以下文章来源于睿远FUND ，作者小睿 睿远FUND . 睿远基金官方订阅号，第一时间发布睿远基金动态、分享优质基金及投资内容，做持有人长期利益最大 化的价值投资实践者。 美国半导体巨头英伟达在 6 月初超过微软成为全球市值最高的上市公司之后， 7 月初公司市值突破 4 万亿美元，成为有史以来首家达到这一重要里程碑的企业，当时的股价触及 164.32 美元的历史最高 点，而目前英伟达的股价已经超过了 180 美元。 市场普遍认为，英伟达这波股价的飙升，主要由于投资者对于人工智能变革潜力的坚定信心，并且英伟 达的主要合作伙伴 OpenAI 也在近期发布了最新的 GPT-5 ，英伟达的市值里程碑也凸显了企业正将资 产支出转向 AI 领域的发展方向。 英伟达，最初是游戏芯片制造商，随后转型为加密挖矿芯片制造商，如今则成为人工智能计算芯片制造 巨头，以及该领域无可争议的早期赢家。 那么， 英伟达是如何踏入人工智能计算芯片领域的呢？ 在《黄仁勋：英伟达之芯》一书中，作者为读者们呈现了当时英伟达是如何抓住了这个千载难逢的机 会。 千载难逢的机会 英伟达何以快速转型 在提到英伟达的 AI 之路，需要先介绍一个重要的人物，那 ...

Core Insights - Nvidia has undergone a significant strategic transformation from a gaming-focused GPU manufacturer to a core supplier of computing infrastructure driving the global AI wave, achieving a market capitalization that once surpassed $3 trillion [1] - The company's financial performance reflects its market dominance, with Q4 2025 revenue reaching $39.3 billion, a 78% year-over-year increase, and data center revenue soaring to $35.6 billion, up 93% [2][3] Group 1: Market Position and Financial Performance - Nvidia holds a dominant market position in the AI-driven computing landscape, particularly in the data center sector, where its high-performance GPUs are in high demand [2] - The company's data center business has shown exponential revenue growth, with total revenue for fiscal year 2025 reaching $130.5 billion, doubling from the previous year [2] - Nvidia's stock price has surged, making it one of the highest-valued tech companies globally, reflecting investor confidence in its core value and future growth potential in the AI era [2] Group 2: Product and Ecosystem Development - Nvidia's high-end GPUs, such as the H100/H200 and the newly released Blackwell series, are essential for training and inference of large AI models, with significant orders from major cloud service providers [3] - The company has established a strong software ecosystem with platforms like CUDA, cuDNN, and TensorRT, which have become industry standards for AI development, creating a high barrier for competitors [4][11] - Nvidia's vertical integration, from chips to systems and software, has created a robust ecosystem that makes it difficult for competitors to challenge its comprehensive leadership [9][12] Group 3: Strategic Vision and Historical Context - Nvidia's success is attributed to its long-term strategic planning and timely execution, having recognized the potential of GPUs for general-purpose computing early in the 21st century [6] - The introduction of the CUDA platform in 2006 significantly lowered the barrier for GPU parallel computing, laying the groundwork for Nvidia's dominance in AI computing [6][8] - The company's proactive investments in AI-related R&D and its development of integrated solutions, such as the DGX series supercomputers, further enhance its competitive edge [8][12] Group 4: Competitive Landscape and Challenges - Despite its strong position, Nvidia faces challenges from new entrants and existing competitors who are increasing their investments to capture market share [5][13] - The complex global supply chain and geopolitical factors pose potential risks to Nvidia's production capacity and market expansion [5] - Competitors must not only match Nvidia's hardware performance but also invest heavily in software ecosystems and community building to effectively challenge its market dominance [13]