2025.11.20 本文字数：1646，阅读时长大约3分钟 作者 |第一财经 郑栩彤 近期多只美股科技股股价有所回调，第三季度桥水减持、"硅谷风投教父"彼得·蒂尔清仓英伟达股票的 消息也引发了市场上关于AI泡沫可能破裂的讨论。英伟达本周发布的最新季度财报被认为是反映AI真 实需求的风向标。 当地时间周三盘后，英伟达公布截至2025年10月26日的2026财年第三财季业绩。该季度英伟达营收570 亿美元，同比增长62%，超过市场预期；净利润319亿美元，同比增长65%；（GAAP）毛利率73.4%； 数据中心业务收入创下历史纪录，达到512亿美元，同比增长66%，超过市场预期。 在财报发布后的电话会议上，黄仁勋释放了对AI需求保持强劲的信心。他表示，最近有很多关于人工 智能泡沫的讨论，而英伟达看到了一些很不一样的东西。英伟达的产品和其他加速器不同，适合在人工 智能的每一阶段包括预训练、后训练中使用。 黄仁勋强调，世界正在经历三个巨大的平台转变，英伟达正参与这些转变，一是从CPU通用计算向GPU 加速计算转变，二是人工智能正在改变应用程序，三是代理式（Agentic）AI浪潮兴起。向生成式AI的 过渡将是革命性 ...

本文字数：1646，阅读时长大约3分钟 作者 | 第一财经 郑栩彤 近期多只美股科技股股价有所回调，第三季度桥水减持、"硅谷风投教父"彼得·蒂尔清仓英伟达股票 的消息也引发了市场上关于AI泡沫可能破裂的讨论。英伟达本周发布的最新季度财报被认为是反映 AI真实需求的风向标。 当地时间周三盘后，英伟达公布截至2025年10月26日的2026财年第三财季业绩。该季度英伟达营 收570亿美元，同比增长62%，超过市场预期；净利润319亿美元，同比增长65%；（GAAP）毛利 率73.4%；数据中心业务收入创下历史纪录，达到512亿美元，同比增长66%，超过市场预期。 "Blackwell芯片销量远超预期，云端GPU已售罄。训练和推理计算需求持续增长，呈指数级上升。 我们已经进入人工智能的良性循环。"英伟达CEO黄仁勋表示，人工智能生态系统正迅速扩张，新的 基础模型制造商和人工智能初创企业越来越多，人工智能无处不在，无所不能。 市场重点关注的数据中心业务方面，英伟达表示，该季度公司除了与OpenAI建立了战略合作伙伴关 系并计划部署至少10吉瓦的英伟达系统，还与谷歌、微软、甲骨文和xAI等厂商合作，将在美国搭建 包含数 ...

黄仁勋表示，最近有很多关于人工智能泡沫的讨论，而英伟达看到了一些很不一样的东西。 黄仁勋强调，世界正在经历三个巨大的平台转变，英伟达正参与这些转变，一是从CPU通用计算向GPU加速计算转变，二是人工智能正在改变应用程序，三 是代理式（Agentic）AI浪潮兴起。向生成式AI的过渡将是革命性的，也是必要的，这将给现有的应用程序及商业模式带来巨大改变。 科莱特·克雷斯则补充了一些数据。她表示，从今年到明年年底，可预见英伟达Blackwell和Rubin的收入将达到5000亿美元，在此基础上还有更多机会。目前 已售罄的云端GPU包括新一代和前几代架构的GPU。Rubin平台芯片则有望在2026年下半年推出。英伟达正在驱动千亿美元规模的基础设施投资。 英伟达的芯片迭代也在进行。科莱特·克雷斯透露，本季度数据中心收入增长主要是由Blackwell GB300推动的，该季度GB300贡献的收入超过了GB200，占 Blackwell收入的2/3。不过，她表示，英伟达尚未在中国市场交付具有竞争力的数据中心产品。 近期多只美股科技股股价有所回调，第三季度桥水减持、"硅谷风投教父"彼得·蒂尔清仓英伟达股票的消息也引发了市场上 ...

Core Viewpoint - TSMC is accelerating the construction and production timelines of its Arizona factories in response to strong demand from major clients like Apple, AMD, and NVIDIA, despite the higher costs associated with U.S. manufacturing [2][3][4]. Group 1: TSMC's Expansion Plans - TSMC's first Arizona factory is set to begin mass production of 4nm technology in Q4 2024, with plans for the second factory to adopt 3nm technology and potentially start production as early as 2026 [2][5]. - The third factory is under construction and will utilize 2nm and A16 process technologies, with production timelines being expedited due to strong AI-related demand [3][10]. - TSMC's overall investment in U.S. facilities is projected to reach $165 billion, including six wafer fabs and two advanced packaging plants [5]. Group 2: Client Demand and Pricing - Major clients, including NVIDIA and OpenAI, are increasingly relying on TSMC for advanced semiconductor manufacturing, with NVIDIA's CEO confirming orders for various products including CPUs and GPUs [2][3]. - AMD's CEO noted that chips produced in Arizona are 5% to 20% more expensive than those made in Taiwan, reflecting the higher operational costs in the U.S. [4]. - TSMC has acknowledged that the higher costs of U.S. production will dilute its gross margins by approximately 2% to 3% in the initial years, increasing to 3% to 4% later on [3][7]. Group 3: Financial Performance - TSMC's Arizona factory has begun contributing positively to revenue, reporting an investment gain of 6.447 billion TWD, marking a significant turnaround after four years of losses [7]. - The profitability of the Arizona facility is attributed to high capacity utilization, with major clients like Apple and AMD filling orders rapidly [7][8]. - In contrast, TSMC's Kumamoto factory in Japan continues to operate at a loss due to lower capacity utilization and market demand challenges [7][8]. Group 4: Future Production Capacity - TSMC plans to ramp up production capacity for its 2nm technology, with expectations of reaching a monthly capacity of 100,000 wafers by the end of 2026 [11]. - The company is adjusting its production plans based on client demand and market conditions, ensuring that the expansion in the U.S. does not significantly detract from its Taiwanese operations [11].