英伟达GTC--一场面对“震惊”投资者的“打气会”

Core Viewpoint - The article discusses the challenges faced by Nvidia following its GTC conference, highlighting investor concerns over tariffs, competition from emerging models like DeepSeek, and the trend of major tech companies developing their own AI chips, which threaten Nvidia's market dominance [1][2][6]. Group 1: Market Reaction - Despite the unveiling of new products at the GTC conference, Nvidia's stock fell by approximately 4% after CEO Jensen Huang's keynote, contributing to a nearly 12% decline year-to-date [1][6]. - The conference attracted a record 25,000 attendees, indicating strong interest in AI technology, yet this enthusiasm did not translate into positive market sentiment for Nvidia [3]. Group 2: Political and Economic Threats - Nvidia faces significant threats from political factors, particularly Trump's tariff policies, which could impact its global operations. Huang attempted to reassure investors that tariffs would not cause "significant damage" in the short term, but did not guarantee long-term immunity from economic impacts [8][9]. - The company plans to invest billions in U.S. manufacturing to diversify its supply chain, which may increase operational costs and affect profit margins [9]. Group 3: Competitive Landscape - The rise of cost-effective models like DeepSeek poses a threat to the demand for high-end AI chips, as the AI industry may not require Nvidia's expensive chips if alternatives become viable [11]. - Huang argued that the demand for computing remains extremely high, driven by AI inference, and that new AI models will increase the need for robust computing infrastructure [12]. Group 4: Client Self-Development - Major tech companies, including Meta, Google, Amazon, and Microsoft, are actively developing their own AI chips to reduce reliance on Nvidia, which could undermine Nvidia's monopoly in the AI chip market [13]. - Reports indicate that Amazon Web Services (AWS) is promoting its self-developed Trainium chips, which offer similar performance to Nvidia's H100 chips at a quarter of the price, further intensifying competitive pressure on Nvidia [13].