20只独角兽、34亿美金，黄仁勋投出一个“AI帝国”

Core Insights - Nvidia has established itself as a cornerstone in the AI era, with its investments in startups indicating its ambition to build a comprehensive ecosystem over the next decade [3][29] - Since 2023, Nvidia has significantly increased its investment frequency, from approximately 20 investments in 2022 to around 50 by the end of 2023, maintaining a pace of about 50-60 investments annually thereafter [3][10] - Nvidia's investments span various stages of company development, from seed rounds to later stages, and primarily focus on the AI industry chain, including AI computing power, large models, and applications [5][19] Investment Strategy - Nvidia's primary investment activities are conducted through its Corporate Development Department, led by Vishal Bhagwati, who has a strong background in strategic investments and mergers [8][10] - The NVenture division, led by Sid Siddeek, focuses more on financial returns rather than just business synergies, indicating a dual approach to investment within Nvidia [11][13] - Nvidia has also established an incubation program, Inception, which has supported thousands of startups by providing AI computing hardware and cloud service discounts [16] Investment Performance - Nvidia has invested in 20 unicorns, with a total of about 40 unicorns in its investment portfolio, showcasing a high success rate in identifying valuable startups [19][24] - The Corporate Development Department has significantly outperformed NVenture in terms of producing unicorns, with 17 unicorns emerging from its investments since 2019 [19][24] - Notable investments include You.com, Reka AI, and FigureAI, all of which utilize Nvidia's GPU technology in their operations [20][22][24] Future Outlook - Nvidia's investment strategy is evolving to include sectors like energy and embodied intelligence, while still focusing on generative AI's core elements: computing power, data, and models [30][31] - The concept of an "AI Factory" has been introduced, aiming to integrate AI development with industrial processes, which is expected to generate tangible value for clients like Uber and Google [32][34] - Nvidia's long-term vision includes building a unified AI infrastructure that supports various applications, with a focus on sustainable energy and quantum computing integration [31][34] Financial Growth - Nvidia's long-term equity investments have seen a substantial increase, with values rising from $1.3 billion in fiscal year 2024 to $3.4 billion in fiscal year 2025, indicating a nearly threefold growth in just one year [37]