{"id":13658,"date":"2026-07-17T16:00:00","date_gmt":"2026-07-17T08:00:00","guid":{"rendered":"https:\/\/ai-stack.ai\/?p=13658"},"modified":"2026-07-14T16:38:19","modified_gmt":"2026-07-14T08:38:19","slug":"jensen-huang-nvidia-morgan-stanley-roadshow-2026","status":"publish","type":"post","link":"https:\/\/ai-stack.ai\/zh-hant\/jensen-huang-nvidia-morgan-stanley-roadshow-2026","title":{"rendered":"\u9ec3\u4ec1\u52f3\u89aa\u8d74\u5927\u6469\u8def\u6f14\uff1aNVIDIA \u5b63\u5ea6\u71df\u6536\u903c\u8fd1\u5343\u5104\u7f8e\u5143\uff0c\u89aa\u53e3\u7c89\u788e Rubin Ultra \u5ef6\u671f\u50b3\u805e\uff0c\u63ed\u9732\u5c0d\u624b\u56de\u6d41 GPU \u7684\u771f\u76f8"},"content":{"rendered":"<style>table{border-collapse:collapse;width:100%;margin:1em 0}th,td{border:1px solid #ddd;padding:8px 12px;text-align:left}th{background-color:#f5f5f5;font-weight:bold}tr:nth-child(even){background-color:#fafafa}<\/style>\n<h1 id=\"\u9ec3\u4ec1\u52f3\u89aa\u8d74\u5927\u6469\u8def\u6f14nvidia-\u5b63\u5ea6\u71df\u6536\u903c\u8fd1\u5343\u5104\u7f8e\u5143\u89aa\u53e3\u7c89\u788e-rubin-ultra-\u5ef6\u671f\u50b3\u805e\u63ed\u9732\u5c0d\u624b\u56de\u6d41-gpu-\u7684\u771f\u76f8\"><strong>\u9ec3\u4ec1\u52f3\u89aa\u8d74\u5927\u6469\u8def\u6f14\uff1aNVIDIA \u5b63\u5ea6\u71df\u6536\u903c\u8fd1\u5343\u5104\u7f8e\u5143\uff0c\u89aa\u53e3\u7c89\u788e Rubin Ultra \u5ef6\u671f\u50b3\u805e\uff0c\u63ed\u9732\u5c0d\u624b\u56de\u6d41 GPU \u7684\u771f\u76f8<\/strong><\/h1>\n<p>2026 \u5e74 7 \u6708\u4e0a\u65ec\uff0cNVIDIA \u57f7\u884c\u9577\u9ec3\u4ec1\u52f3\uff08Jensen Huang\uff09\u8207\u8ca1\u52d9\u9577 Colette Kress \u4e00\u540c\u73fe\u8eab Morgan Stanley \u5728\u52a0\u5dde\u8209\u8fa6\u7684\u9589\u9580\u975e\u4ea4\u6613\u8def\u6f14\uff08Non-Deal Roadshow, NDR\uff09\uff0c\u5411\u6578\u5341\u4f4d\u6a5f\u69cb\u6295\u8cc7\u8005\u91cb\u653e\u4e86\u4e00\u500b\u660e\u78ba\u4fe1\u865f\uff1a<strong>\u5118\u7ba1\u516c\u53f8\u5b63\u5ea6\u71df\u6536\u6b63\u5728\u903c\u8fd1\u5343\u5104\u7f8e\u5143\u5927\u95dc\uff0cNVIDIA \u7684\u589e\u9577\u4e0d\u50c5\u6c92\u6709\u653e\u7de9\uff0c\u9084\u5728\u52a0\u901f\u3002<\/strong><\/p>\n<p>\u9019\u662f\u4e00\u5834\u582a\u7a31\u300c\u6559\u79d1\u66f8\u7d1a\u5225\u300d\u7684\u6295\u8cc7\u8005\u6e9d\u901a\u3002\u5728\u904e\u53bb\u4e00\u500b\u6708\u88e1\uff0cNVIDIA \u6b63\u9762\u81e8\u4f86\u81ea\u5e02\u5834\u7684\u4e09\u91cd\u8cea\u7591\uff1a<strong>Rubin Ultra \u662f\u5426\u63a8\u9072\u81f3 2028 \u5e74\uff1fASIC \u81ea\u7814\u6676\u7247\u662f\u5426\u6b63\u5728\u8836\u98df GPU \u5e02\u4f54\u7387\uff1fAI \u8cc7\u672c\u958b\u652f\u6ce1\u6cab\u4f55\u6642\u7834\u88c2\uff1f<\/strong> \u9ec3\u4ec1\u52f3\u5728\u8def\u6f14\u4e2d\u5c0d\u9019\u4e09\u500b\u554f\u984c\u7d66\u51fa\u4e86\u76f4\u63a5\u3001\u786c\u6838\u4e14\u5145\u6eff\u6578\u64da\u652f\u6490\u7684\u56de\u61c9\u3002<\/p>\n<p>Morgan Stanley \u5728\u6703\u5f8c\u7dad\u6301\u300c\u589e\u6301\u300d\uff08Overweight\uff09\u8a55\u7d1a\uff0c\u7d66\u51fa <strong>$288 \u7f8e\u5143<\/strong>\u76ee\u6a19\u50f9\u2014\u2014\u76f8\u7576\u65bc\u7d04 <strong>42%<\/strong> \u7684\u4e0a\u6f32\u7a7a\u9593\u2014\u2014\u4e26\u7e7c\u7e8c\u5c07 NVIDIA \u5217\u70ba\u534a\u5c0e\u9ad4\u884c\u696d\u9996\u9078\u6a19\u7684\u3002<\/p>\n<p>\u672c\u6587\u5c07\u5f9e\u6578\u5b57\u771f\u76f8\u3001\u6280\u8853\u8def\u7dda\u3001\u7af6\u722d\u683c\u5c40\u3001\u589e\u9577\u5f15\u64ce\u548c\u5e02\u5834\u98a8\u96aa\u4e94\u500b\u7dad\u5ea6\uff0c\u5b8c\u6574\u62c6\u89e3\u9019\u5834\u9589\u9580\u6703\u8b70\u91cb\u51fa\u7684\u6df1\u5c64\u8a0a\u865f\u3002<\/p>\n<h2 id=\"\u4e00\u5343\u5104\u7f8e\u5143\u6642\u523b\u6578\u5b57\u89e3\u8b80-nvidia-\u7684\u52a0\u901f\u6210\u9577\u66f2\u7dda\"><strong>\u4e00\u3001\u5343\u5104\u7f8e\u5143\u6642\u523b\uff1a\u6578\u5b57\u89e3\u8b80 NVIDIA \u7684\u52a0\u901f\u6210\u9577\u66f2\u7dda<\/strong><\/h2>\n<p>NVIDIA \u6b63\u5728\u903c\u8fd1\u4e00\u500b\u9023\u9ec3\u4ec1\u52f3\u81ea\u5df1\u90fd\u7a31\u4e4b\u70ba\u300c\u96e3\u4ee5\u60f3\u50cf\u300d\u7684\u91cc\u7a0b\u7891\uff1a<strong>\u55ae\u5b63\u71df\u6536 1,000 \u5104\u7f8e\u5143\u3002<\/strong><\/p>\n<p>\u6839\u64da\u6700\u65b0\u8ca1\u5831\u6578\u64da\uff0cNVIDIA \u5728 2026 \u8ca1\u5e74\u7b2c\u4e00\u5b63\uff082026 \u5e74 2\u20134 \u6708\uff09\u5be6\u73fe\u4e86\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u6307\u6a19<\/th>\n<th>Q1 FY2027 \u6578\u64da<\/th>\n<th>\u5e74\u589e\u7387<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u7e3d\u71df\u6536<\/td>\n<td><strong>$816 \u5104<\/strong><\/td>\n<td>\u2191 85%<\/td>\n<\/tr>\n<tr>\n<td>\u8cc7\u6599\u4e2d\u5fc3\u71df\u6536<\/td>\n<td><strong>$752 \u5104<\/strong><\/td>\n<td>\u2191 92%<\/td>\n<\/tr>\n<tr>\n<td>\u7db2\u8def\u71df\u6536<\/td>\n<td><strong>$148 \u5104<\/strong><\/td>\n<td>\u2191 199%<\/td>\n<\/tr>\n<tr>\n<td>\u6de8\u5229\u6f64<\/td>\n<td><strong>$583 \u5104<\/strong><\/td>\n<td>\u7ffb\u4e09\u500d<\/td>\n<\/tr>\n<tr>\n<td>GAAP \u6bdb\u5229\u7387<\/td>\n<td><strong>74.9%<\/strong><\/td>\n<td>\u524d\u503c 60.8%<\/td>\n<\/tr>\n<tr>\n<td>\u81ea\u7531\u73fe\u91d1\u6d41<\/td>\n<td><strong>$486 \u5104<\/strong><\/td>\n<td>\u2191 85%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u7b2c\u4e8c\u5b63\u5ea6\u7684\u71df\u6536\u6307\u5f15\u70ba\u7d04 <strong>$910 \u5104<\/strong>\u2014\u2014\u9019\u9084\u300c\u4e0d\u5305\u62ec\u300d\u4efb\u4f55\u5c0d\u4e2d\u570b\u7684\u8cc7\u6599\u4e2d\u5fc3\u92b7\u552e\uff0c\u610f\u5473\u8457\u5be6\u969b\u6578\u5b57\u53ef\u80fd\u66f4\u9ad8\u3002\u6309\u7167\u9019\u500b\u589e\u901f\uff0c\u55ae\u5b63\u5343\u5104\u7f8e\u5143\u50c5\u662f\u6642\u9593\u554f\u984c\u3002<\/p>\n<p>Morgan Stanley \u5206\u6790\u5e2b Joseph Moore \u7d66\u51fa\u4e86\u66f4\u9577\u671f\u7684\u9810\u6e2c\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u8ca1\u5e74<\/th>\n<th>\u9810\u4f30\u71df\u6536<\/th>\n<th>\u5e74\u589e\u7387<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>FY2026<\/td>\n<td><strong>$2,159 \u5104<\/strong><\/td>\n<td>+82%<\/td>\n<\/tr>\n<tr>\n<td>FY2027<\/td>\n<td><strong>$3,930 \u5104<\/strong><\/td>\n<td>+52.4%<\/td>\n<\/tr>\n<tr>\n<td>FY2028<\/td>\n<td><strong>$5,988 \u5104<\/strong><\/td>\n<td>+52.4%<\/td>\n<\/tr>\n<tr>\n<td>FY2029<\/td>\n<td><strong>$7,839 \u5104<\/strong><\/td>\n<td>+30.