黄仁勋最新访谈：AI泡沫？不存在的

Core Insights - Nvidia's recent investments, including $50 billion in Intel and up to $100 billion in OpenAI, are seen as strategic moves to capitalize on the AI revolution, with CEO Jensen Huang expressing confidence in OpenAI becoming a multi-trillion dollar hyperscaler [4][12][13] - Huang emphasizes that Nvidia's role as an AI infrastructure provider extends beyond hardware and software, highlighting the importance of speed, scale, and energy efficiency in their competitive advantage [5][12] - The company is experiencing exponential growth in AI-related applications, with predictions of significant revenue increases driven by the shift from traditional computing to accelerated AI computing [20][21][22] Investment in OpenAI - Nvidia's investment in OpenAI is framed as an opportunity rather than a prerequisite for collaboration, with Huang stating that the investment is based on the potential for high returns as OpenAI scales [9][13][14] - The partnership aims to help OpenAI build its own AI infrastructure, which is expected to support exponential growth in both customer numbers and computational demand [14][15] Market Expectations and AI Demand - There is a divergence between Wall Street's growth forecasts for Nvidia and the company's own expectations, with analysts predicting a slowdown in growth post-2027, while Huang remains confident in sustained high demand for AI infrastructure [16][19][20] - Huang argues that the transition from general-purpose computing to accelerated AI computing represents a massive market opportunity, with traditional computing methods being replaced by AI-driven solutions [20][21] Circular Revenue Concerns - Huang addresses concerns about "circular revenues," clarifying that the investments made by Nvidia in companies like OpenAI are not contingent on guaranteed revenue but are based on the potential for significant growth in the AI sector [34][36][37] - The company maintains that the economic substance of these partnerships is genuine, as evidenced by the substantial user engagement and demand for AI services [37][38] Technological Evolution and Competitive Landscape - Huang asserts that the end of Moore's Law necessitates a new approach to hardware and software design, emphasizing the need for extreme collaboration in system design to maintain performance improvements [40][41][44] - The competitive landscape is evolving, with Huang noting that while more competitors are entering the market, the complexity and scale required to succeed in AI infrastructure make it increasingly challenging for new entrants [46][49] Future Outlook - Nvidia anticipates a significant increase in market size for AI infrastructure, projecting a four to five-fold growth in total addressable market (TAM) from current estimates [23] - The company is positioned to benefit from the ongoing shift to AI, with Huang predicting that AI will enhance global GDP significantly as it becomes integrated into various industries [24][30]