“富可敌国”英伟达：钱太多的烦恼？

Core Insights - Nvidia is accumulating cash at an unprecedented rate in the tech industry, with projected free cash flow of $96.5 billion for the current fiscal year, a significant increase from just $3.8 billion two years ago [1][4][8] - The company is facing a strategic challenge in effectively deploying its rapidly growing capital, driven by soaring sales of AI-specific chips [4][10] - Analysts predict that Nvidia will generate a total of $850 billion in cash over the next four years, excluding capital expenditures, indicating a significant shift in wealth distribution within the tech sector [4][10] Capital Allocation Strategy - Nvidia's CEO, Jensen Huang, has stated that the company will continue stock buybacks while also investing in growth and expanding its ecosystem [7][13] - The company's cash reserves have surged from approximately $13 billion at the beginning of 2023 to $60 billion by the end of October 2023, reflecting its strong financial position [7][13] - Unlike competitors like Google and Meta, which often diversify their investments, Nvidia is focusing on reinvesting capital into its core AI chip ecosystem [7][12] Investment in Ecosystem - Nvidia has announced significant investments in companies using its chips, including plans to invest $10 billion in Anthropic and $1 billion in OpenAI, raising questions about whether it is artificially increasing demand for its chips [12] - The company is also investing in emerging cloud service companies like CoreWeave and has employed aggressive financial strategies, such as providing guarantees for data center leases in exchange for stock warrants [12] - Huang emphasized that these investments aim to expand Nvidia's ecosystem, contrasting with the diversification strategies of other tech giants [12] Shareholder Returns - Stock buybacks remain a crucial part of Nvidia's capital allocation, with expenditures increasing from $10 billion in the previous fiscal year to $36 billion in the current fiscal year [13] - Despite the large spending plans, Nvidia's cash reserves continue to grow, providing flexibility for future capital allocation strategies [13]