公众号记得加星标⭐️，第一时间看推送不会错过。 与其让热量积聚，不如从一开始就在芯片内部将其分散开来，就像将一杯沸水倒入游泳池一样，将热 量稀释。分散热量可以降低最关键的器件和电路的温度，并使其他久经考验的冷却技术更高效地工 作。为此，我们必须在集成电路内部引入一种高导热材料，距离晶体管仅几纳米，同时又不影响晶体 管任何极其精密敏感的特性。一种意想不到的材料——金刚石，就此诞生。 从某些方面来看，金刚石是理想的材料。它是地球上导热性能最强的材料之一，比铜的导热效率高出 许多倍，同时还具有电绝缘性。然而，将其集成到芯片中却并非易事：直到最近，我们才知道如何在 超过 1000°C 的电路熔渣温度下生长金刚石。 但我在斯坦福大学的研究小组完成了一项看似不可能的任务。我们现在可以在足够低的温度下，直接 在半导体器件顶部培育出一种适合散热的钻石，即使是先进芯片内部最精密的互连线也能幸免于难。 需要说明的是，这不是你在珠宝上看到的那种钻石，那种钻石是一块大的单晶。我们的钻石是一种厚 度不超过几微米的多晶涂层。 但强大的力量也伴随着巨大的……热量！ 当纳米级晶体管以千兆赫兹的速度切换时，电子会在电路中快速移动，以热量的形式 ...

Core Viewpoint - The future performance of Nvidia may be significantly impacted by its past performance, with analysts remaining bullish despite high valuation metrics like a price-to-earnings ratio of up to 50 times [4][9]. Revenue Growth and Earnings - Nvidia's revenue is projected to grow from $16.6 billion in 2021 to $130.5 billion by fiscal year 2025, with earnings per share increasing from $0.17 to $2.94 during the same period [6]. - Analysts expect Nvidia's earnings per share to grow by 43% in fiscal year 2026 and by 34% in fiscal year 2027, leading to a projected price-to-earnings ratio of 26.6 by the end of fiscal year 2027 [8]. Market Position and Ecosystem - Over 4 million developers rely on Nvidia's CUDA software platform, which has been in use for 15 years, creating a high switching cost for users [7]. - Nvidia's data center revenue reached $39.1 billion in Q1 2026, a 73% year-over-year increase, despite losing approximately $2.5 billion in revenue due to export restrictions [7]. Competitive Threats - Google poses a significant risk to Nvidia, particularly with its Cloud TPU, which offers a streamlined, one-stop solution for AI model training and inference [11][13]. - Although Google's TPU sales are estimated to be between $6 billion and $9 billion in 2024, this is still a small fraction of Nvidia's projected $115.3 billion data center revenue for fiscal year 2025 [15]. Revenue Concentration and Future Outlook - In Q1 2026, four customers contributed to 54% of Nvidia's total revenue, indicating a high concentration risk [16]. - Nvidia's revenue growth is expected to slow down, with projections indicating a decline to 15% to 20% in the coming years, as the market for training foundational models may saturate [16][18].