【Ticker Symbol YOU】六月硬件新战局:：我正在买入的增长潜力股

1
00:00:00,000 --> 00:00:02,879
英伟达刚刚公布了有史以来最高的营收

2
00:00:02,879 --> 00:00:04,360
但在所有头条新闻之下

3
00:00:04,360 --> 00:00:06,919
他们正在悄然在两个战线作战

4
00:00:06,919 --> 00:00:09,060
数据中心和边缘计算

5
00:00:09,060 --> 00:00:11,419
这两个市场如今竞争更加激烈

6
00:00:11,419 --> 00:00:13,640
这里充满了优质投资机会

7
00:00:13,640 --> 00:00:15,160
如果你知道该在哪里寻找

8
00:00:15,160 --> 00:00:16,019
我是亚历克斯

9
00:00:16,019 --> 00:00:20,629
我在MIT担任了八年的电气工程师和AI研究员

10
00:00:20,629 --> 00:00:22,809
这帮助我提前发现像英伟达这样的股票

11
00:00:22,809 --> 00:00:26,850
在市场之前就发现了美光、比特大陆

12
00:00:26,850 --> 00:00:31,730
在这期视频中，我将带您了解五个正在推进的重大故事

13
00:00:31,730 --> 00:00:35,250
这些动向正在改变市场并影响哪些股票将大获全胜

14
00:00:35,250 --> 00:00:36,969
所以让我带您看看刚刚发生的事情

15
00:00:36,969 --> 00:00:38,810
以及我如何进行投资布局

16
00:00:38,810 --> 00:00:39,829
您的时间非常宝贵

17
00:00:39,829 --> 00:00:41,729
我们直接进入正题

18
00:00:41,729 --> 00:00:44,509
英伟达在一周多前公布了财报

19
00:00:44,509 --> 00:00:47,219
这是他们有史以来最好的季度业绩

20
00:00:47,219 --> 00:00:48,000
营收达81.6亿美元

21
00:00:48,000 --> 00:00:49,719
收入60亿美元

22
00:00:49,719 --> 00:00:52,409
同比增长85%

23
00:00:52,409 --> 00:00:55,030
但大家都在关注 headline 数字时

24
00:00:55,030 --> 00:01:00,460
英伟达首次在三年历史中做出微调

25
00:01:00,460 --> 00:01:03,579
三年来首次不再单独报告游戏业务

26
00:01:03,579 --> 00:01:06,069
GPU销售作为独立业务板块

27
00:01:06,069 --> 00:01:06,709
相反

28
00:01:06,709 --> 00:01:11,310
构建英伟达帝国的显卡将与PC合并

29
00:01:11,310 --> 00:01:12,310
工作站

30
00:01:12,310 --> 00:01:13,539
游戏主机

31
00:01:13,539 --> 00:01:15,198
机器人和汽车

32
00:01:15,198 --> 00:01:21,269
归入单个边缘计算板块，该板块自身仅占总收入的不到8%

33
00:01:21,269 --> 00:01:23,090
这似乎不是大问题

34
00:01:23,090 --> 00:01:26,090
这只是英伟达调整财报方式

35
00:01:26,090 --> 00:01:31,900
以反映其当前运营的两大AI市场：数据中心和边缘计算

36
00:01:31,900 --> 00:01:37,189
但问题在于边缘计算是庞大且高度竞争的领域

37
00:01:37,189 --> 00:01:41,500
充满希望与英伟达在本土市场竞争的公司

38
00:01:41,500 --> 00:01:42,980
无论是手机

39
00:01:42,980 --> 00:01:43,939
PC

40
00:01:43,939 --> 00:01:45,430
汽车或机器人

41
00:01:45,430 --> 00:01:47,049
像高通

42
00:01:47,049 --> 00:01:47,650
苹果

43
00:01:47,650 --> 00:01:54,549
ARM、AMD甚至英特尔

44
00:01:54,549 --> 00:02:00,109
这些公司几十年来一直在主导边缘计算的不同领域

45
00:02:00,109 --> 00:02:02,090
英伟达的调整报告给了它们比较最强业务部门的机会

46
00:02:02,090 --> 00:02:04,109
与英伟达最弱业务直接对比

47
00:02:04,109 --> 00:02:05,810
获得市场份额优势

48
00:02:05,810 --> 00:02:06,750
并推高股价

