打不过就加入吧！英伟达加剧“赢者通吃”的行业趋势

金十数据2025-07-12

在由英伟达主导的AI世界里，对全球芯片制造商的信号相当明确：如果你无法战胜它，那就加入它的供应链。二十五年前，英特尔创造了历史，成为首批纳入道琼斯工业平均指数的两家科技公司之一。如今，芯片公司英伟达在过去两年中股价上涨七倍，已取代英特尔成为这一蓝筹指数的新成员。这只是芯片行业变革的开始。由于推动生成式AI技术的芯片需求依然强劲，高端AI芯片仍然供不应求。这一利润丰厚的市场中只有少数几家...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2550441998?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-12 09:29","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2550441998","market":"us","top_or_hot":-1,"title":"打不过就加入吧！英伟达加剧“赢者通吃”的行业趋势","media":"金十数据","content":"<div>\n<p>在由英伟达主导的AI世界里，对全球芯片制造商的信号相当明确：如果你无法战胜它，那就加入它的供应链。二十五年前， 英特尔  创造了历史，成为首批纳入道琼斯工业平均指数的两家科技公司之一。如今，芯片公司 英伟达  在过去两年中股价上涨七倍，已取代英特尔成为这一蓝筹指数的新成员。这只是芯片行业变革的开始。由于推动生成式AI技术的芯片需求依然强劲，高端AI芯片仍然供不应求。这一利润丰厚的市场中只有少数几家...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250712092918953f70c7&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>打不过就加入吧！英伟达加剧“赢者通吃”的行业趋势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n打不过就加入吧！英伟达加剧“赢者通吃”的行业趋势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-12 09:29 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250712092918953f70c7&s=b><strong>金十数据</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在由英伟达主导的AI世界里，对全球芯片制造商的信号相当明确：如果你无法战胜它，那就加入它的供应链。二十五年前， 英特尔  创造了历史，成为首批纳入道琼斯工业平均指数的两家科技公司之一。如今，芯片公司 英伟达  在过去两年中股价上涨七倍，已取代英特尔成为这一蓝筹指数的新成员。这只是芯片行业变革的开始。由于推动生成式AI技术的芯片需求依然强劲，高端AI芯片仍然供不应求。这一利润丰厚的市场中只有少数几家...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250712092918953f70c7&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B7KXQ091.USD","symbol_name":"Janus Henderson Balanced A Inc USD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250712092918953f70c7&s=b","article_id":"2550441998","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250712092918953f70c7&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2550441998","pubTimestamp":1752283751,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"英特尔的股票下跌近50%，而英伟达则上涨三倍，成为道指成分股中表现最佳的公司。这加剧了芯片行业赢家通吃的趋势。台积电的股价今年上涨了80%，而SK海力士也上涨了三分之一。三星在最新季度的芯片业务利润未达预期，而英特尔为了与英伟达抗衡，也推出了自己的AI芯片，却仍然创下了达166亿美元的历史最大季度亏损。对比而言，英伟达的数据中心业务，也就是制造AI芯片的部门，在截至七月的季度内，销售额达到263亿美元。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","NVDS":"1.5倍做空NVDA ETF-Tradr","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","NVDU":"2倍做多NVDA ETF-Direxion","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","INTC":"英特尔","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","NVIW.SI":"NVDA 3xLongSG261006","2NVD.UK":"2X NVIDIA ETP","NVDX":"2倍做多NVDA ETF-T-Rex","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","NVD":"2倍做空NVDA