他是执掌万亿芯片帝国的硅谷传奇，是拿 GPU 重塑世界的技术革新者，更是深耕全球 AI 市场的坚定探索者。 本月初，他所创办的英伟达公司市值冲破 4 万亿美元，超过科技巨头微软、苹果公司，成为全球首家达到这一高度的上市公司。从 2021 年的 1 万 亿美元到 2025 年的 4 万亿美元，在推动 AI 大模型浪潮的短短四年间，他带领英伟达完成了超 3 倍市值增长的成绩。 站在这个科技帝国之巅的黄仁勋，用 30 年的时间书写了一段从硅谷创业者到"皮衣黄"教主的传奇历程。 今天，我们一起来看看，这位总是身着黑色皮衣的英伟达掌舵者——黄仁勋（Jensen Huang），有着怎样的成长史。 漂泊岁月中的坚韧基因 1963 年，黄仁勋出生于中国台湾省台南市的一个知识分子家庭。父亲黄兴泰是一名化学工程师，祖籍浙江丽水，1945 年迁居台湾省；母亲罗采秀 曾是一名小学教师。"仁勋"之名寄托着家族对他"心怀仁爱，建立不世功勋"的期许。 1968 年，由于父亲工作调动，5 岁的黄仁勋随家人远赴泰国曼谷生活。童年的黄仁勋并非传统意义上的乖孩子，他曾和哥哥将打火机燃料倒入游 泳池点燃，然后跳进水中躲避火焰，这种近乎"疯狂"的探索 ...

Core Insights - Nebius Group N.V. (NBIS) shares have increased by 57.3% over the past month, significantly outperforming the Zacks Computer & Technology sector and the Zacks Internet Software Services industry's growth of 10.1% and 10.6% respectively [1] - The company announced a private placement of $1 billion in convertible notes to enhance its global AI infrastructure and revenue opportunities by 2026, resulting in a 9.4% stock rise since the announcement [4] - Despite the recent surge, NBIS stock is still trading 22.6% below its 52-week high, closing at $39.39 [5] Revenue Growth - Nebius reported a remarkable 385% year-over-year revenue growth in Q1 2025, driven by strong demand for its AI infrastructure services [6] - The annualized run-rate revenue (ARR) saw a 700% increase, with April ARR reaching $310 million, indicating a robust start for Q2 [6][7] - The company is confident in achieving its full-year ARR guidance of $750 million to $1 billion and reaffirmed its overall revenue guidance of $500 million to $700 million for 2025 [7] AI Cloud Differentiation - To capture a larger share of the AI cloud compute market, Nebius is focusing on technical enhancements to improve reliability and reduce downtime, thereby increasing customer retention [8] - Significant upgrades to its AI cloud infrastructure have been made, including automatic recovery for failed nodes and proactive system health checks, leading to a 5% improvement in node availability for commercial use [9][10] Strategic Partnerships and Global Expansion - Nebius is strengthening its ties with NVIDIA, becoming one of the first AI cloud infrastructure platforms to offer the NVIDIA Blackwell Ultra AI Factory Platform and supporting the DGX Cloud Lepton marketplace [13] - The company is expanding its global footprint with new capacity in the U.S., Europe, and the Middle East, including a strategic data center in Israel, which helps reduce latency and diversify risk [14] Diversified Business Model - In addition to its core cloud platform, Nebius has notable offerings such as Toloka (an AI development platform), TripleTen (an edtech service), and Avride (an autonomous vehicle platform) [15] - The company holds a stake in Toloka, which is now backed by notable investors, and has partnerships with major players for Avride [16] Challenges and Financial Outlook - Despite impressive revenue growth, Nebius remains unprofitable, with adjusted EBITDA projected to be negative for the full year 2025, although management expects it to turn positive in the second half of 2025 [18] - The company has raised its 2025 capital expenditure forecast to approximately $2 billion, which could pose a concern if revenue does not keep pace [18] - Analysts have revised their earnings estimates downward for NBIS over the past 60 days, indicating potential challenges ahead [19] Valuation - Valuation-wise, NBIS is considered overvalued, reflected by a Zacks Value Score of F, with shares trading at a Price/Book ratio of 2.94X, lower than the industry average of 4 [20][21]

撰 文 / 钱亚光 设 计 / 赵昊然 此次GTC大会上，黄仁勋继续表达对算力需求增长前景的看好。虽然大型语言模型能提供基础知 识，但推理模型能给出更复杂、更具分析性的回答。黄仁勋表示，借助该公司新推出的开源软件 Nvidia Dynamo和Blackwell芯片，将使DeepSeek R1的运行速度提高30倍。 他在主题演讲中，强调了英伟达系统所支持的人工智能应用的广度。他详细阐述了英伟达在自动驾 驶汽车、更优无线网络和先进机器人技术开发方面的贡献，并公布了公司未来两年的产品路线图。 他说，来自四大云服务提供商对GPU的需求正在飙升，并补充说，他预计英伟达的数据中心基础设 施收入到2028年将达到1万亿美元。 3月19日晚间，身着标志性的黑色皮装的英伟达首席执行官黄仁勋（Jensen Huang）在英伟达GTC大 会上占据了中心位置。 此次活动吸引了超过25000人来到美国加州圣何塞SAP中心，黄仁勋在主题演讲开始时向观众抛出 印有"AI 超级碗大赛"字样的T恤，并宣布今年的GTC（全球人工智能大会）为"AI 超级碗"大赛。 "去年我们在这里办GTC，被描述为'AI的摇滚音乐节'（AI Woodstock ...

来源：内容编译自semianalysis，谢谢。 AI 模型的进展速度大大加快，在过去六个月中，模型的改进速度比前六个月更快。这一趋势将持续下去，因为三个扩展定律叠加在一起并协同工 作：训练前扩展、训练后扩展和推理时间扩展。 今年的 GTC 致力于解决新的扩展范式。 Claude 3.7 展示了软件工程的惊人性能。Deepseek v3 表明上一代模型功能的成本正在大幅下降，从而推动了进一步的采用。OpenAI 的 o1 和 o3 模型表明，更长的推理时间和搜索意味着更好的答案。就像训练前定律的早期一样，在训练后添加更多计算以进行这些模型的计算是没有限制的。 今年的 GTC 专注于实现智能和tokens的爆炸式增长。Nvidia 专注于将推理成本提高 35 倍，以实现模型的训练和部署。 去年的口号是"买得越多，省得越多"，但今年的口号是"省得越多，买得越多"。Nvidia在硬件和软件方面的路线图中提供的推理效率解锁了推理和 代理，以经济高效的方式部署模型和其他转型企业应用程序，从而实现广泛的扩散和部署——这是杰文斯悖论的经典例子。或者用 Jensen 的话来 说："买得越多，赚得越多"。 市场对此感到担忧。人 ...