49
00:02:06,750 --> 00:02:11,590
因此

50
00:02:11,590 --> 00:02:13,090
英伟达的数据中心业务也面临多方面竞争

51
00:02:13,090 --> 00:02:14,250
他们的首席财务官科

52
00:02:14,250 --> 00:02:14,810
克雷斯

53
00:02:14,810 --> 00:02:16,270
表示最新的费里斯

54
00:02:16,270 --> 00:02:21,860
CPU预计在未来一年将带来约200亿美元的营收

55
00:02:21,860 --> 00:02:26,330
而ARM和高通也刚刚推出了他们的首款数据中心CPU

56
00:02:26,330 --> 00:02:27,849
在推理任务方面

57
00:02:27,849 --> 00:02:30,550
像谷歌这样的公司设计的定制AI芯片

58
00:02:30,550 --> 00:02:35,780
亚马逊和赛博尔斯的芯片在特定工作负载上更便宜且更高效

59
00:02:35,780 --> 00:02:37,939
我要明确说明我的观点

60
00:02:37,939 --> 00:02:42,180
我的观点并非说英伟达会完全失去这些市场

61
00:02:42,180 --> 00:02:46,800
我的观点是竞争对手现在可以直接与英伟达对标

62
00:02:46,800 --> 00:02:48,580
在英伟达较弱的市场

63
00:02:48,580 --> 00:02:50,060
只要时机合适

64
00:02:50,060 --> 00:02:55,229
而主流媒体只关注头条新闻而不深入分析

65
00:02:55,229 --> 00:02:59,949
许多股价即将发生重大变化，我们可借此获利

66
00:02:59,949 --> 00:03:01,069
作为投资者

67
00:03:01,069 --> 00:03:03,330
这就是本视频的后续重点

68
00:03:03,330 --> 00:03:06,870
让我们从高通股票代码QCOM开始

69
00:03:06,870 --> 00:03:11,530
自上次我分析他们以来股价已上涨约70%

70
00:03:11,530 --> 00:03:14,969
高通与字节跳动达成协议供应数据中心芯片

71
00:03:14,969 --> 00:03:17,409
字节跳动公司（旗下拥有TikTok）

72
00:03:17,409 --> 00:03:19,509
设计了自家定制AI芯片

73
00:03:19,509 --> 00:03:22,469
高通将使其设计量产化

74
00:03:22,469 --> 00:03:26,439
并与台积电合作

75
00:03:26,439 --> 00:03:30,439
计划在2026至2027年生产数百万颗

76
00:03:30,439 --> 00:03:33,189
投资者为何应关注这笔交易

77
00:03:33,189 --> 00:03:34,990
字节跳动是一家中国公司

78
00:03:34,990 --> 00:03:38,939
而英伟达无法向中国销售数据中心芯片

79
00:03:38,939 --> 00:03:42,759
但高通的交易可行因为芯片是定制ASIC

80
00:03:42,789 --> 00:03:47,139
专为特定任务设计的应用专用集成电路

81
00:03:47,139 --> 00:03:50,099
因此不受出口管制限制

82
00:03:50,099 --> 00:03:54,979
高通成功进入全球最大AI市场

83
00:03:54,979 --> 00:03:57,659
而英伟达被排除在外

84
00:03:57,659 --> 00:03:59,580
这不是一次性订单

85
00:03:59,580 --> 00:04:03,750
高通将深度参与字节跳动的芯片设计与生产

86
00:04:03,750 --> 00:04:08,329
使其更难被替代，超越普通供应合同

87
00:04:08,329 --> 00:04:12,629
高通数据中心计划还有两部分超出字节跳动

88
00:04:12,629 --> 00:04:17,038
首先是他们的Orion CPU直接对标英伟达的Vera芯片

89
00:04:17,038 --> 00:04:17,678
其次

90
00:04:17,678 --> 00:04:18,778
他们的AI200

91
00:04:18,778 --> 00:04:24,259
及AI250推理加速器将分别于今年和明年上市

92
00:04:24,259 --> 00:04:27,839
这就是高通股价两个月内翻倍的原因

93
00:04:27,839 --> 00:04:28,379
看吧

94
00:04:28,379 --> 00:04:30,480
股市总是波动

95
00:04:30,480 --> 00:04:34,949
要从中筛选出优质股票似乎不可能

96
