$NVDA · Wall Street Millennial · 2026-11-09
说话者不认为黄仁勋会被迫辞职，因为董事会已表示对他及其领导团队有信心；NVDA 很可能会与 MegaSpeed 断绝关系，后者两年内 46 亿美元的采购额，相对于过去 12 个月超过 3000 亿美元的收入而言微不足道。这起间谍丑闻无论多么耸人听闻，都不应对 NVDA 的运营产生重大影响。
逐段跳播
Jensen Huang 是 Nvidia 的 CEO，而 Nvidia 是全球市值最高的公司。他就是过去四年席卷华尔街的 AI 投资泡沫的代表人物。
Jensen Huang is the CEO of Nvidia, the most valuable company in the world. He is the face of the AI investment bubble that has engulfed Wall Street for the past four years.
在本视频中，我们将深入探讨这起轰动一时的丑闻，以及它对 Nvidia 未来的影响。
In this video, we will take an in-depth look at this sensational scandal and its impact on Nvidia in the future.
这使 Nvidia 无法向中国的任何客户出售其数据中心 GPU。Mega Speed 是 Nvidia 的大客户。
This prevents Nvidia from selling their data center GPUs to any customers in China. Mega Speed is a big customer of Nvidia.
据彭博社报道，2023 年至 2025 年间，MegaSpeed 购买了 136,000 块 Nvidia GPU，价值至少 46 亿美元。
According to Bloomberg, MegaSpeed has purchased 136,000 Nvidia GPUs worth at least $4.6 billion between 2023 and 2025.
这使 MegaSpeed 成为 Nvidia 在东南亚地区最大的客户。Mega Speed 是 Nvidia 合作伙伴网络的成员。这意味着他们在订购新的 Nvidia GPU 时享有优先权。
This makes MegaSpeed Nvidia's largest customer in the Southeast Asia region. Mega Speed is a member of Nvidia's partner network. This means they get priority when ordering new Nvidia GPUs.
请记住，2023 年至 2025 年间，MegaSpeed 至少花费了 46 亿美元购买 Nvidia GPU。
Remember, between 2023 and 2025, MegaSpeed spent at least $4.6 billion to buy Nvidia GPUs.
Nvidia 声称其遵守美国的出口管制政策。2025 年底，Nvidia 派出自己的代表检查了 MegaSpeed 的数据中心。他们的目标是确保所有 GPU 的账目清晰。
Nvidia claims that it complies with US export control policies. In late 2025, Nvidia sent its own representatives to inspect MegaSpeed's data centers. Their goal was to ensure the accounting of all GPUs.
Nvidia 的代表只能看到 MegaSpeed 所购 136,000 块 GPU 中不到 100,000 块。约有 40,000 块 GPU 查无下落。奇怪的是，Nvidia 并未觉得此事可疑。
Nvidia representatives were able to see less than 100,000 of the 136,000 GPUs purchased by MegaSpeed. No account was found for approximately 40,000 GPUs. Oddly enough, Nvidia didn't find the matter suspicious.
“建设数据中心是一个复杂的过程，需要数月才能完成，还需要众多供应商、承包商和审批，”Nvidia 的一位发言人告诉彭博社。
"Building a data center is a complex process, taking months to complete and requiring many suppliers, contractors and approvals," an Nvidia spokesperson told Bloomberg.
MegaSpeed 在被出售给 Pong 先生的空壳公司仅几天后，就正式加入了 Nvidia 合作伙伴网络。
MegaSpeed officially joined the Nvidia Partner Network just days after being sold to Mr. Pong's shell company.
2026 年 1 月，特朗普放宽了拜登政府实施的部分半导体出口管制。这使 Nvidia 得以在中国销售其 H200 数据中心 GPU。
In January 2026, Trump relaxed some of the semiconductor export controls imposed by the Biden administration. This allowed Nvidia to sell their H200 data center GPUs in China.