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u9810\u4f30 2027 \u5e74 EPS \u70ba <strong>$13.08<\/strong>\uff0c\u5c0d\u61c9\u7684 $288 \u76ee\u6a19\u50f9\u50c5\u70ba 22 \u500d\u672c\u76ca\u6bd4\u2014\u2014Morgan Stanley \u5f37\u8abf\uff0c\u9019\u500b\u76ee\u6a19\u50f9\u4e26\u672a\u5047\u8a2d\u4f30\u503c\u64f4\u5f35\uff0c\u7d14\u7cb9\u7531\u76c8\u5229\u589e\u9577\u9a45\u52d5\u3002\u9019\u610f\u5473\u8457\uff0c\u5373\u4f7f\u5e02\u5834\u5c0d NVIDIA \u7684\u4f30\u503c\u500d\u6578\u4fdd\u6301\u4e0d\u8b8a\uff0c\u5149\u662f\u76c8\u5229\u672c\u8eab\u7684\u589e\u9577\u5c31\u8db3\u4ee5\u652f\u6490 42% \u7684\u4e0a\u6f32\u7a7a\u9593\u3002<\/p>\n<p>\ud83d\udd17 \u5c0d\u65bc\u6b63\u5728\u8a55\u4f30 GPU \u6295\u8cc7\u5831\u916c\u7387\u7684\u4f01\u696d\u4f86\u8aaa\uff0c<a href=\"https:\/\/ai-stack.ai\/zh-hant\/gpu-roi\"><u>NVIDIA \u7684\u5b9a\u50f9\u80fd\u529b\u548c\u6bdb\u5229\u7387\u8da8\u52e2<\/u><\/a> \u662f\u7406\u89e3\u6574\u500b AI \u57fa\u790e\u8a2d\u65bd\u7d93\u6fdf\u5b78\u7684\u95dc\u9375\u5207\u5165\u9ede\u2014\u2014\u7576\u4e00\u5bb6\u4f9b\u61c9\u5546\u7684\u6bdb\u5229\u7387\u9054\u5230 75%\uff0c\u5176\u5ba2\u6236\u7684\u7b97\u529b\u6210\u672c\u7d50\u69cb\u5c31\u6210\u70ba\u7b56\u7565\u5c64\u7d1a\u7684\u8b70\u984c\u3002<\/p>\n<h2 id=\"\u4e8crubin-ultra-\u5982\u671f\u51fa\u8ca8\u62c6\u89e3\u5ef6\u671f\u50b3\u805e\u7684\u6280\u8853\u771f\u76f8\"><strong>\u4e8c\u3001Rubin Ultra \u5982\u671f\u51fa\u8ca8\uff1a\u62c6\u89e3\u5ef6\u671f\u50b3\u805e\u7684\u6280\u8853\u771f\u76f8<\/strong><\/h2>\n<p>6 \u6708\u4e0b\u65ec\uff0c\u534a\u5c0e\u9ad4\u7814\u7a76\u6a5f\u69cb SemiAnalysis \u767c\u5e03\u4e86\u4e00\u4efd\u5f15\u767c\u5e02\u5834\u9707\u52d5\u7684\u5831\u544a\uff1aNVIDIA \u539f\u5b9a\u7684\u56db\u6676\u7247\uff084-die\uff09Rubin Ultra \u5c01\u88dd\u65b9\u6848\uff0c\u56e0\u53f0\u7a4d\u96fb CoWoS-L \u57fa\u677f\u7ff9\u66f2\u548c\u8a0a\u865f\u5b8c\u6574\u6027\u554f\u984c\u88ab\u8feb\u53d6\u6d88\uff0c\u6539\u70ba\u96d9\u6676\u7247\uff082-die\uff09\u65b9\u6848\uff0c\u6548\u80fd\u548c\u8a18\u61b6\u9ad4\u5bb9\u91cf\u6050\u5c07\u6e1b\u534a\uff0c\u51fa\u8ca8\u6642\u9593\u53ef\u80fd\u63a8\u9072\u81f3 <strong>2028 \u5e74<\/strong>\u3002<\/p>\n<p>\u9019\u4efd\u5831\u544a\u76f4\u63a5\u89f8\u767c\u4e86\u65b0\u4e00\u8f2a\u7684 NVIDIA \u80a1\u50f9\u6ce2\u52d5\u3002\u4f46\u5728 Morgan Stanley \u8def\u6f14\u4e2d\uff0c\u9ec3\u4ec1\u52f3\u7684\u614b\u5ea6\u7570\u5e38\u5805\u5b9a\uff1a\u300c<strong>Rubin Ultra \u5c07\u65bc\u660e\u5e74\uff082027 \u5e74\uff09\u5982\u671f\u51fa\u8ca8\u3002<\/strong>\u300d<\/p>\n<p>\u4ed6\u9032\u4e00\u6b65\u89e3\u91cb\u4e86 Kyber \u6a5f\u6ac3\u65b9\u6848\u7684\u8abf\u6574\uff1a\u300c\u6211\u5011\u6b63\u5728\u7528\u4e00\u500b\u66f4\u597d\u7684\u67b6\u69cb\u66ff\u63db\u539f\u6709\u7684 Kyber \u6a5f\u67b6\u8a2d\u8a08\uff0c\u76ee\u7684\u662f\u652f\u63f4\u66f4\u5927\u898f\u6a21\u7684\u904b\u7b97\u53e2\u96c6\u2014\u2014\u9019\u5c6c\u65bc\u7cfb\u7d71\u67b6\u69cb\u5c64\u9762\u7684\u6301\u7e8c\u512a\u5316\uff0c\u4e0d\u5f71\u97ff\u6676\u7247\u672c\u8eab\u7684\u4ea4\u4ed8\u6642\u9593\u8868\u3002\u300d<\/p>\n<p>\u4e09\u500b\u95dc\u9375\u4e8b\u5be6\u5e6b\u52a9\u5224\u65b7\u771f\u76f8\uff1a<\/p>\n<ol type=\"1\">\n<li><strong>800V \u9ad8\u58d3\u4f9b\u96fb\u7cfb\u7d71<\/strong>\uff1a\u6309\u8a08\u5283\u63a8\u9032\u4e2d\uff0c\u662f