00:04:34,949 --> 00:04:38,860
这也是多数投资者只在大动作后发现机会

97
00:04:38,860 --> 00:04:40,480
但我一直在使用Gen的平台

98
00:04:40,480 --> 00:04:42,199
全能AI工作空间

99
00:04:42,199 --> 00:04:44,910
赞助此视频以获得AI助手

100
00:04:44,910 --> 00:04:46,350
让我帮你盯盘

101
00:04:46,350 --> 00:04:47,389
我喜欢Genspark

102
00:04:47,389 --> 00:04:49,689
因为它功能强大且易于使用

103
00:04:49,689 --> 00:04:54,290
我刚新建了一个项目，让超级代理构建了一个简单的工作流程

104
00:04:54,290 --> 00:05:00,000
每天收盘后扫描我的观察列表，寻找异常价格或成交量变动

105
00:05:00,000 --> 00:05:02,120
并撰写简要说明发生了什么变化

106
00:05:02,120 --> 00:05:06,189
然后我用AI表格定义了规则

107
00:05:06,189 --> 00:05:07,490
比如标记

108
00:05:07,490 --> 00:05:09,470
任何单日涨幅超过5%的股票

109
00:05:09,470 --> 00:05:11,680
或成交量翻倍的交易

110
00:05:11,680 --> 00:05:14,199
最后将其设为自动化流程

111
00:05:14,199 --> 00:05:15,509
收盘后自动运行

112
00:05:15,509 --> 00:05:18,370
Genspark执行检查并发送Slack消息

113
00:05:18,370 --> 00:05:20,449
附上需要关注的股票代码

114
00:05:20,449 --> 00:05:21,970
感觉不像工具

115
00:05:21,970 --> 00:05:24,110
更像是拥有真实助手

116
00:05:24,110 --> 00:05:27,519
这就是为什么很多人已经在悄悄使用它

117
00:05:27,519 --> 00:05:28,620
以提高效率

118
00:05:28,620 --> 00:05:29,399
而这正是

119
00:05:29,399 --> 00:05:30,639
Genspark从概念

120
00:05:30,639 --> 00:05:35,610
在12个月内实现2.5亿美元年营收

121
00:05:35,610 --> 00:05:38,329
现在他们为2026年付费用户提供

122
00:05:38,329 --> 00:05:42,459
无限次AI聊天和AI图像功能

123
00:05:42,459 --> 00:05:44,839
受滥用防护限制

124
00:05:44,839 --> 00:05:46,490
可用免费额度试用

125
00:05:46,490 --> 00:05:50,230
通过我的链接设置相同股票工作流

126
00:05:50,230 --> 00:05:52,589
我的提示词在下方描述中

127
00:05:52,589 --> 00:05:53,189
好的

128
00:05:53,189 --> 00:05:56,560
高通股票的分析结论已更新多年

129
00:05:56,560 --> 00:05:58,879
曾被定位为智能手机芯片公司

130
00:05:58,879 --> 00:06:03,649
营收随智能手机销量波动

131
00:06:03,649 --> 00:06:07,089
但现在他们在AI芯片两大战场

132
00:06:07,089 --> 00:06:09,779
数据中心和边缘计算领域竞争

133
00:06:09,779 --> 00:06:12,680
高通汽车业务季度营收达13亿美元

134
00:06:12,680 --> 00:06:16,019
同比增长38%

135
00:06:16,019 --> 00:06:17,920
年同比增长38%

136
00:06:17,920 --> 00:06:21,759
英伟达汽车业务仅增长6%

137
00:06:21,759 --> 00:06:23,858
营收却不到一半

138
00:06:23,858 --> 00:06:27,278
你应该开始理解这些财报对比

139
00:06:27,278 --> 00:06:29,930
投资者不应忽视这些数据

140
00:06:29,930 --> 00:06:30,870
边缘计算

141
00:06:30,870 --> 00:06:36,569
全球边缘AI市场8年内规模将增长6倍

142
00:06:36,569 --> 00:06:41,610
复合年增长率达24%至2034年

143
00:06:41,610 --> 00:06:45,470
接近标普500增速的两倍

144
