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”_老虎社区_美港股上老虎

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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·2025-08-12
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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","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" 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INC","BK4598":"佩洛西持仓","AMD":"美国超微公司","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","BK4551":"寇图资本持仓","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC"},"source_url":"https://www.zhitongcaijing.com/immediately.html?type=usstock","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2558961810","content_text":"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(这种模式会仅适用于受管制产品吗?其他企业是否也将被要求付费才能进入该地区市场?在我们看来，这似乎是一个危险的滑坡……)。”分析师补充道，他们不确定这一协议的目的何在：它或许能为美国政府带来一些收入，但似乎并未解决任何战略层面的问题。分析师指出，相关企业很可能会将这部分成本转嫁给客户，尤其是英伟达，其产品需求旺盛，订单规模远超AMD一个量级。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)。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。”","news_type":1,"symbols_score_info":{"159813":1,"GFS":1,"NVDA":1,"AMD":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}