英伟达 J.P.摩根大通 CES 炉边谈话 20260107 摘要 全球正经历三大计算平台转型：CPU 向 GPU 加速计算、生成式 AI 应用、 以及物理 AI 基础模型兴起，这些转型驱动行业发展，并有效缓解支出泡 沫。 英伟达下一代产品 Vera Rubin 已完成流片，包含 GPU、CPU、网络、 Bluefield 及 CPO 交换机等六款芯片，协同设计旨在构建大规模数据中 心基础设施，能耗降低，吞吐量提升，推理成本显著降低。 物理 AI 是继智能体 AI 之后的又一重大机遇，开源模型在物理 AI 领域至 关重要，英伟达在机器人、可视化技术及汽车领域均有布局，并与梅赛 德斯合作推出高端自动驾驶汽车。 市场对 AI 和加速计算需求旺盛，英伟达已提前进行采购供应，以满足未 来需求。基于已下达订单和确认产能，对供应链状况持乐观态度。 Blackwell 和 Vera Rubin 组合订单在 2026 年前总额约为 5,000 亿美 元，客户已开始规划 2027 年的需求，并评估 Vera Rubin 的部署规模。 英伟达网络业务关注附加率，90%的客户会搭配采购网络产品。 Spectrum X 系列产品年化 ...

Core Viewpoint - The strategic investment of $5 billion by NVIDIA in Intel marks a significant collaboration between two major players in the semiconductor industry, aiming to combine their strengths in AI and computing technologies [1][6]. Group 1: Investment and Market Reaction - NVIDIA confirmed a strategic investment of $5 billion in Intel, leading to a 22.77% surge in Intel's stock price and a 3.49% increase in NVIDIA's stock price on the announcement day [1]. - The collaboration is expected to enhance both companies' positions in the AI computing market, with Intel providing customized x86 CPUs for NVIDIA's AI infrastructure [1][2]. Group 2: Technological Collaboration - The partnership aims to integrate NVIDIA's GPU technology with Intel's x86 architecture, addressing the growing demand for AI computing power in data centers and personal computing [2][5]. - Both companies have not yet disclosed a timeline for the release of their first collaborative product, indicating that the development phase is still ongoing [1]. Group 3: Intel's Challenges and Strategic Moves - Intel has faced significant challenges in recent years, including a 15% workforce reduction and the need to pivot its business strategy to regain market share lost to competitors like AMD and NVIDIA [3][4]. - The company has also secured an $8.9 billion investment from the U.S. government, acquiring 9.9% of Intel's shares, which reflects the government's interest in supporting the semiconductor industry [3][4]. Group 4: NVIDIA's Position and Future Prospects - NVIDIA's CEO expressed optimism about the investment, highlighting the potential for substantial returns and the opportunity to become a key customer for Intel's CPUs [6]. - The collaboration is seen as a strategic move for NVIDIA to solidify its market position in AI and GPU acceleration, targeting a market estimated at nearly $50 billion [6][7]. Group 5: Industry Implications - The partnership between NVIDIA and Intel could lead to significant shifts in the semiconductor landscape, increasing competitive pressure on TSMC and AMD [7]. - As the two companies deepen their collaboration in AI and data center technologies, the competitive dynamics in the market are expected to intensify, potentially eroding AMD's existing advantages [7].