00:06:45,470 --> 00:06:48,560
尽管边缘AI成为新战场

145
00:06:48,560 --> 00:06:54,459
数据中心市场仍占AI加速器营收三分之二

146
00:06:54,459 --> 00:06:57,139
且增速更快达28%

147
00:06:57,139 --> 00:06:58,540
年均增长28%

148
00:06:58,540 --> 00:07:02,920
预计2034年规模将超7倍

149
00:07:02,920 --> 00:07:06,600
所有参与者都将显著增长

150
00:07:06,600 --> 00:07:09,889
即使市场份额不变企业

151
00:07:09,889 --> 00:07:13,370
像arm和cerebris在过去五年里

152
00:07:13,370 --> 00:07:18,918
其他公司都在打芯片战争时，他们却坐享来自各方的授权收益

153
00:07:18,918 --> 00:07:21,059
英伟达和amd

154
00:07:21,059 --> 00:07:23,139
苹果和高通

155
00:07:23,139 --> 00:07:24,879
在上个季度末

156
00:07:24,879 --> 00:07:27,160
他们宣布了agi cpu

157
00:07:27,160 --> 00:07:30,480
这是arm首次设计的量产芯片

158
00:07:30,480 --> 00:07:32,918
自行制造并品牌化

159
00:07:32,918 --> 00:07:35,059
这款芯片不是警告信号

160
00:07:35,059 --> 00:07:37,678
这是近期视频中提到的战略新品

161
00:07:37,678 --> 00:07:41,860
我在最近视频中将arm的agi cpu与英伟达的vera cpu对比

162
00:07:41,860 --> 00:07:45,540
简而言之，arm的新cpu性能更强大

163
00:07:45,540 --> 00:07:46,319
到

164
00:07:46,319 --> 00:07:51,658
数据中心支持相同gpu数量时所需芯片减少约40%

165
00:07:51,658 --> 00:07:53,699
仅与英伟达相比

166
00:07:53,699 --> 00:07:58,449
其每瓦性能比英特尔和amd芯片高出约两倍

167
00:07:58,449 --> 00:08:03,829
arm预计首年agi cpu销售额将超十亿美元

168
00:08:03,829 --> 00:08:08,490
五年内年营收将达十五亿美元

169
00:08:08,490 --> 00:08:12,089
公司目前年营收不足五亿美元

170
00:08:12,089 --> 00:08:17,089
这款芯片将使其总营收在2031年前翻四倍

171
00:08:17,089 --> 00:08:21,910
首批搭载该芯片的公司之一是cerebris

172
00:08:21,910 --> 00:08:28,329
股票代码cb，刚以全球最大美国半导体ipo上市

173
00:08:28,329 --> 00:08:28,810
有史以来

174
00:08:28,810 --> 00:08:33,558
地球上所有芯片都产自名为晶圆的大型硅盘

175
00:08:33,558 --> 00:08:36,788
晶圆会被切割成数百个独立芯片

176
00:08:36,788 --> 00:08:42,129
cerebris跳过这一步骤，将整个晶圆制成单一大芯片

177
00:08:42,129 --> 00:08:45,460
称为晶圆规模引擎或WSE

178
00:08:45,460 --> 00:08:48,259
当前型号为WSE3

179
00:08:48,259 --> 00:08:49,980
在最近视频中

180
00:08:49,980 --> 00:08:52,500
我将其与英伟达的Blackwell芯片对比

181
00:08:52,500 --> 00:08:55,159
由于英伟达的Vera Rubin芯片尚未开始商业交付

182
00:08:55,159 --> 00:08:57,318
简言之

183
00:08:57,318 --> 00:09:00,058
cerebris的芯片体积大62倍

184
00:09:00,058 --> 00:09:02,429
晶体管数量多19倍

185
00:09:02,429 --> 00:09:06,070
AI核心多44倍且内存减少四分之一

186
00:09:06,070 --> 00:09:09,389
但内存带宽高2600倍

187
00:09:09,389 --> 00:09:10,230
因此

188
00:09:10,230 --> 00:09:13,750
这款晶圆规模引擎可运行meta的llama for maverick模型

189
00:09:13,750 --> 00:09:14,990
大约两.

