英伟达暴增的“钞能力”：手握近千亿美元，疯狂投资客户、回购股票

Core Insights - Nvidia is experiencing unprecedented cash accumulation due to explosive growth in AI chip demand, with free cash flow projected to soar from $3.8 billion in FY2023 to $96.5 billion in the current fiscal year, marking a staggering increase [2] - The company's AI-specific chip business is witnessing a compound annual growth rate (CAGR) of 194%, contributing significantly to this cash flow surge [2] - Nvidia's revenue for Q3 FY2026 is expected to grow by 62% year-over-year, and it is projected to generate approximately $850 billion in cash over the next four years, even if actual amounts are only half of expectations [5][8] Financial Performance - Nvidia's free cash flow has seen a historic increase, unmatched by any tech company since 1990, with only Apple in 2001 coming close after the iPod launch [5] - The company’s total cash flow from FY2020 to FY2023 was $21 billion, which is significantly lower than the anticipated cash flow for the upcoming years [8] Strategic Investments - Nvidia has announced strategic investments, including $10 billion into Anthropic and a commitment of $100 billion to OpenAI, raising speculation about whether these investments are aimed at stimulating downstream demand [11] - The company is also investing in emerging cloud service providers like CoreWeave, which are key customers for its chips, and is engaging in innovative partnerships to strengthen ecosystem ties [11] Cash Management Strategy - Nvidia's CEO, Jensen Huang, indicated a focus on using cash to drive business growth, with $36 billion in stock buybacks planned for the first three quarters of FY2026, a significant increase from $10 billion in FY2023 [11] - The company is concentrating on its core business through strategic investments, contrasting with other tech giants that are diversifying into various sectors [12] Market Impact - Nvidia's increasing cash reserves and investment strategies are expected to significantly influence the global AI industry landscape, with the balance between short-term returns and long-term strategy being crucial for maintaining its leadership in the AI era [12]