【半导体情报站】AI闭环迷思：NVIDIA、圈内经济与泡沫之争（三）

半导体产业研究12-15

编者按本文深入探讨了围绕NVIDIA与AI行业形成的两种极端叙事：一方是“崩溃论者”预言泡沫破灭，另一方是“CUDA信徒”坚信AI革命刚刚开始。作者以冷静的分析立场，拆解了NVIDIA历史性的财报表现、其从半导体公司向系统集成商及投资者的战略转型，并剖析了其与微软、Anthropic等形成的“循环AI经济”模型。文章旨在超越非此即彼的二元争论，通过详实的数据与逻辑推演，为读者理解AI产业的真实动力...

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