Rubin Ultra \u6a5f\u6ac3\u7d1a\u90e8\u7f72\u7684\u6838\u5fc3\u6280\u8853\u6a21\u7d44<\/li>\n<li><strong>\u6a5f\u6ac3\u9593\u5149\u4e92\u9023<\/strong>\uff1aNVIDIA \u6b63\u5728\u5f9e\u9285\u7e9c\u8f49\u5411\u5149\u7e96\u4e92\u9023\uff0c\u9019\u662f\u652f\u63f4\u767e\u842c\u5361\u7d1a\u53e2\u96c6\u7684\u95dc\u9375\u8def\u5f91<\/li>\n<li><strong>\u53f0\u7a4d\u96fb CoWoS \u7522\u80fd<\/strong>\uff1a\u5e74\u589e\u7d04 80%\uff0c\u662f\u652f\u6490 Rubin Ultra \u5927\u898f\u6a21\u51fa\u8ca8\u7684\u7269\u7406\u57fa\u790e<\/li>\n<\/ol>\n<p>\ud83d\udd17 <a href=\"https:\/\/ai-stack.ai\/zh-hant\/gtc-2026-nemoclaw\"><u>NVIDIA GTC 2026 \u767c\u8868\u6703\u4e2d\u63ed\u9732\u7684 Rubin \u67b6\u69cb\u5b8c\u6574\u6280\u8853\u7d30\u7bc0<\/u><\/a>\uff0c\u4ee5\u53ca \ud83d\udd17 <a href=\"https:\/\/ai-stack.ai\/zh-hant\/blackwell-vs-mi300x\"><u>Blackwell \u4e16\u4ee3\u8207 MI300X \u7684\u6548\u80fd\u5c0d\u6bd4\u5206\u6790<\/u><\/a>\uff0c\u70ba\u7406\u89e3 Rubin Ultra \u7684\u6280\u8853\u8de8\u8d8a\u63d0\u4f9b\u4e86\u5b8c\u6574\u7684\u80cc\u666f\u8108\u7d61\u3002<\/p>\n<h2 id=\"\u4e09asic-\u53cd\u8f49\u7576\u81ea\u7814\u6676\u7247\u5ba2\u6236\u56de\u982d\u9078\u64c7-gpu\"><strong>\u4e09\u3001ASIC \u53cd\u8f49\uff1a\u7576\u81ea\u7814\u6676\u7247\u5ba2\u6236\u56de\u982d\u9078\u64c7 GPU<\/strong><\/h2>\n<p>\u6574\u5834\u8def\u6f14\u4e2d\u6700\u5177\u6bba\u50b7\u529b\u7684\u6578\u64da\u62ab\u9732\uff0c\u4f86\u81ea\u9ec3\u4ec1\u52f3\u5c0d ASIC \u7af6\u722d\u7684\u6b63\u9762\u56de\u61c9\u3002<\/p>\n<p>\u4ed6\u900f\u9732\uff1a<strong>\u4e00\u5bb6\u6b64\u524d\u4e3b\u8981\u4f9d\u8cf4\u81ea\u7814 ASIC \u9032\u884c\u65d7\u8266\u6a21\u578b\u8a13\u7df4\u7684\u524d\u6cbf AI \u5be6\u9a57\u5ba4\u2014\u2014\u5e02\u5834\u666e\u904d\u8a8d\u70ba\u662f Anthropic\uff08\u5176\u80cc\u5f8c\u6709 AWS \u4e3b\u63a8\u7684 Trainium \u6676\u7247\uff09\u2014\u2014\u539f\u5148\u5e7e\u4e4e\u4e0d\u4f7f\u7528 NVIDIA GPU\uff0c\u5982\u4eca NVIDIA \u7b97\u529b\u5728\u5176\u57fa\u790e\u8a2d\u65bd\u4e2d\u7684\u4f54\u6bd4\u5df2\u98c6\u5347\u81f3\u63a5\u8fd1 50%\u3002<\/strong><\/p>\n<p>\u9019\u500b\u6578\u5b57\u7684\u885d\u64ca\u529b\u5728\u65bc\uff1a\u5b83\u76f4\u63a5\u985b\u8986\u4e86\u300cASIC \u5c07\u9010\u6b65\u53d6\u4ee3 GPU\u300d\u7684\u5e02\u5834\u4e3b\u6d41\u6558\u4e8b\u3002ASIC \u9663\u71df\u6700\u5177\u4ee3\u8868\u6027\u7684\u5ba2\u6236\u4e4b\u4e00\uff0c\u6b63\u5728\u5927\u898f\u6a21\u56de\u6d41 GPU\u3002<\/p>\n<p>\u9ec3\u4ec1\u52f3\u7684\u89e3\u91cb\u662f\uff1a\u300c\u5ba2\u6236\u7684\u6838\u5fc3\u8a55\u5224\u6a19\u6e96\u4e0d\u662f\u6676\u7247\u55ae\u50f9\uff0c\u800c\u662f<strong>\u6bcf token \u7d9c\u5408\u6210\u672c<\/strong>\u3002\u300d\u5728\u771f\u5be6\u7684\u5927\u898f\u6a21\u90e8\u7f72\u5834\u666f\u4e2d\uff0cNVIDIA \u7684\u751f\u614b\u7cfb\u7d71\u6210\u719f\u5ea6\uff08CUDA\u3001cuDNN\u3001TensorRT\uff09\u3001\u4f9b\u61c9\u93c8\u7a69\u5b9a\u6027\uff08\u53f0\u7a4d\u96fb CoWoS \u7522\u80fd\uff09\u548c\u958b\u767c\u8005\u6548\u7387\uff08\u6578\u767e\u842c CUDA \u5de5\u7a0b\u5e2b\uff09\uff0c\u8f49\u5316\u70ba\u5be6\u8cea\u7684\u7e3d\u9ad4\u6210\u672c\u512a\u52e2\u3002<\/p>\n<p>\u4f46\u9019\u4e26\u4e0d\u610f\u5473\u8457 ASIC \u7684\u5a01\u8105\u662f\u865b\u5e7b\u7684\u3002\u5ba2\u89c0\u6578\u64da\u986f\u793a\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u5e74\u4efd<\/th>\n<th>NVIDIA AI \u52a0\u901f\u5668\u5e02\u4f54\u7387<\/th>\n<th>\u5e02\u5834\u7e3d\u898f\u6a21<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2024<\/td>\n<td><strong>87%\uff08\u5cf0\u503c\uff09<\/strong><\/td>\n<td>~$1,150 \u5104<\/td>\n<\/tr>\n<tr>\n<td>2025<\/td>\n<td>81%<\/td>\n<td>~$1,600 \u5104<\/td>\n<\/tr>\n<tr>\n<td>2026E<\/td>\n<td><strong>75%<\/strong><\/td>\n<td>$2,000 \u5104+<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\ud83d\udd17 <a href=\"https:\/\/ai-stack.ai\/zh-hant\/asic-vs-gpu\"><u>ASIC \u8207 GPU \u7684\u6280\u8853\u8def\u7dda\u4e4b\u722d<\/u><\/a> \u7684\u672c\u8cea\uff0c\u4e26\u975e\u8ab0\u6703\u6d88\u6ec5\u8ab0\u2014\u2014\u800c\u662f AI \u904b\u7b97\u5e02\u5834\u6b63\u5728\u5206\u88c2\u6210\u300c\u8a13\u7df4\u300d\u548c\u300c\u63a8\u8ad6\u300d\u5169\u500b\u622a\u7136\u4e0d\u540c\u7684\u6230\u5834\u3002NVIDIA \u5728\u8a13\u7df4\u9818\u57df\u7684\u5730\u4f4d\uff08\u5e02\u4f54\u7387 90%+\uff09\u5e7e\u4e4e\u4e0d\u53ef\u64bc\u52d5\uff1b\u4f46\u5728\u63a8\u8ad6\u9818\u57df\uff0cGoogle TPU\u3001Amazon Trainium\u3001Microsoft Maia \u548c Broadcom \u5ba2\u88fd\u5316 ASIC \u6b63\u5728\u5feb\u901f\u6210\u9577\u3002<\/p>\n<p>\ud83d\udd17 <a href=\"https:\/\/ai-stack.ai\/zh-hant\/google-tpu-vs-nvidia-gpu\"><u>Google TPU \u8207 NVIDIA GPU \u7684\u5b8c\u6574\u5c0d\u6bd4\u5206\u6790<\/u><\/a> \u986f\u793a\u4e86\u5c08\u7528\u6676\u7247\u5728\u7279\u5b9a\u5834\u666f\u4e0b\u7684\u6210\u672c\u512a\u52e2\u2014\u2014\u4f46\u6b63\u5982\u9ec3\u4ec1\u52f3\u6240\u6307\u51fa\u7684\uff0c\u7576\u4f60\u628a\u8edf\u9ad4\u751f\u614b\u7cfb\u7d71\u3001\u90e8\u7f72\u901f\u5ea6\u548c\u5de5\u7a0b\u5e2b\u6210\u672c\u5168\u90e8\u7d0d\u5165\u8a08\u7b97\u6642\uff0cGPU \u7684\u7e3d\u9ad4\u7d93\u6fdf\u6027\u5f80\u5f80\u4ecd\u7136\u4f54\u512a\u3002<\/p>\n<h2 id=\"\u56db\u4e09\u5927\u589e\u9577\u5f15\u64ce\u5f9e-ai-\u5be6\u9a57\u5ba4\u5230\u4e3b\u6b0a\u570b\u5bb6\u7684\u7b97\u529b\u9700\u6c42\u5730\u5716\"><strong>\u56db\u3001\u4e09\u5927\u589e\u9577\u5f15\u64ce\uff1a\u5f9e AI \u5be6\u9a57\u5ba4\u5230\u4e3b\u6b0a\u570b\u5bb6\u7684\u7b97\u529b\u9700\u6c42\u5730\u5716<\/strong><\/h2>\n<p>\u9ec3\u4ec1\u52f3\u5728\u8def\u6f14\u4e2d\u5c07 NVIDIA \u7684\u71df\u6536\u7d50\u69cb\u62c6\u89e3\u70ba\u4e09\u500b\u7368\u7acb\u7684\u589e\u9577\u5f15\u64ce\uff0c\u9019\u7a2e\u6e05\u6670\u7684\u6230\u7565\u5206\u985e\u672c\u8eab\u5c31\u5177\u6709\u8aaa\u670d\u529b\uff1a<\/p>\n<table>\n<colgroup>\n<col style=\"width: 32%\" \/>\n<col style=\"width: 32%\" \/>\n<col style=\"width: 35%\" \/>\n<\/colgroup>\n<thead>\n<tr>\n<th>\u589e\u9577\u5f15\u64ce<\/th>\n<th>\u71df\u6536\u4f54\u6bd4<\/th>\n<th>\u7279\u5fb5\u8207\u52d5\u614b<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>AI \u5be6\u9a57\u5ba4<\/strong><\/td>\n<td>~20%<\/td>\n<td>OpenAI\u3001Anthropic \u7b49\u524d\u6cbf\u6a21\u578b\u958b\u767c\u8005\uff1b\u9700\u6c42\u6ce2\u52d5\u5927\u4f46\u55ae\u7b46\u8a02\u55ae\u898f\u6a21\u9a5a\u4eba\uff1b\u8fd1\u671f\u8da8\u52e2\uff1a\u5f9e ASIC \u56de\u6d41 