190
00:09:14,990 --> 00:09:17,480
4倍更快于B200

191
00:09:17,480 --> 00:09:21,720
这是因为英伟达需在多个芯片间传输数据

192
00:09:21,720 --> 00:09:24,759
通过电缆和网络交换机

193
00:09:24,759 --> 00:09:27,100
所有操作均增加传输时间

194
00:09:27,100 --> 00:09:30,929
而cerebr只需在单一大芯片内传输数据

195
00:09:30,929 --> 00:09:32,129
我会在下方链接我的视频

196
00:09:32,129 --> 00:09:36,779
涵盖arm的agi cpu和cerebris的晶圆规模引擎

197
00:09:36,779 --> 00:09:37,899
但总体而言

198
00:09:37,899 --> 00:09:41,519
其速度优势取决于实际工作负载

199
00:09:41,519 --> 00:09:45,779
且存在大量场景下英伟达仍大幅领先

200
00:09:45,779 --> 00:09:50,399
更不用说英伟达的CUDA平台已有二十年软件生态

201
00:09:50,399 --> 00:09:55,240
AI团队已经依赖的开发者工具和基础设施

202
00:09:55,240 --> 00:09:57,480
但这里的共同点十分明确

203
00:09:57,480 --> 00:09:58,340
高通

204
00:09:58,340 --> 00:10:02,399
高通、ARM和Cerebras现在直接竞争NVIDIA的市场

205
00:10:02,399 --> 00:10:05,019
这在一年前还并非事实

206
00:10:05,019 --> 00:10:09,659
而我所报道的每家公司都采用完全不同的架构

207
00:10:09,659 --> 00:10:11,500
但它们有一个共同点

208
00:10:11,500 --> 00:10:14,309
那就是内存，就在几天前

209
00:10:14,309 --> 00:10:15,470
唯一一家U

210
00:10:15,470 --> 00:10:19,039
S公司使其市值突破一万亿

211
00:10:19,039 --> 00:10:22,340
关于美光的股票代码，有几个有趣的事实

212
00:10:22,340 --> 00:10:23,019
MU

213
00:10:23,019 --> 00:10:24,700
我经常分析这只股票

214
00:10:24,700 --> 00:10:26,429
所以我会简明扼要

215
00:10:26,429 --> 00:10:28,070
美光是唯一一家U

216
00:10:28,070 --> 00:10:31,710
S生产AI数据中心高带宽内存的公司

217
00:10:31,710 --> 00:10:34,850
其最大竞争对手是SK海力士和三星

218
00:10:34,850 --> 00:10:36,669
这两家公司都很优秀

219
00:10:36,669 --> 00:10:38,750
但它们位于韩国

220
00:10:38,750 --> 00:10:41,318
这意味着它们更容易受关税影响

221
00:10:41,318 --> 00:10:44,240
贸易战和伊朗战争等冲突

222
00:10:44,240 --> 00:10:47,860
这些冲突会切断中东与亚洲的关键供应链

223
00:10:47,860 --> 00:10:49,700
但因为美光位于美国

224
00:10:49,700 --> 00:10:51,629
它们受影响程度不同

225
00:10:51,629 --> 00:10:55,389
美光的高带宽内存应用于NVIDIA的Hopper架构

226
00:10:55,389 --> 00:10:58,559
Blackwell和Rubin芯片，AMD的Instinct系列

227
00:10:58,559 --> 00:11:01,860
MI300和MI400系列加速器

228
00:11:01,860 --> 00:11:04,019
甚至谷歌的TPU

229
00:11:04,019 --> 00:11:07,799
尽管SK海力士在NVIDIA Blackwell内存市场占比更大

230
00:11:07,799 --> 00:11:08,539
无论如何

231
00:11:08,539 --> 00:11:13,450
美光在2026年高带宽内存已全面售罄

