英伟达(NVDA.US)积极反击AI泡沫论：GPU全面领先谷歌TPU “大空头”Burry计算错误

智通财经2025-11-26

一连串大额股东减持与外界对会计处理的质疑，使英伟达(NVDA.US)近期再度卷入关于人工智能估值与泡沫的争论。面对愈演愈烈的负面声音，公司罕见采取积极反击姿态。据多位华尔街消息人士证实，英伟达投资者关系团队在周末向分析师发送了一份长达七页的内部备忘录，逐条回应至少十二项关键指控。备忘录首先回应了“大空头”原型人物Michael Burry此前在社交媒体上发布的批评。Burry指控英伟达自2018年...

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湛蓝_8783
2025-11-26
湛蓝_8783
让黄教主增持胜过任何解释

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Burry此前在社交媒体上发布的批评。Burry指控英伟达自2018年以来的股票回购规模达1125亿美元，并认为股权激励摊薄严重。英伟达反驳称，过去六年实际回购金额为910亿美元，Burry将RSU税款误算在内。公司强调，员工因为股价上涨受益并不意味着授予股权激励时数量过度，不能与回购项目表现混为一谈。Burry随后回应称，他坚持自己的分析，未来将详细阐述相关观点。英伟达还针对市场上将公司类比为安然、世通等历史会计欺诈案例的声音做出强硬否认。公司表示，英伟达的业务基本盘稳健，财务报告透明完整，不存在利用特殊目的实体隐藏债务或人为夸大营收的行为，也与上述丑闻案例毫无共同点。围绕客户折旧期过长、导致利润虚增的争议，英伟达在备忘录中称，其客户通常按照4到6年对GPU折旧，这反映了真实的设备使用寿命与利用率。公司指出，以2020年发布的A100芯片为例，仍在数据中心以高利用率运行，并能在2至3年之外继续产生可观的经济价值，因此外界对折旧期的批评缺乏依据。与此同时，英伟达也正面应对来自谷歌(GOOG.US,GOOGL.US)自研TPU芯片的竞争压力。最新报道指Meta(META.US)可能与谷歌合作，增加TPU在数据中心的部署，英伟达股价因此在周二一度下跌3%。公司随后在社交平台X上发文强调，自家芯片在通用性、灵活性及性能上均优于谷歌的ASIC类芯片，并表示英伟达的平台是唯一能在所有环境运行所有AI模型的解决方案。英伟达称，谷歌是成功的AI先行者，公司对其取得的进展感到高兴，并仍然向谷歌供应GPU。谷歌方面则表示，对自研TPU和英伟达GPU的需求都在同步加速增长，公司长期会继续维持双轨配置。本月早些时候，谷歌发布的最新AI模型Gemini 3完全基于TPU训练，使其成为英伟达竞争压力上升的象征之一。尽管如此，分析师普遍认为英伟达仍占据全球AI芯片超过90%的市场份额，短期需要应对的更多是情绪面与估值层面的波动。英伟达CEO黄仁勋在财报会上也主动谈及TPU竞争。他透露自己与Google DeepMind CEO Demis Hassabis保持沟通，并表示Hassabis重申“扩展法则（scaling 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06:00","market":"us","language":"zh","title":"英伟达(NVDA.US)积极反击AI泡沫论：GPU全面领先谷歌TPU “大空头”Burry计算错误","url":"https://stock-news.laohu8.com/highlight/detail?id=2586404434","media":"智通财经","summary":"一连串大额股东减持与外界对会计处理的质疑，使英伟达近期再度卷入关于人工智能估值与泡沫的争论。Burry指控英伟达自2018年以来的股票回购规模达1125亿美元，并认为股权激励摊薄严重。英伟达反驳称，过去六年实际回购金额为910亿美元，Burry将RSU税款误算在内。Burry随后回应称，他坚持自己的分析，未来将详细阐述相关观点。英伟达称，谷歌是成功的AI先行者，公司对其取得的进展感到高兴，并仍然向谷歌供应GPU。","content":"<html><body><p>一连串大额股东减持与外界对会计处理的质疑，使<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>(NVDA.US)近期再度卷入关于人工智能估值与泡沫的争论。面对愈演愈烈的负面声音，公司罕见采取积极反击姿态。据多位华尔街消息人士证实，英伟达投资者关系团队在周末向分析师发送了一份长达七页的内部备忘录，逐条回应至少十二项关键指控。</p><p>备忘录首先回应了“大空头”原型人物Michael Burry此前在社交媒体上发布的批评。Burry指控英伟达自2018年以来的股票回购规模达1125亿美元，并认为股权激励摊薄严重。英伟达反驳称，过去六年实际回购金额为910亿美元，Burry将RSU税款误算在内。公司强调，员工因为股价上涨受益并不意味着授予股权激励时数量过度，不能与回购项目表现混为一谈。Burry随后回应称，他坚持自己的分析，未来将详细阐述相关观点。</p><p>英伟达还针对市场上将公司类比为安然、世通等历史会计欺诈案例的声音做出强硬否认。公司表示，英伟达的业务基本盘稳健，财务报告透明完整，不存在利用特殊目的实体隐藏债务或人为夸大营收的行为，也与上述丑闻案例毫无共同点。</p><p>围绕客户折旧期过长、导致利润虚增的争议，英伟达在备忘录中称，其客户通常按照4到6年对GPU折旧，这反映了真实的设备使用寿命与利用率。公司指出，以2020年发布的A100芯片为例，仍在数据中心以高利用率运行，并能在2至3年之外继续产生可观的经济价值，因此外界对折旧期的批评缺乏依据。</p><p>与此同时，英伟达也正面应对来自<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>(GOOG.US,GOOGL.US)自研TPU芯片的竞争压力。