字母表凭借AI芯片与Gemini模型，具备挑战英伟达的实力

环球市场播报2025-11-25

有迹象表明，搜索引擎巨头字母表公司（Alphabet Inc．）在挑战英伟达（Nvidia Corp．）畅销 AI 加速器产品的进程中取得进展，其股价有望重塑全球市值最高公司的排名格局。　　随着市场对字母表新推出的 Gemini 人工智能模型好评如潮，且其 AI 芯片需求攀升推动股价上涨，投资者正重新评估科技行业格局，以及股市龙头地位可能发生的变化。　　自 10 月中旬以来，字母表公司股价已...

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Nvidia","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDD":0.6,"NVIW.SI":0.6,"NVDY":0.6,"3NVD.UK":0.6,"NVD3.UK":0.6,"2NVD.UK":0.6,"NVD2.UK":0.6,"NVD":0.6,"NVDA":1.5,"NVDS":0.6,"NVDS.UK":0.6,"NVDU":0.6,"SNVD.UK":0.6},"content_text":"有迹象表明，搜索引擎巨头字母表公司（Alphabet Inc．）在挑战英伟达（Nvidia Corp．）畅销 AI 加速器产品的进程中取得进展，其股价有望重塑全球市值最高公司的排名格局。\n　　随着市场对字母表新推出的 Gemini 人工智能模型好评如潮，且其 AI 芯片需求攀升推动股价上涨，投资者正重新评估科技行业格局，以及股市龙头地位可能发生的变化。\n　　自 10 月中旬以来，字母表公司股价已累计上涨 35%，期间市值增加近 1 万亿美元。截至周一收盘，这家谷歌母公司的市值与英伟达 4.4 万亿美元的市值仍相差约 5900 亿美元，但今年以来的涨幅已显著缩小这一差距。\n　　《The Information》援引一位匿名知情人士消息报道，元宇宙平台公司（Meta Platforms Inc．）正洽谈于 2027 年在数据中心使用谷歌的张量处理单元（TPU，一种 AI 芯片）。该媒体还称，Meta 明年可能还会从谷歌云部门租赁芯片。\n　　斯凯根资产管理公司（Skagen AS）投资总监亚历山德拉・莫里斯（Alexandra Morris）表示：“市场原本预期英伟达会实现惊人增长，如今，人们自然会更警惕市场竞争态势的变化。‘英伟达是唯一能为数据中心扩张提供芯片的企业’这一说法，已经站不住脚了。”\n　　若与 Meta 达成协议，将有助于确立 TPU 作为英伟达芯片替代方案的地位。目前，英伟达芯片已成为行业黄金标准，无论是 Meta、OpenAI 等科技巨头，还是各类初创企业，在开发和运行 AI 模型所需的算力支持方面，均高度依赖英伟达芯片。\n　　字母表公司股价有望实现连续第三个交易日上涨，周二盘前交易中涨幅一度达 3.5%。与此同时，英伟达股价下跌 3.5%，规模较小的竞争对手超威半导体公司（Advanced Micro Devices Inc．）股价下跌 3%。\n　　英伟达的估值已有所回落，当前预期市盈率为 26 倍，远低于过去十年 35 倍的平均水平；而字母表公司的预期市盈率已攀升至 27 倍，高于 20 倍的历史平均水平。\n　　Meta 是全球在数据中心和 AI 开发领域投入最大的企业之一，若双方真能达成合作，将凸显英伟达主导地位面临的长期挑战。但最终 TPU 能否成为长期可行的替代选择，很大程度上取决于该芯片能否展现出必要的能效与算力。\n　　隆奥代尔投资管理公司（Lombard Odier Investment Managers）宏观部门负责人弗洛里安・埃尔波（Florian Ielpo）表示：“谷歌的 TPU 确实构成了潜在替代方案，但需注意的是，AI 行业仍处于发展初期，技术学习曲线依然十分陡峭。”\n　　“目前来看，英伟达仍是行业领导者，但随着谷歌等更多企业开发竞争性解决方案，行业格局很可能会变得更加分散。”\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：郭明煜","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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; 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