ETF-GraniteShares","NVD2.UK":"2X NVIDIA ETP","NVDY":"NVDA期权收益策略ETF-YieldMax","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","3NVD.UK":"LS 3X NVIDIA","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","NVD3.UK":"LS 3X NVIDIA","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","BK4598":"佩洛西持仓","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","NVDD":"1倍做空NVDA ETF-Direxion","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","NVDA":"英伟达","NVDS.UK":"LS -1X NVIDIA","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","TSM":"台积电","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","SNVD.UK":"LS -1X NVIDIA","BK4533":"AQR资本管理(全球第二大对冲基金)","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC"},"translate_title":"If you can't beat it, join! Nvidia intensifies \"winner-take-all\" industry trend","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVD":0.6,"NVDY":0.6,"NVD3.UK":0.6,"NVD2.UK":0.6,"INTC":0.9,"3NVD.UK":0.6,"NVDS":0.6,"2NVD.UK":0.6,"NVDU":0.6,"NVDA":1,"NVDX":0.6,"NVIW.SI":0.6,"NVDD":0.6,"TSM":0.9,"NVDS.UK":0.6,"SNVD.UK":0.6},"content_text":"在由英伟达主导的AI世界里，对全球芯片制造商的信号相当明确：如果你无法战胜它，那就加入它的供应链。二十五年前， 英特尔  创造了历史，成为首批纳入道琼斯工业平均指数的两家科技公司之一。如今，芯片公司 英伟达  在过去两年中股价上涨七倍，已取代英特尔成为这一蓝筹指数的新成员。这只是芯片行业变革的开始。由于推动生成式AI技术的芯片需求依然强劲，高端AI芯片仍然供不应求。这一利润丰厚的市场中只有少数几家芯片制造商的参与，这似乎保证了该行业的盈利增长和股价上升。然而，投资芯片股票在今年却是一种风险极高的投注。英特尔的股票下跌近50%，而英伟达则上涨三倍，成为道指成分股中表现最佳的公司。这一极端的股价差异背后是什么原因？这跟该行业面临的三个重大挑战相关。首先，大多数芯片制造商在设计和制造高性能AI芯片方面目前落后。英伟达的先进设计意味着，芯片制造商面临更高的行业标准，现在已经不是那个以智能手机和汽车制造商需求为主的芯片时代了。质量标准日益严格，即使是这几个具备技术和资金的芯片制造商，也需要漫长的交货时间。其次，全球最大的两家能够制造高端AI芯片的公司目前正努力从之前的失误中恢复过来。对于英特尔而言，2015年在工厂改造方面仅仅一次延迟，就导致其芯片提速的进程遭受阻碍，从而使其在全球芯片制造领域的领先地位开始动摇。这次延迟，加上投资不足，使得 台积电  在2017年开始生产10纳米芯片时，仅用两年就缩小了与英特尔的技术差距。此后，这一差距进一步扩大，英特尔将其制造优势拱手让给了台积电。英伟达将其物理芯片的制造外包，这一领域尤其有利可图。但英特尔的市场份额微不足道，相比之下，台积电的市场份额达62%。三星的情况也是如此。高带宽内存芯片是所有英伟达AI芯片的重要组成部分，而三星在这个领域落后于SK海力士。根据TrendForce的数据，SK海力士预计今年将占据超过52%的市场份额，超过三星。第三，与房地产和汽车市场一样，芯片的高端市场表现显著好于其他更低端的市场。近年来，高端芯片与通用内存芯片或用于传统电子产品的旧式芯片之间的利润差距不断扩大。这在一定程度上是由于智能手机和个人电脑等设备需求的放缓。但最大的因素是，高性能AI芯片的平均销售价格约为传统内存芯片的五倍。这加剧了芯片行业赢家通吃的趋势。今年全球表现最好的两家芯片制造商恰好是英伟达的两大主要供应商：台积电在最新财报中创下了净利润记录，并上调了全年收入预期，而SK海力士则报告了最新季度创纪录的营业利润。两家公司在第三季度的营业利润率均超过40%，是同行的两倍多。台积电的股价今年上涨了80%，而SK海力士也上涨了三分之一。这意味着落后的风险比以往任何时候都要高。三星在最新季度的芯片业务利润未达预期，而英特尔为了与英伟达抗衡，也推出了自己的AI芯片，却仍然创下了达166亿美元的历史最大季度亏损。英特尔还取消了其2024年Gaudi AI芯片销售5亿美元的预期。对比而言，英伟达的数据中心业务，也就是制造AI芯片的部门，在截至七月的季度内，销售额达到263亿美元。传统内存芯片日益过剩，预计将在未来几个季度进一步挤压其价格和利润率。高利润的AI芯片正日益成为抵消这种疲软的唯一途径。在一个由英伟达主导的人工智能世界里，对全球芯片制造商的信号相当明确：如果你无法战胜它，那就加入它的供应链。编辑/Rocky","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2550441998","isCrawlerRequest":true}