的战略合作 218 00:10:14,299 --> 00:10:15,940 当黄仁勋在台上称赞你们的技术时 219 00:10:15,940 --> 00:10:19,080 市场自然会高度关注 220 00:10:19,080 --> 00:10:21,419 嗯 221 00:10:21,419 --> 00:10:21,840 但正如我们提到的英伟达 222 00:10:21,840 --> 00:10:23,100 他们不仅口头支持美满 223 00:10:23,100 --> 00:10:25,299 更投入了实质性资本 224 00:10:25,299 --> 00:10:27,609 以20亿美元的投资 225 00:10:27,609 --> 00:10:30,068 我想进一步探讨这项合作 226 00:10:30,068 --> 00:10:32,408 因为它涵盖多个关键领域 227 00:10:32,408 --> 00:10:35,068 首先 228 00:10:35,068 --> 00:10:36,100 英伟达与美满在硅光子技术扩展方面深度合作 229 00:10:36,100 --> 00:10:41,460 网络领域 230 00:10:41,460 --> 00:10:42,279 这是我们两人重点讨论的内容 231 00:10:42,279 --> 00:10:44,559 现在 232 00:10:44,559 --> 00:10:44,840 其次 233 00:10:44,840 --> 00:10:46,179 整合名为NVIDIA Envy Link Fusion的技术 234 00:10:46,179 --> 00:10:49,200 这对云服务商来说是重大利好 235 00:10:49,200 --> 00:10:52,320 因为 236 00:10:52,320 --> 00:10:52,799 这意味着美满的定制芯片 237 00:10:52,799 --> 00:10:54,799 可以直接对接英伟达的专有基础设施 238 00:10:54,799 --> 00:10:58,678 在此之前超算客户必须二选一 239 00:10:58,678 --> 00:11:01,700 要么全盘采用英伟达封闭生态 240 00:11:01,700 --> 00:11:04,220 要么自研定制芯片 241 00:11:04,220 --> 00:11:06,440 因此美满在此充当了桥梁角色 242 00:11:06,440 --> 00:11:09,299 允许客户混合搭配定制硅片与英伟达商用硬件 243 00:11:09,299 --> 00:11:15,019 同时为云服务商提供完整架构灵活性 244 00:11:15,019 --> 00:11:19,779 而美满正处于核心位置 245 00:11:19,779 --> 00:11:22,120 本质上收取数据传输的过路费 246 00:11:22,120 --> 00:11:23,600 每传输一个数据包 247 00:11:23,600 --> 00:11:27,120 是的 248 00:11:27,600 --> 00:11:28,039 绝对没错 249 00:11:28,039 --> 00:11:28,460 完全正确 250 00:11:28,460 --> 00:11:31,679 这直接关联到第五支柱——回溯分析 251 00:11:31,679 --> 00:11:35,299 也就是人工智能的显著世俗信号 252 00:11:35,299 --> 00:11:36,700 在德州 253 00:11:36,700 --> 00:11:42,299 詹森·旺指出行业正从人工智能早期阶段转型 254 00:11:42,299 --> 00:11:45,600 用户只需向聊天机器人提出单个问题 255 00:11:45,600 --> 00:11:47,700 我们正进入人工智能时代 256 00:11:47,700 --> 00:11:51,509 需要编排系统协同运作的智能体 257 00:11:51,509 --> 00:11:53,529 使用工具并访问内存 258 00:11:53,529 --> 00:11:58,950 这会触发集群中数十个自动化后台查询 259 00:11:58,950 --> 00:12:00,299 解决多步骤复杂任务 260 00:12:00,299 --> 00:12:02,299 而这正是美满电子科技的优势所在 261 00:12:02,299 --> 00:12:04,960 我们之前讨论的人工智能基础设施 262 00:12:04,960 --> 00:12:09,000 所有这些智能体都需要访问全部算力 263 00:12:09,000 --> 00:12:14,809 各种工具和网络数据处理至关重要 264 00:12:14,809 --> 00:12:15,730 在最近的会议上 265 00:12:15,730 --> 00:12:19,330 出现了来自 hentai 的数据流量激增 266 00:12:19,330 --> 00:12:20,809 但尚未完全建成 267 00:12:20,809 --> 00:12:24,259 分析师对硬件公司的财务指引 268 00:12:24,259 --> 00:12:28,379 更复杂的智能请求将引发数据流量爆炸 269 00:12:28,379 --> 00:12:30,960 需要更多光互连技术 270 00:12:30,960 --> 00:12:34,179 更长的上下文窗口和更多内存控制器 271 00:12:34,179 --> 00:12:36,919 这对美满电子科技是巨大利好 272 00:12:36,919 --> 00:12:37,600 为什么呢 273 00:12:37,600 --> 00:12:43,120 或许有人认为美满在财务数据上过于保守 274 00:12:43,120 --> 00:12:44,789 未来三年 275 00:12:44,789 --> 00:12:45,590 是的 276 00:12:45,590 --> 00:12:46,230 总之 277 00:12:46,230 --> 00:12:46,490 显然 278 00:12:46,490 --> 00:12:47,909 我们非常看好 279 00:12:47,909 --> 00:12:48,309 嗯 280 00:12:48,309 --> 00:12:48,809 美满电子科技 281 00:12:48,809 --> 00:12:51,139 但也要注意 282 00:12:51,139 --> 00:12:51,539 你知道的 283 00:12:51,539 --> 00:12:52,840 暂时换个角度思考 284 00:12:52,840 --> 00:12:55,980 始终要评估业务的潜在风险 285 00:12:55,980 --> 00:12:59,450 确实存在几个需要关注的风险 286 