232
00:11:13,450 --> 00:11:15,610
根据几个月前的财报电话会议

233
00:11:15,610 --> 00:11:19,299
很难夸大美光实际增长的速度

234
00:11:19,299 --> 00:11:21,679
他们上季度营收创纪录近两

235
00:11:21,679 --> 00:11:23,559
四亿美元

236
00:11:23,559 --> 00:11:26,440
同比增长近两倍

237
00:11:26,440 --> 00:11:27,539
同比来看

238
00:11:27,539 --> 00:11:30,100
毛利率达到75%

239
00:11:30,100 --> 00:11:32,480
优于多数软件公司

240
00:11:32,480 --> 00:11:34,950
净利润增长近20倍

241
00:11:34,950 --> 00:11:38,110
每股收益增长近30倍

242
00:11:38,110 --> 00:11:41,639
但更疯狂的是下一季度的指引

243
00:11:41,639 --> 00:11:43,399
40%营收增长

244
00:11:43,399 --> 00:11:45,860
毛利率再增6%

245
00:11:45,860 --> 00:11:46,679
以及5

246
00:11:46,679 --> 00:11:49,700
7%的季度收益增长

247
00:11:49,700 --> 00:11:51,580
不是同比而是环比

248
00:11:51,580 --> 00:11:52,799
换句话说

249
00:11:52,799 --> 00:11:54,899
美光下一季度盈利将创历史新高

250
00:11:54,899 --> 00:11:58,320
超过公司历史上任何完整财年的盈利

251
00:11:58,320 --> 00:12:00,000
在2025年之前

252
00:12:00,000 --> 00:12:02,120
就像我这些年一直在说的

253
00:12:02,120 --> 00:12:04,360
记忆已不再是商品

254
00:12:04,360 --> 00:12:07,200
它是AI革命的核心组成部分

255
00:12:07,200 --> 00:12:10,789
美光科技已成为我有史以来第三大赢家

256
00:12:10,789 --> 00:12:13,509
仅落后于英伟达和POET科技

257
00:12:13,509 --> 00:12:15,490
且位于帕勒公司之上

258
00:12:15,490 --> 00:12:19,029
该股票在过去一年飙升超过十倍

259
00:12:19,029 --> 00:12:21,620
并在过去五个月内股价翻三倍

260
00:12:21,620 --> 00:12:22,899
相信我吧

261
00:12:22,899 --> 00:12:24,639
美光科技仍然便宜

262
00:12:24,639 --> 00:12:28,649
其市盈率仅为12倍

263
00:12:28,649 --> 00:12:34,149
而其他芯片公司市盈率在20到80之间

264
00:12:34,149 --> 00:12:37,029
尽管美光的盈利增长更快

265
00:12:37,029 --> 00:12:38,750
也许下次我提到某家公司

266
00:12:38,750 --> 00:12:39,889
下一个英伟达

267
00:12:39,889 --> 00:12:43,320
有人终于会相信我说的火箭升空

268
00:12:43,320 --> 00:12:48,929
当SpaceX上市时，太空市场将迎来自己的ChatGPT时刻

269
00:12:48,929 --> 00:12:50,570
如果你觉得我值得

270
00:12:50,570 --> 00:12:53,370
请点赞并订阅频道

271
00:12:53,370 --> 00:12:54,309
这真的很有帮助

272
00:12:54,309 --> 00:12:57,360
并让我知道要制作更多此类市场回顾

273
00:12:57,360 --> 00:12:58,240
谢谢现在

274
00:12:58,240 --> 00:12:59,929
让我们谈谈太空股票

275
00:12:59,929 --> 00:13:03,470
SpaceX预计将于6月12日上市

276
00:13:03,470 --> 00:13:05,960
股票代码为SPCX

277
