海外硬科技龙头复盘研究系列（十一）：计算机行业：英伟达成长启示录：保持远见、不断奔跑，用心打好逆风球

Industry Investment Rating - The report maintains a positive outlook on the computer industry, specifically highlighting NVIDIA's growth trajectory and its strategic positioning in the AI and data center markets [1] Core Viewpoints - NVIDIA's growth can be divided into five key stages, each marked by strategic pivots and technological advancements that have solidified its market leadership [3] - NVIDIA has successfully navigated multiple challenges through strategic adjustments and technological innovation, maintaining its competitive edge [4] - The company's success is attributed to its foresight in market trends and relentless focus on R&D, which has allowed it to capitalize on emerging opportunities such as AI and data centers [5] - NVIDIA's dominance in the AI chip market, particularly in GPUs, has positioned it as a key beneficiary of the AI revolution, with its data center business becoming a major revenue driver [6] Summary by Sections NVIDIA's Growth Stages - Stage 1 (1993-1998): NVIDIA established itself in the 3D gaming market by aligning with Microsoft's DirectX and focusing on hardware performance [3] - Stage 2 (1999-2006): The company accelerated growth through IPOs, acquisitions, and a strong R&D focus, leading to rapid expansion and market leadership [4] - Stage 3 (2006-2015): NVIDIA made strategic moves into GPGPU and CUDA platforms, laying the groundwork for future growth in AI and cryptocurrency markets [4] - Stage 4 (2015-2021): The first wave of AI revolution, driven by deep learning, propelled NVIDIA's market value from $10 billion to $800 billion, with data centers becoming a key growth area [3] - Stage 5 (2022-2024): The second wave of AI revolution, fueled by generative AI and large models like ChatGPT, further solidified NVIDIA's position as a leader in AI training and data center solutions [3] Overcoming Challenges - Challenge 1: Initial product compatibility issues were resolved by aligning with DirectX standards and improving marketing efforts [4] - Challenge 2: The "Graphics Gate" incident was managed through product recalls and the release of improved models [4] - Challenge 3: Failure in the mobile market led to a strategic pivot towards gaming consoles and autonomous driving [4] - Challenge 4: Supply chain disruptions were mitigated through increased inventory and product diversification [4] - Challenge 5: The decline in cryptocurrency mining demand was offset by a focus on data centers and autonomous driving [4] Key Success Factors - Foresight: NVIDIA's early recognition of the potential in 3D gaming and AI markets allowed it to stay ahead of competitors [5] - R&D Focus: Continuous investment in R&D has enabled NVIDIA to maintain technological leadership and adapt to market changes [5] Investment Recommendations - NVIDIA's leadership in AI and data center markets, combined with its strong ecosystem and continuous innovation, makes it a key player in the global AI chip market [6] - The report also highlights opportunities in the domestic AI chip market, driven by increased investment in computing power and restrictions on high-performance chip exports [6]