00:12:59,450 --> 00:13:01,289 作为美满投资者 287 00:13:01,289 --> 00:13:03,830 或考虑投资该股票 288 00:13:03,830 --> 00:13:09,000 最大的风险无疑是客户集中度和执行能力 289 00:13:09,000 --> 00:13:09,200 没错 290 00:13:09,200 --> 00:13:11,379 看他们的定制芯片业务 291 00:13:11,379 --> 00:13:15,669 主要服务少数顶级云服务商 292 00:13:15,669 --> 00:13:18,549 如果硬件更新延迟 293 00:13:18,549 --> 00:13:18,889 或者 294 00:13:18,889 --> 00:13:20,950 设计布局调整 295 00:13:20,950 --> 00:13:23,220 或这些科技巨头削减开支 296 00:13:23,220 --> 00:13:24,620 他们可能节省成本 297 00:13:24,620 --> 00:13:28,669 将直接影响美满营收 298 00:13:28,669 --> 00:13:29,070 嗯 299 00:13:29,070 --> 00:13:31,409 估值方面也值得探讨 300 00:13:31,409 --> 00:13:31,710 对 301 00:13:31,710 --> 00:13:32,289 英伟达 302 00:13:32,289 --> 00:13:33,950 显然拥有非凡的 303 00:13:33,950 --> 00:13:34,909 人工智能布局 304 00:13:34,909 --> 00:13:38,590 这也是我们看到股票如此受追捧的原因 305 00:13:38,590 --> 00:13:41,239 并且交易在溢价倍数 306 00:13:41,239 --> 00:13:44,938 相比该领域许多传统公司 307 00:13:44,938 --> 00:13:49,529 这意味着大量增长可能已计入 308 00:13:49,529 --> 00:13:50,940 当前股价中 309 00:13:50,940 --> 00:13:54,179 你知道其市盈率约为九十倍 310 00:13:54,179 --> 00:13:55,879 在我们录制时 311 00:13:55,879 --> 00:13:57,419 前瞻市盈率 312 00:13:57,419 --> 00:13:59,049 约六十倍 313 00:13:59,049 --> 00:13:59,509 没错 314 00:13:59,509 --> 00:14:01,049 这是一个慷慨的估值倍数 315 00:14:01,049 --> 00:14:03,820 所以我可能过于乐观了 316 00:14:03,820 --> 00:14:04,320 呃 317 00:14:04,320 --> 00:14:07,000 你知道作为投资者必须正视这一点 318 00:14:07,000 --> 00:14:10,210 我们持续看到许多AI股票存在这种情况 319 00:14:10,210 --> 00:14:12,730 我认为这正是高确定性 320 00:14:12,730 --> 00:14:13,730 高执行力的故事 321 00:14:13,730 --> 00:14:16,230 你知道必须密切关注季度财报 322 00:14:16,230 --> 00:14:20,539 紧密跟踪管理层的工程进度 323 00:14:20,539 --> 00:14:22,519 我个人非常看好这家公司 324 00:14:22,519 --> 00:14:25,960 但也想重点强调这些因素 325 00:14:25,960 --> 00:14:26,460 是的 326 00:14:26,460 --> 00:14:27,159 我同意 327 00:14:27,159 --> 00:14:28,639 你的观点很到位 328 00:14:28,639 --> 00:14:29,940 嗯，这确实 329 00:14:29,940 --> 00:14:32,149 明显定价完美无缺 330 00:14:32,149 --> 00:14:33,750 嗯，而且是英伟达 331 00:14:33,750 --> 00:14:33,990 确实 332 00:14:33,990 --> 00:14:35,409 下一个万亿级公司 333 00:14:35,409 --> 00:14:37,690 在达到万亿估值时 334 00:14:37,690 --> 00:14:39,419 需要漫长时间 335 00:14:39,419 --> 00:14:46,169 而英伟达整合了所有关键基础设施 336 00:14:46,169 --> 00:14:47,830 他们拥有定制芯片 337 00:14:47,830 --> 00:14:50,090 领先的高速光模块 338 00:14:50,090 --> 00:14:51,549 前沿的交换技术 339 00:14:51,549 --> 00:14:54,549 并与英伟达建立战略合作 340 00:14:54,549 --> 00:14:56,190 AI领域的巨头 341 00:14:56,190 --> 00:14:58,669 他们并非单一产品依赖 342 00:14:58,669 --> 00:15:00,529 这里存在投资机会 343 00:15:00,529 --> 00:15:04,009 他们在硬件全栈领域高度多元化 344 00:15:04,009 --> 00:15:07,590 如果你相信AI数据中心将持续扩展 345 00:15:07,590 --> 00:15:10,139 在接下来五年规模扩张 346 00:15:10,139 --> 00:15:15,799 我个人认同这一点，英伟达是当前市场极具吸引力的基建投资标的 347 00:15:15,799 --> 00:15:17,120 现在想听听你们的看法 348 00:15:17,120 --> 00:15:21,100 你认为英伟达能否实现黄仁勋的预测 349 00:15:21,100 --> 00:15:25,230 并在未来十年左右达到万亿估值 350 00:15:25,230 --> 00:15:28,649 或者你是否将资金投入了半导体领域的其他地方 351 00:15:28,649 --> 00:15:30,799 欢迎在评论区分享你的看法 352 00:15:30,799 --> 00:15:31,820 但在你离开之前 353 00:15:31,820 --> 00:15:32,960 请务必点赞支持 354 00:15:32,960 --> 00:15:36,159 记得点击订阅按钮，我们下次再见
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