00:13:05,960 --> 00:13:09,419
估值接近两万亿美元

278
00:13:09,419 --> 00:13:14,019
将成为史上规模最大的IPO

279
00:13:14,019 --> 00:13:19,889
并将推动所有航天公司股价波动

280
00:13:19,889 --> 00:13:22,970
就像英伟达股价波动一样

281
00:13:22,970 --> 00:13:26,139
这就是我现在要谈论火箭实验室的原因

282
00:13:26,139 --> 00:13:28,379
股票代码RKLB

283
00:13:28,379 --> 00:13:33,710
在SpaceX上市前，火箭实验室是唯一全产业链的

284
00:13:33,710 --> 00:13:35,769
公开上市的太空公司

285
00:13:35,769 --> 00:13:39,809
我经常被问到是否值得投资这只股票

286
00:13:39,809 --> 00:13:44,669
大多数太空公司要么制造卫星、发射火箭并运营任务

287
00:13:44,669 --> 00:13:46,549
火箭实验室则三者兼备

288
00:13:46,549 --> 00:13:51,779
火箭实验室的电子火箭是全球发射最频繁的小型火箭

289
00:13:51,779 --> 00:13:56,419
运送小型载荷如卫星和科研设备至近地轨道

290
00:13:56,419 --> 00:13:58,480
这是一种专用运载工具

291
00:13:58,480 --> 00:14:01,059
意味着客户需整租火箭

292
00:14:01,059 --> 00:14:03,379
而非共享大型火箭

293
00:14:03,379 --> 00:14:08,940
投资者可能对电子火箭的猛禽发动机感兴趣

294
00:14:08,940 --> 00:14:12,080
这是首个主要部件

295
00:14:12,080 --> 00:14:13,240
3D打印的火箭发动机

296
00:14:13,240 --> 00:14:14,539
燃烧室

297
00:14:14,539 --> 00:14:15,620
喷注器

298
00:14:15,620 --> 00:14:18,609
泵和推进剂阀门均采用3D

299
00:14:18,609 --> 00:14:22,779
通过电子束熔融（EBM）工艺打印

300
00:14:22,779 --> 00:14:27,600
该工艺使用高能电子束逐层熔合金属粉末

301
00:14:27,600 --> 00:14:30,779
这将制造时间从数月缩短至几天

302
00:14:30,779 --> 00:14:33,539
同时大幅降低每台发动机的成本

303
00:14:33,539 --> 00:14:38,379
它还使用电动泵将推进剂注入主燃烧室

304
00:14:38,379 --> 00:14:40,360
而非独立的燃气发生器

305
00:14:40,360 --> 00:14:43,710
这是一项从根本上更简单且更轻的结构设计

306
00:14:43,710 --> 00:14:44,789
就在这个月初

307
00:14:44,789 --> 00:14:47,389
火箭实验室公布了有史以来最好的季度业绩

308
00:14:47,389 --> 00:14:49,389
营收达两亿美元

309
00:14:49,389 --> 00:14:52,549
同比增长超过60%

310
00:14:52,549 --> 00:14:54,570
他们的待执行订单刚刚突破两

311
00:14:54,570 --> 00:15:00,828
两亿美元环比增长超20%，同比增长100%

312
00:15:00,828 --> 00:15:03,159
他们的待执行订单分为三大类别

313
00:15:03,159 --> 00:15:09,000
首先是电子火箭的小型卫星发射和中型运载火箭发射

314
00:15:09,000 --> 00:15:09,639
第二项

315
00:15:09,639 --> 00:15:15,500
国防合同涉及高超音速测试飞行和亚轨道任务（使用改良版电子火箭）

316
00:15:15,500 --> 00:15:19,279
第三类是卫星和航天器制造合同

317
00:15:22,600 --> 00:15:27,039
制造合同占比13%，发射服务占比13%

318
00:15:27,039 --> 00:15:31,980
但太空领域无疑是竞争最激烈的市场，就在几天前

319
