伯恩斯坦炮轰英伟达、AMD对华芯片15%分成协议开创危险先例但承认“85%总比0强”

智通财经2025-08-12

伯恩斯坦分析师对英伟达与AMD为换取出口许可、需将对华AI芯片销售收入15%上交美国政府的报道持否定态度，认为这一协议开创了不良先例，但也承认“能拿到85%总比一分没有强”。以斯泰西·拉斯贡为首的分析师团队认为，允许英伟达和AMD向中国销售AI芯片更为合理。拉斯贡及其团队表示：“因此，即便要让利15%，我们认为能保留85%总比颗粒无收强，只能接受这一结果。话虽如此，我们并不认同这一协议开创的先例(...

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诗酒趋年华
2025-08-12
诗酒趋年华
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justify;\">拉斯贡团队提到，英伟达正基于Blackwell架构为中国市场开发新产品，这些产品据称符合现有技术门槛(因此无需出口许可)，且英伟达似乎认为，随着时间推移，市场需求将转向这些新产品(而非现有Hopper架构产品)。</p><p style=\"text-align: justify;\">分析师进一步表示：“我们看到的新闻报道明确提及H20(以及AMD的MI308)，15%的分成似乎是批准其出口许可协议的一部分。因此，更新的(合规的)Blackwell产品可能不会受此影响，这一推测是合理的。”</p></body></html>","source":"live_zhitongcaijing","collect":0,"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>伯恩斯坦炮轰英伟达、AMD对华芯片15%分成协议开创危险先例 但承认“85%总比0强”</title>\n<style 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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伯恩斯坦炮轰英伟达、AMD对华芯片15%分成协议开创危险先例 但承认“85%总比0强”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-12 12:07 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.zhitongcaijing.com/immediately.html?type=usstock><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>伯恩斯坦分析师对英伟达与AMD为换取出口许可、需将对华AI芯片销售收入15%上交美国政府的报道持否定态度，认为这一协议开创了不良先例，但也承认“能拿到85%总比一分没有强”。以斯泰西·拉斯贡为首的分析师团队认为，允许英伟达和AMD向中国销售AI芯片更为合理。拉斯贡及其团队表示：“因此，即便要让利15%，我们认为能保留85%总比颗粒无收强，只能接受这一结果。话虽如此，我们并不认同这一协议开创的先例(...</p>\n\n<a href=\"https://www.zhitongcaijing.com/immediately.html?type=usstock\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"159813":"芯片","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4598":"佩洛西持仓","BK4551":"寇图资本持仓","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","NVDA":"英伟达","BK4573":"虚拟现实","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU0979878070.USD":"FULLERTON LUX 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伯恩斯坦炮轰英伟达、AMD对华芯片15%分成协议开创危险先例 但承认“85%总比0强”

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伯恩斯坦炮轰英伟达、AMD对华芯片15%分成协议开创危险先例但承认“85%总比0强”