疯狂投资的英伟达，从卖芯片到AI“美联储”

Core Insights - Nvidia has rapidly transformed into a trillion-dollar company, but there is an underlying tension regarding its reliance on GPUs for AI [1] - To mitigate potential uncertainties, Nvidia has heavily invested in the AI ecosystem, making 83 investments in the past two years, surpassing Alphabet and Microsoft [1][4] - Nvidia aims to establish a self-dominated AI order, acting like a central bank by controlling "computing currency" and supporting new players while stabilizing key companies [1][2] Investment Strategy - Nvidia has made significant investments in AI applications, focusing on four main areas: large models, AI infrastructure, autonomous driving, and humanoid robots [4] - In 2023, Nvidia participated in financing for 31 companies, with 14 related to large models, 7 in AI infrastructure, and others in autonomous driving and humanoid robotics [4][5] - The company invests heavily in model companies, including top-tier firms like OpenAI and Anthropic, to secure future hardware orders [5][6] Infrastructure and Application Focus - Nvidia has also invested significantly in AI infrastructure, with investments split evenly between model firms and infrastructure companies [7] - Companies like CoreWeave and Lambda Labs, which are not traditional cloud computing firms, have pivoted to AI cloud services with Nvidia's support [8] - Nvidia is betting on vertical AI and multimodal applications, believing that models must integrate various forms of data for comprehensive understanding [8][9] Role as a Macro Regulator - Nvidia's investment approach is characterized by a focus on mid to late-stage funding rounds, often avoiding leading roles in financing [10][11] - The company prioritizes ecosystem influence over financial returns, aiming to shape the future AI market landscape [13][14] - Nvidia acts as a liquidity provider in the AI sector, similar to a central bank, ensuring stability and support for key players like OpenAI [15][17] Strategic Positioning - Nvidia's investments are designed to create a protective moat around its business, locking in key participants in its ecosystem [20][22] - The company's founder, Jensen Huang, believes in binding critical players to Nvidia's platform to mitigate risks from market cycles [22][23] - Nvidia's approach reflects a blend of pragmatism and a strong commitment to its vision, emphasizing the importance of being a dominant force in the AI landscape [21][23]