00:15:31,980 --> 00:15:36,759
蓝色起源的新格伦火箭在佛罗里达地面测试中爆炸

320
00:15:36,759 --> 00:15:38,818
严重损毁发射台

321
00:15:38,818 --> 00:15:41,679
无人受伤，卫星也未受损

322
00:15:41,679 --> 00:15:43,600
但下一次发射被取消

323
00:15:43,600 --> 00:15:46,100
竞争成败全系于这些发射任务

324
00:15:46,100 --> 00:15:49,389
整个航天行业次日股价暴跌

325
00:15:49,389 --> 00:15:53,669
火箭实验室能否在如此激烈的市场中与SpaceX竞争

326
00:15:53,669 --> 00:15:57,500
这是我制作的对比表格

327
00:15:57,500 --> 00:16:01,679
SpaceX营收规模是火箭实验室的约30倍

328
00:16:01,679 --> 00:16:04,299
每年发射火箭数量是其8倍

329
00:16:04,299 --> 00:16:07,940
两家公司目前并非争夺同一客户群体

330
00:16:07,940 --> 00:16:12,259
SpaceX用7400万美元火箭发射大型载荷

331
00:16:12,259 --> 00:16:16,200
火箭实验室用800万美元火箭发射小型卫星

332
00:16:16,200 --> 00:16:18,169
配备3D打印发动机

333
00:16:18,169 --> 00:16:19,149
不同市场定位

334
00:16:19,149 --> 00:16:20,519
不同定价策略

335
00:16:20,519 --> 00:16:22,519
但这里的情况更有趣

336
00:16:22,519 --> 00:16:26,860
SpaceX当前市盈率约60倍未来营收

337
00:16:26,860 --> 00:16:29,519
而火箭实验室市盈率20倍

338
00:16:29,519 --> 00:16:29,879
所以

339
00:16:29,879 --> 00:16:32,769
若认为SpaceX估值合理

340
00:16:32,769 --> 00:16:35,549
相比之下火箭实验室显得更便宜

341
00:16:35,549 --> 00:16:38,330
即使市值达840亿美元

342
00:16:38,330 --> 00:16:41,589
还有一个关键细节让一切闭环

343
00:16:41,589 --> 00:16:46,519
SpaceX是英伟达新Vera CPU的重要客户

344
00:16:46,519 --> 00:16:50,850
正如我们最初提到的英伟达双线作战

345
00:16:50,850 --> 00:16:52,509
高通与比特丹竞争

346
00:16:52,509 --> 00:16:57,980
当英伟达、安谋和Cerebras全面进军太空AI基建

347
00:16:57,980 --> 00:17:01,659
地球上的技术将在太空竞赛中发挥关键作用

348
00:17:01,659 --> 00:17:03,710
这些并非独立事件

349
00:17:03,710 --> 00:17:06,549
AI革命正在扩展至轨道空间

350
00:17:06,549 --> 00:17:10,029
对我来说，这正是值得现在投资的未来

351
00:17:10,029 --> 00:17:12,450
我的计划是等待SpaceX的IPO上市

352
00:17:12,450 --> 00:17:14,990
我要将所有太空纪录片并排对比分析

353
00:17:14,990 --> 00:17:16,029
评论区告诉我你的想法

354
00:17:16,029 --> 00:17:18,559
如果你想让我更多解析太空纪录片

355
00:17:18,559 --> 00:17:21,299
或者深入探讨SpaceX或火箭实验室

356
00:17:21,299 --> 00:17:22,720
无论是哪种方式都很具体

357
00:17:22,720 --> 00:17:23,539
感谢观看

358
00:17:23,539 --> 00:17:26,440
下次再见，这里是股票代码你

359
00:17:26,440 --> 00:17:27,460
我是亚历克斯

360
00:17:27,460 --> 00:17:32,079
提醒你最好的投资就是投资自己

共 2 条，按点赞数排序。

采集完成，该视频无弹幕