NVDA的整体解决方案推动TAM扩张；非现金销售结构表明收入质量较低且风险较高。
逐段跳播
英伟达表示：“我们不仅销售最好的芯片，我们还在销售一个全栈式AI工厂平台，为客户提供卓越的经济效益，并占据更大的数据中心总可寻址市场份额。”而据我对公司业绩的观察，这些说法似乎属实。
Nvidia said, "Quote, we're not just selling the best chips, we're selling a full stack AI factory platform offering superior economics for customers and capturing a bigger share of the data center total addressable market." And from my observation of the company's results, these statements appear to be true.
那么，让我们仔细看看管理层在最近一次与华尔街分析师的投资者电话会议中所说的一切，以及这对英伟达股票投资者意味着什么。
So, let's take a closer look at everything the management team said in its most recent investor conference call with Wall Street analysts and what it means for Nvidia stock investors.
这对英伟达股票投资者之所以重要，是因为除了超大规模云服务商之外，这些企业、机构和政府更倾向于购买那种全栈式整体解决方案。而超大规模云服务商可能具备技能和能力来投资自己的专有芯片，并与多家供应商合作，构建他们想要的数据中心组件组合。
the reason why this is significant for Nvidia stock investors is because outside of hyperscalers, these enterprises, institutions, and governments are more interested in purchasing that full stack, that holistic solution. Whereas hyperscalers may have the skills and capabilities to invest in their own proprietary chips and go shopping with various vendors to construct their desired composition of data center components.
这就是英伟达在这里指出的。他们一半的销售额流向了那些对从不同供应商那里拼凑数据中心各种组件不感兴趣的客户。他们喜欢去英伟达，因为英伟达拥有整体解决方案：GPU、CPU、网络以及将所有组件整合在一起的软件。
英伟达是市场上唯一提供这种全面完整解决方案的公司。
And this is what Nvidia is pointing out here. Uh half of their sales are going to those types of customers that are not interested in constructing and piecing together all the various components in the data center from the various suppliers. They like going to Nvidia because Nvidia has the holistic solution, the GPU, the CPU, the networking, the software that brings it all together. Nvidia's the only one that's providing that full comprehensive solution in the marketplace.
英伟达还提到了一些非常有趣的事情，与为这次AI建设提供资金有关。在英伟达业绩最初发布时，我在直播财报点评中稍微谈到了这一点。我当时专门为频道会员独家直播报道了这些业绩。
Nvidia also mentioned something really interesting which related to funding this AI build out. And I talked a little bit about this during the live earnings review of Nvidia's results when they were initially released. I was covering the results live exclusively for channel members.
你有来自英伟达的那些GPU。这些是抵押资产。如果借款人违约且不偿还你，你可以拿走那些GPU，然后卖给出价最高的人，而这样的人很多，因为英伟达销售的这些GPU不仅今年，而且明年都已经售罄。
因此，市场上对这些GPU的需求很高。这是一种相对流动的资产，不是非常流动，对吧？但相对流动的资产，你可以从你借钱给的人那里拿走这些资产，如果他们违约，然后卖给其他人。
You've got those GPUs from Nvidia. Those are collateralized assets. Those are assets that if your borrower defaults and they don't pay you back, you can go and take those GPUs and then sell them to the highest bidder, which there are plenty because those GPUs that are sold by Nvidia specifically are sold out for at least not just this year, but also next year. And so, there's a high demand in the marketplace for those GPUs. It's a relatively liquid asset, not very liquid, right? But relatively liquid asset that you can take from whoever it is that you were lending to, take those assets from them if they default, and then sell them to someone else.
我处理这些风险的方式是将它们视为较低质量的销售。因此，当英伟达向客户销售产品，而客户没有立即支付现金，英伟达需要进行这些金融工程操作来促成销售时，那就是较低质量的销售。我就是这样核算的。
英伟达在进行销售时承担了更大的风险，因为他们没有预先收到全额付款。在某些情况下，他们获得股权。在某些情况下，他们获得公司销售这些产品时上行收益的期权，所有这些都很有趣。这不一定不好，但有所不同。
这无疑是一笔较低质量的销售，我正以这种方式进行核算。
The way I'm approaching those risks is accounting for them as lower quality sales. So, when Nvidia is making sales to its customers and those customers are not paying cash right then and there, and Nvidia needs to do these financial engineering uh gymnastics in order to facilitate that sale, that's a lower quality sale. That's the way I'm accounting for it. Nvidia is taking greater risk while making that sale because they're not getting the full payment up front. They're getting in some cases equity. They're getting in some cases an option for upside in the companies sales of those products, all of which is interesting. It's not necessarily bad, but it's different. It's a lower quality sale to be sure, and I'm accounting for it in that way.
这个频道对 $NVDA 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 4 条判断，这里只列相邻的几条。