GPU<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8d85\u5927\u898f\u6a21\u96f2\u7aef<\/strong><\/td>\n<td>~50%<\/td>\n<td>Microsoft\u3001Meta\u3001Amazon\u3001Google\uff1b\u7a69\u5b9a\u4e14\u6301\u7e8c\u64f4\u5f35\uff1b\u589e\u9577\u6b63\u5f9e\u904b\u7b97\u64f4\u5c55\u5230\u7db2\u8def\u548c CPU<\/td>\n<\/tr>\n<tr>\n<td><strong>\u4e3b\u6b0a AI + \u5de5\u696d AI + \u65b0\u8208 AI \u96f2<\/strong><\/td>\n<td>~30%<\/td>\n<td>\u589e\u901f\u6700\u5feb\u7684\u8cfd\u9053\uff1b\u53d7\u81ea\u7814 ASIC \u885d\u64ca\u6700\u5c0f\uff1b\u9a45\u52d5\u529b\u70ba\u8cc7\u6599\u5728\u5730\u5316\u3001\u80fd\u6e90\/\u571f\u5730\u7d04\u675f\u3001\u570b\u5bb6\u7d1a AI \u81ea\u4e3b\u80fd\u529b\u5efa\u8a2d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u6700\u503c\u5f97\u95dc\u6ce8\u7684\u662f\u7b2c\u4e09\u500b\u5f15\u64ce\u2014\u2014\u4e3b\u6b0a AI\u3002\u9ec3\u4ec1\u52f3\u7279\u5225\u5f37\u8abf\uff0c\u5404\u570b\u653f\u5e9c\u6b63\u5728\u5c07 AI \u57fa\u790e\u8a2d\u65bd\u8996\u70ba\u570b\u5bb6\u5b89\u5168\u8cc7\u7522\uff0c\u5176\u5efa\u8a2d\u908f\u8f2f\u4e0d\u540c\u65bc\u5546\u696d\u96f2\u7aef\uff1a<strong>\u300c\u4ed6\u5011\u4e0d\u662f\u5728\u512a\u5316\u6210\u672c\uff0c\u800c\u662f\u5728\u512a\u5316\u81ea\u4e3b\u6027\u3002\u300d<\/strong><\/p>\n<p>\u53e6\u5916\u4e00\u500b\u88ab\u4f4e\u4f30\u7684\u4eae\u9ede\u662f NVIDIA \u7684 <strong>CPU \u696d\u52d9<\/strong>\u3002\u9ec3\u4ec1\u52f3\u8868\u793a\uff0c\u672c\u8ca1\u5e74 CPU \u71df\u6536\u76ee\u6a19\u7d04 <strong>$200 \u5104\u7f8e\u5143<\/strong>\uff0c\u5176\u4e2d\u63a5\u8fd1\u4e00\u534a\u4f86\u81ea\u7368\u7acb\u7684 Vera CPU \u6a5f\u67b6\u2014\u2014\u9019\u662f NVIDIA \u9996\u6b21\u5927\u898f\u6a21\u9032\u8ecd\u901a\u7528\u4f3a\u670d\u5668 CPU \u5e02\u5834\uff0c\u76f4\u63a5\u6311\u6230 Intel Xeon \u548c AMD EPYC \u7684\u8179\u5730\u3002<\/p>\n<p>\ud83d\udd17 <a href=\"https:\/\/ai-stack.ai\/zh-hant\/gpu-npu-tpu-lpu\"><u>\u5f9e GPU\u3001NPU\u3001TPU \u5230 LPU\uff1a2026 \u5e74 AI \u8655\u7406\u5668\u7684\u5b8c\u6574\u7248\u5716<\/u><\/a> \u6709\u52a9\u65bc\u7406\u89e3 NVIDIA \u70ba\u4f55\u8981\u5c07\u7522\u54c1\u7dda\u5f9e GPU \u64f4\u5c55\u5230 CPU \u548c DPU\u2014\u2014\u9019\u4e0d\u662f\u591a\u5143\u5316\uff0c\u800c\u662f\u5efa\u69cb\u4e00\u500b\u5b8c\u6574\u7684\u8cc7\u6599\u4e2d\u5fc3\u904b\u7b97\u5e73\u53f0\u3002<\/p>\n<h2 id=\"\u4e94\u98a8\u96aa\u8207\u6311\u6230\u5e02\u5834\u70ba\u4f55\u4ecd\u7136\u7126\u616e\"><strong>\u4e94\u3001\u98a8\u96aa\u8207\u6311\u6230\uff1a\u5e02\u5834\u70ba\u4f55\u4ecd\u7136\u7126\u616e\uff1f<\/strong><\/h2>\n<p>\u5118\u7ba1\u9ec3\u4ec1\u52f3\u7684\u6f14\u8aaa\u5145\u6eff\u4fe1\u5fc3\uff0cMorgan Stanley \u4ecd\u5728\u5831\u544a\u4e2d\u5217\u51fa\u4e86\u56db\u9805\u95dc\u9375\u98a8\u96aa\uff1a<\/p>\n<ol type=\"1\">\n<li><strong>\u786c\u9ad4\u4f9b\u7d66\u91cb\u653e\u901f\u5ea6\u8d85\u9810\u671f<\/strong>\uff1a\u5982\u679c\u53f0\u7a4d\u96fb CoWoS \u7522\u80fd\u64f4\u5f35\u5feb\u65bc\u9810\u671f\uff0c\u6216\u7af6\u722d\u5c0d\u624b\uff08\u4e09\u661f 2nm GAA\uff09\u826f\u7387\u7a81\u7834\uff0c\u53ef\u80fd\u5c0e\u81f4 GPU \u4f9b\u7d66\u904e\u5269\uff0c\u524a\u5f31 NVIDIA \u7684\u5b9a\u50f9\u80fd\u529b<\/li>\n<li><strong>AI \u7814\u767c\u6210\u672c\u5927\u5e45\u4e0b\u6ed1<\/strong>\uff1a\u5982\u679c\u6a21\u578b\u8a13\u7df4\u6548\u7387\u51fa\u73fe\u8df3\u8e8d\u5f0f\u63d0\u5347\uff08\u5982 DeepSeek \u5f0f\u7684\u67b6\u69cb\u5275\u65b0\uff09\uff0c\u55ae\u4f4d\u7b97\u529b\u7684\u9700\u6c42\u53ef\u80fd\u4e0b\u964d<\/li>\n<li><strong>\u7af6\u54c1\u63a8\u51fa\u985b\u8986\u6027\u7522\u54c1<\/strong>\uff1aAMD\u3001Intel \u6216\u65b0\u8208 ASIC \u5ee0\u5546\u53ef\u80fd\u63a8\u51fa\u5728\u7279\u5b9a\u5834\u666f\u4e0b\u986f\u8457\u512a\u65bc GPU \u7684\u65b9\u6848<\/li>\n<li><strong>\u96f2\u7aef\u5ee0\u5546\u52a0\u901f\u843d\u5730\u81ea\u7814\u6676\u7247<\/strong>\uff1aGoogle TPU \u5df2\u662f\u6700\u6210\u719f\u7684 ASIC \u751f\u614b\uff0cMeta Iris \u6676\u7247\u5c07\u65bc 9 \u6708\u91cf\u7522\u2014\u2014\u5927\u5ba2\u6236\u8b8a\u6210\u7af6\u722d\u5c0d\u624b\u7684\u98a8\u96aa\u6301\u7e8c\u5b58\u5728<\/li>\n<\/ol>\n<p>\ud83d\udd17 <a href=\"https:\/\/ai-stack.ai\/zh-hant\/meta-compute-ai-cloud\"><u>Meta Compute\uff1a\u7956\u514b\u67cf\u7684 AI \u7b97\u529b\u8c6a\u8ced\u8207\u5168\u7403\u534a\u5c0e\u9ad4\u62cb\u552e\u6f6e<\/u><\/a> \u7684\u6848\u4f8b\u8b49\u660e\uff0c\u5e02\u5834\u5c0d\u300c\u7b97\u529b\u904e\u5269\u300d\u7684\u6050\u61fc\u53ef\u4ee5\u5728\u4e00\u5929\u5167\u84b8\u767c\u6578\u5343\u5104\u7f8e\u5143\u5e02\u503c\u2014\u2014\u5373\u4f7f\u9019\u4e9b\u6050\u61fc\u6700\u7d42\u88ab\u8b49\u660e\u662f\u932f\u7684\u3002<\/p>\n<p>\u4f46\u5f9e\u53e6\u4e00\u500b\u89d2\u5ea6\u4f86\u770b\uff0c\u9019\u4e9b\u98a8\u96aa\u7684\u5b58\u5728\u6070\u6070\u8aaa\u660e NVIDIA \u7684\u8b77\u57ce\u6cb3\u6709\u591a\u6df1\u3002<strong>\u6bcf\u4e00\u9805\u98a8\u96aa\u7684\u524d\u63d0\uff0c\u90fd\u662f\u7af6\u722d\u5c0d\u624b\u5fc5\u9808\u5148\u5728\u6280\u8853\u3001\u751f\u614b\u548c\u898f\u6a21\u4e0a\u9054\u5230\u8207 NVIDIA \u76f8\u7576\u7684\u6c34\u5e73<\/strong>\u2014\u2014\u800c\u9019\u5728\u53ef\u9810\u898b\u7684\u672a\u4f86\u5167\u4ecd\u7136\u662f\u6700\u56f0\u96e3\u7684\u90e8\u5206\u3002<\/p>\n<h2 id=\"\u7d50\u8a9e\u5f9e-gpu-\u4f9b\u61c9\u5546\u5230\u904b\u7b97\u5e73\u53f0\u7684\u6f14\u5316\"><strong>\u7d50\u8a9e\uff1a\u5f9e GPU \u4f9b\u61c9\u5546\u5230\u904b\u7b97\u5e73\u53f0\u7684\u6f14\u5316<\/strong><\/h2>\n<p>\u9ec3\u4ec1\u52f3\u7684 Morgan Stanley \u8def\u6f14\uff0c\u8868\u9762\u4e0a\u662f\u5c0d\u4e09\u91cd\u5229\u7a7a\u50b3\u805e\u7684\u9010\u4e00\u53cd\u99c1\uff0c\u4f46\u66f4\u6df1\u5c64\u7684\u8a0a\u606f\u662f\uff1a<strong>NVIDIA \u6b63\u5728\u5f9e\u4e00\u5bb6 GPU \u4f9b\u61c9\u5546\uff0c\u6f14\u5316\u70ba\u4e00\u500b\u8986\u84cb GPU\u3001CPU\u3001DPU \u548c\u7db2\u8def\u4ea4\u63db\u6a5f\u7684\u5b8c\u6574\u904b\u7b97\u5e73\u53f0\u3002<\/strong><\/p>\n<p>\u9019\u7a2e\u6f14\u5316\u7684\u6230\u7565\u610f\u7fa9\u5728\u65bc\uff1a\u7576\u5ba2\u6236\u8cfc\u8cb7\u7684\u4e0d\u518d\u662f\u55ae\u4e00\u52a0\u901f\u5361\uff0c\u800c\u662f\u4e00\u6574\u5957\u6a5f\u6ac3\u7d1a\u904b\u7b97\u7cfb\u7d71\uff08\u5f9e Vera CPU \u5230 Rubin Ultra GPU \u5230 Spectrum-X \u7db2\u8def\uff09\u6642\uff0c\u55ae\u4e00\u7d44\u4ef6\u88ab\u66ff\u4ee3\u7684\u53ef\u80fd\u6027\u5c31\u6025\u5287\u4e0b\u964d\u3002NVIDIA \u4e0d\u662f\u5728\u8ce3\u6676\u7247\uff0c\u800c\u662f\u5728\u8ce3\u4e00\u500b<strong>\u7121\u6cd5\u88ab\u62c6\u89e3\u7684\u6574\u5408\u904b\u7b97\u67b6\u69cb<\/strong>\u3002<\/p>\n<p>\u5c0d\u65bc\u6b63\u5728\u898f\u5283 AI \u57fa\u790e\u8a2d\u65bd\u7684\u4f01\u696d\u800c\u8a00\uff0c\u9019\u5834\u8def\u6f14\u50b3\u905e\u7684\u6838\u5fc3\u8a0a\u606f\u662f\uff1a<\/p>\n<ol type=\"1\">\n<li><strong>\u7b97\u529b\u4f9b\u7d66\u5074\u6b63\u5728\u5f9e\u7a00\u7f3a\u8d70\u5411\u5145\u88d5\uff0c\u4f46\u6700\u9ad8\u968e\u7b97\u529b\u4ecd\u638c\u63e1\u5728\u6975\u5c11\u6578\u4f9b\u61c9\u5546\u624b\u4e2d<\/strong>\u2014\u2014\u63a1\u8cfc\u7b56\u7565\u9700\u8981\u5340\u5206\u300c\u4e00\u822c\u7b97\u529b\u300d\u548c\u300c\u524d\u6cbf\u7b97\u529b\u300d<\/li>\n<li><strong>ASIC \u8207 GPU \u4e0d\u662f\u96f6\u548c\u535a\u5f08<\/strong>\u2014\u2014\u5169\u8005\u5c07\u9577\u671f\u5171\u5b58\uff0c\u4f01\u696d\u61c9\u6839\u64da\u5de5\u4f5c\u8ca0\u8f09\uff08\u8a13\u7df4 vs \u63a8\u8ad6\uff09\u9078\u64c7\u6700\u512a\u65b9\u6848<\/li>\n<li><strong>NVIDIA \u7684\u5b9a\u50f9\u80fd\u529b\u4f86\u81ea\u751f\u614b\u7cfb\u7d71\uff0c\u800c\u975e\u6676\u7247\u672c\u8eab<\/strong>\u2014\u2014CUDA \u7684\u7db2\u8def\u6548\u61c9\u77ed\u671f\u5167\u96e3\u4ee5\u8907\u88fd<\/li>\n<li><strong>\u4e3b\u6b0a AI \u548c\u5de5\u696d AI \u662f\u4e0b\u4e00\u500b\u7206\u767c\u9ede<\/strong>\u2014\u2014\u9019\u5169\u500b\u9818\u57df\u7684\u5ba2\u6236\u7fa4\u66f4\u5206\u6563\u3001\u9700\u6c42\u66f4\u591a\u5143\uff0c\u5c0d NVIDIA \u4f86\u8aaa\u610f\u5473\u8457\u66f4\u7a69\u5b9a\u7684\u71df\u6536\u57fa\u790e<\/li>\n<\/ol>\n<p>\u9ec3\u4ec1\u52f3\u5728\u8def\u6f14\u7d50\u5c3e\u7684\u4e00\u53e5\u8a71\uff0c\u6216\u8a31\u662f\u6700\u597d\u7684\u7e3d\u7d50\uff1a\u300c\u6211\u4e0d\u77e5\u9053\u696d\u5167\u6709\u8ab0\u89ba\u5f97\u81ea\u5df1\u7684\u7b97\u529b\u592a\u591a\u4e86\u3002\u300d<\/p>\n<p><em>\u672c\u6587\u7531 INFINITIX \u5718\u968a\u7de8\u64b0\uff0c\u8cc7\u6599\u4f86\u6e90\u5305\u62ec <a href=\"https:\/\/in.investing.com\/news\/stock-market-news\/morgan-stanley-reiterates-overweight-on-nvidia-stock-citing-diversified-growth-93CH-5491461\" target=\"_blank\" rel=\"noopener\">Morgan Stanley NVIDIA \u7814\u7a76\u5831\u544a<\/a>\u3001<a href=\"https:\/\/dataconomy.com\/2026\/07\/13\/nvidia-ceo-quarterly-revenue-100-billion\/\" target=\"_blank\" rel=\"noopener\">DataConomy \u8def\u6f14\u5831\u5c0e<\/a>\u3001<a href=\"https:\/\/www.edgen.tech\/zh\/news\/post\/nvidias-jensen-huang-denies-rubin-delay-sees-asic-rival-shift-50-to-gpus\" target=\"_blank\" rel=\"noopener\">EdgeN ASIC \u7af6\u722d\u5206\u6790<\/a>\u3001<a href=\"https:\/\/semianalysis.com\" target=\"_blank\" rel=\"noopener\">SemiAnalysis Rubin Ultra \u6280\u8853\u5206\u6790<\/a> \u4ee5\u53ca\u591a\u5bb6\u8ca1\u7d93\u5a92\u9ad4\u7d9c\u5408\u5831\u5c0e\u3002<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2026 \u5e74 7 \u6708\uff0cNVIDIA \u57f7\u884c\u9577\u9ec3\u4ec1\u52f3\u89aa\u8d74 Morgan Stanley \u9589\u9580\u8def\u6f14\uff0c\u63ed\u9732\u5b63\u5ea6\u71df\u6536\u903c\u8fd1\u5343\u5104\u7f8e\u5143\u3001Rubin Ultra \u5982\u671f\u51fa\u8ca8\u3001ASIC \u5ba2\u6236\u56de\u6d41 GPU 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