算力到应用的转折点？英伟达：AI进入兑现阶段

Core Viewpoint - The CES 2026 is a pivotal moment for Nvidia, marking the potential real-world application of enterprise AI, shifting focus from computational power to sustainable revenue generation from AI applications [1][12]. Group 1: Enterprise AI and Business Models - The demand for AI chips remains strong, but investor interest is shifting towards how AI can translate into sustainable revenue rather than just computational power availability [1]. - Companies are increasingly looking for AI systems that are deployable, controllable, and sustainable, rather than just the most powerful AI models [4]. - Nvidia's collaboration with Lenovo to showcase enterprise AI solutions at CES is seen as a significant development, focusing on hybrid AI that combines hardware and software for immediate deployment [4][5]. Group 2: Product and Revenue Clarity - Investors are now more interested in tangible product forms, real application scenarios, and clear pricing models rather than conceptual demonstrations [5]. - If Nvidia can provide clear answers regarding product forms and customer applications at CES, it may transition its data center business from being driven by computational supply to being driven by enterprise AI applications [5]. Group 3: RTX Series and Market Dynamics - The RTX series, traditionally tied to gaming cycles, is evolving as AI applications gain traction, potentially becoming a standard feature in new PCs rather than just a gaming upgrade [6][8]. - The shift in RTX's role could lead to structural changes in its sales patterns, supporting Nvidia's revenue and valuation in the long term [8]. Group 4: Physical AI and Commercialization - Nvidia's focus on Physical AI, which aims to enable AI systems to interact with the real world, is seen as a significant but slow-developing business line [9]. - The introduction of the Alpamayo platform for autonomous vehicles at CES indicates a move towards practical applications of Physical AI, with a focus on real-world reasoning capabilities [9][10]. - Investors are looking for concrete use cases and clear business models for Physical AI, which could signal a shift from a technology platform to scalable commercial applications [10][12].