$NVDA · The Acquirers Podcast · 2026-10-29
NVDA 近期受益于 OpenAI 和主要云服务商的 AI 支出，提振短期利润，但这一趋势的持续性尚不确定。如果云公司无法以合理成本为资本开支融资，需求可能下降；内部 TPU 芯片可能增加竞争性供给。如果其利润被证明可持续，NVDA 就很便宜。
逐段跳播
我所知道的是，它们是这种“鞭子”效应的受益者——OpenAI和所有主要云计算公司花的钱，最终都流向了Nvidia这样的芯片制造商。所有这些公司都表现良好，所以这改善了它们的短期利润。也许这是一个长期趋势，也许它会永远持续下去。
What I do know is that they are the beneficiaries of this "whip" effect, where money is spent by OpenAI and all the major cloud computing companies, and it all goes to chipmakers like Nvidia.
All of those companies are doing well, so this improves their short-term profits. Perhaps it is a long-term trend, and perhaps it will last forever.
因此，如果大型云计算公司发现难以以合理的成本和有吸引力的价格筹集资金，从而无法实现这些庞大项目所需的投资资本回报率，那么逻辑上的想法会是：“好吧，那会稍微减少对Nvidia和Micron这类公司的需求。”
Therefore, if large cloud computing companies find it difficult to raise capital at a reasonable cost and attractive prices that would make it possible for them to achieve the return on invested capital they need for these massive projects, the logical thinking would be: "Well, that will reduce demand a little for companies like Nvidia and Micron."
你可以预期这些芯片的供应会增加，尤其是那些公司拥有自己的内部“TPU”芯片，例如，以更高的能效与Nvidia的“GPU”芯片竞争。
You can expect the supply of these chips to increase, especially with those companies having their own internal "TPU" chips, for example, to compete with Nvidia's "GPU" chips with greater energy efficiency.
我的意思是，如果你仔细看，如果你相信利润是可持续的，那么Nvidia就很便宜。
I mean, if you look at it, if you believe that profits are sustainable, then Nvidia is cheap.
这个频道对 $NVDA 的历次判断
The Acquirers Podcast 在这只股票上共 4 条判断，这里只列相邻的几条。