最新报道指<a href=\"https://laohu8.com/S/META\">Meta</a>(META.US)可能与<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>合作，增加TPU在数据中心的部署，英伟达股价因此在周二一度下跌3%。公司随后在社交平台X上发文强调，自家芯片在通用性、灵活性及性能上均优于谷歌的ASIC类芯片，并表示英伟达的平台是唯一能在所有环境运行所有AI模型的解决方案。英伟达称，谷歌是成功的AI先行者，公司对其取得的进展感到高兴，并仍然向谷歌供应GPU。</p><p>谷歌方面则表示，对自研TPU和英伟达GPU的需求都在同步加速增长，公司长期会继续维持双轨配置。本月早些时候，谷歌发布的最新AI模型Gemini 3完全基于TPU训练，使其成为英伟达竞争压力上升的象征之一。尽管如此，分析师普遍认为英伟达仍占据全球AI芯片超过90%的市场份额，短期需要应对的更多是情绪面与估值层面的波动。</p><p>英伟达CEO黄仁勋在财报会上也主动谈及TPU竞争。他透露自己与Google DeepMind CEO Demis Hassabis保持沟通，并表示Hassabis重申“扩展法则（scaling laws）”，即更多芯片与更大数据规模将催生更强AI模型的理论仍然成立。黄仁勋强调，这意味着未来对于高性能GPU及系统的需求将继续扩大，从基本面上支撑英伟达长期增长。</p></body></html>","source":"stock_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>英伟达(NVDA.US)积极反击AI泡沫论：GPU全面领先谷歌TPU “大空头”Burry计算错误</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英伟达(NVDA.US)积极反击AI泡沫论：GPU全面领先谷歌TPU “大空头”Burry计算错误\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-26 06:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1373613.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一连串大额股东减持与外界对会计处理的质疑，使英伟达(NVDA.US)近期再度卷入关于人工智能估值与泡沫的争论。面对愈演愈烈的负面声音，公司罕见采取积极反击姿态。据多位华尔街消息人士证实，英伟达投资者关系团队在周末向分析师发送了一份长达七页的内部备忘录，逐条回应至少十二项关键指控。备忘录首先回应了“大空头”原型人物Michael Burry此前在社交媒体上发布的批评。Burry指控英伟达自2018年...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1373613.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","BK4549":"软银资本持仓","NVDS.UK":"LS -1X NVIDIA","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","NVDS":"1.5倍做空NVDA ETF-Tradr","NVIW.SI":"NVDA 3xLongSG261006","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","2NVD.UK":"2X 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Burry此前在社交媒体上发布的批评。Burry指控英伟达自2018年以来的股票回购规模达1125亿美元，并认为股权激励摊薄严重。英伟达反驳称，过去六年实际回购金额为910亿美元，Burry将RSU税款误算在内。公司强调，员工因为股价上涨受益并不意味着授予股权激励时数量过度，不能与回购项目表现混为一谈。Burry随后回应称，他坚持自己的分析，未来将详细阐述相关观点。英伟达还针对市场上将公司类比为安然、世通等历史会计欺诈案例的声音做出强硬否认。公司表示，英伟达的业务基本盘稳健，财务报告透明完整，不存在利用特殊目的实体隐藏债务或人为夸大营收的行为，也与上述丑闻案例毫无共同点。围绕客户折旧期过长、导致利润虚增的争议，英伟达在备忘录中称，其客户通常按照4到6年对GPU折旧，这反映了真实的设备使用寿命与利用率。公司指出，以2020年发布的A100芯片为例，仍在数据中心以高利用率运行，并能在2至3年之外继续产生可观的经济价值，因此外界对折旧期的批评缺乏依据。与此同时，英伟达也正面应对来自谷歌(GOOG.US,GOOGL.US)自研TPU芯片的竞争压力。最新报道指Meta(META.US)可能与谷歌合作，增加TPU在数据中心的部署，英伟达股价因此在周二一度下跌3%。公司随后在社交平台X上发文强调，自家芯片在通用性、灵活性及性能上均优于谷歌的ASIC类芯片，并表示英伟达的平台是唯一能在所有环境运行所有AI模型的解决方案。英伟达称，谷歌是成功的AI先行者，公司对其取得的进展感到高兴，并仍然向谷歌供应GPU。谷歌方面则表示，对自研TPU和英伟达GPU的需求都在同步加速增长，公司长期会继续维持双轨配置。本月早些时候，谷歌发布的最新AI模型Gemini 3完全基于TPU训练，使其成为英伟达竞争压力上升的象征之一。尽管如此，分析师普遍认为英伟达仍占据全球AI芯片超过90%的市场份额，短期需要应对的更多是情绪面与估值层面的波动。英伟达CEO黄仁勋在财报会上也主动谈及TPU竞争。他透露自己与Google DeepMind CEO Demis Hassabis保持沟通，并表示Hassabis重申“扩展法则（scaling 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