H200 型号已落后好几代，它是在 2024 年推出的。Jensen Huang 亲自游说特朗普做出这一决定。
The H200 models are several generations old, having been launched in 2024. Jensen Huang personally lobbied Trump to make this decision.
迄今为止，Nvidia 只向中国客户出售了极少数量的 H200。中国仍是 Nvidia 的重要市场，但主要是 GeForce 游戏 GPU，这些产品不受出口管制。
To date, Nvidia has sold a very small number of H200s to Chinese customers. China remains an important market for Nvidia, but mainly for GeForce gaming GPUs, which are not subject to export controls.
11月8日星期日，Nvidia发布了一份题为《Nvidia董事会声明》的新闻稿。他们表示，鉴于近期有报道称创始人兼CEO黄仁勋成为外国情报活动的目标，他们正在启动一项独立调查。
On Sunday, November 8, Nvidia released a press release titled 'Statement from the Nvidia Board of Directors'. They said they were launching an independent investigation in the wake of recent reports that founder and CEO Jensen Huang had been targeted by foreign intelligence activities.
董事会认为国家安全或Nvidia的隐私并未以任何方式受到损害，但董事会的调查将审查所有可获得的信息。董事会仍然对黄仁勋及其领导团队充满信心，并将在适当时候提供进一步更新。
The board does not believe that national security or Nvidia's privacy was compromised in any way , but the board's investigation will examine all available information. The board remains confident in Jensen and his leadership team and will provide further updates in due course.
领导Nvidia是我一生中最美好的经历。为你们服务、不辜负你们的信任是我的责任。我没能履行这一责任。我完全忠于NVIDIA，并将继续努力重新赢得你们的信任。
Leading Nvidia has been the best experience of my life. It is my responsibility to serve you and be worthy of your trust. I failed to fulfill that responsibility. I am fully committed to NVIDIA and will continue to work to regain your trust.
我支持这项调查，并将全力配合。我热爱我们的国家和我们的公司。我致力于保护Nvidia，保护美国的国家安全。在我看来，他的任务很可能是说服黄仁勋把大量Nvidia最先进的GPU卖给MegaSpeed，以便这些GPU能被走私到中国。
I support the investigation and will cooperate fully. I love our country and our company. I am committed to protecting Nvidia and protecting America's national security. In my opinion, his mission was probably to convince Jensen to sell a large quantity of Nvidia's most advanced GPUs to MegaSpeed, so that they could be smuggled into China.
那么，这对Nvidia来说有哪些实际影响？在我看来，我不认为黄仁勋会被迫辞职。董事会已明确表示，他们对黄仁勋及其领导团队有信心。
So, what are the practical implications of this for Nvidia? In my opinion, I don't think Jensen Huang will be forced to resign. The Board of Directors has clearly stated that they have confidence in Jensen and his leadership team.
Nvidia很可能会与MegaSpeed断绝关系。在两年时间里，MegaSpeed从Nvidia购买了价值46亿美元的GPU。Nvidia在过去12个月里创造了超过3000亿美元的收入。
从财务角度看，MegaSpeed对Nvidia来说非常微不足道。
Nvidia will likely cut ties with MegaSpeed. Over a two-year period, MegaSpeed purchased $4.6 billion worth of GPUs from Nvidia. Nvidia has generated more than $300 billion in revenue in the last 12 months.
From a financial perspective, Mega Speed is very insignificant for Nvidia.
尽管非常轰动，但我认为这起间谍丑闻不会对Nvidia的运营产生重大影响。在这个频道上，我们长期以来一直对Nvidia和黄仁勋持高度批评态度。在造成过去四年AI投资泡沫这件事上，世界上没有谁的责任比他更大。
Although very sensational, I don't think this spy scandal will have a major impact on Nvidia's operations. On this channel, we have been highly critical of Nvidia and Jensen Huang for a long time.
There is no one in the world more responsible for creating the AI investment bubble of the last four years.
这个频道对 $NVDA 的历次判断
Wall Street Millennial 在这只股票上共 2 条判断，这里只列相邻的几条。