NVDA 收购 Hugging Face 旨在管理过剩算力并保护71%的数据中心利润率；然而，市场向企业计算或演绎模型的转变可能威胁利润率扩张。
逐段跳播
英伟达今日上涨 3.7%。
Nvidia up 3.7% today,
由于这笔近 140 亿美元收购 Higginface 的交易即将完成，英伟达的股价今日可能上涨。这是一笔价值约 129 亿美元的收购交易，外加约 10 亿美元用于留住员工。
Nvidia's stock is likely to rise today because of this nearly completed $14 billion acquisition of Higginface . It's an acquisition deal worth approximately $12.9 billion, plus about $1 billion to retain employees.
许多人认为，这一切可能与 Sam 刚才提到的英伟达收购“Higginface”以及“Neo”云问题有关。首先，我们必须记住，英伟达对一些数据中心或计算能力有 15 年的租约承诺，而这些数据中心或计算能力正试图转给第三方。
Many believe that all of this may be related to what Sam just said about Nvidia's acquisition of "Higginface" and the "Neo" cloud issue. Well, first we have to remember that Nvidia has 15-year lease commitments for some data centers or some computing capabilities that it is trying to offload to third parties.
对英伟达收购“Higginface”的悲观看法是，他们刚刚获得了太多计算能力，也许正在建设过多的计算能力，因此英伟达介入以吸收这些过剩产能。
The pessimistic view of Nvidia's acquisition of "Higginface" is that they have too much computing power that they just acquired, and perhaps too much computing power is being built up , so Nvidia is stepping in to absorb this excess.
他们购买或承诺购买过剩计算的公司之一是“CoreWave”，他们对 CoreWave 说：“如果我们需要你购买我们的过剩计算，请告诉我们。”CoreWave 照做了，说：“是的，我们有无法处理的过剩计算。英伟达，你说过你会保证并购买。这就是，买吧。”
One of the companies they bought or promised to buy excess computing from is "CoreWave," and they told them: "Let us know if you need us to buy your excess computing." And they did. "Yes, we have excess computing that we cannot get rid of," said Korwef. Nvidia, you said you would guarantee it and that you would buy it . Here it is. Buy it.
现在，英伟达说：“太好了。我们本来只想卖芯片。现在我们有了并不真正需要的计算能力。如果我们收购一家需要计算能力的公司会怎样？嗯，欢迎来到‘Higging Face’。”
And now, Nvidia says: "Great." "We just wanted to sell chips ." "Now we have computing that we don't really need ." What if we bought a company that needed computing? Hmm. Welcome to "Higging Face".
有一些悲观观点认为——以一种误导性的简单化方式——英伟达现在可以利用其对“Hugging Face”的控制，引导模型采用转向 CUDA 技术或英伟达处理器，并可能通过其获得的数据中心合同来支持这些处理器。
There are pessimistic views that suggest – in a misleadingly simplistic way – that Nvidia can now exploit its control over "Hugging Face" to steer model adoption towards CUDA technology or Nvidia processors, and perhaps support those processors through the data center contracts it has obtained.
换句话说，你面临的是一个完整的循环。也许这是一种悲观的观点，但也许这正是英伟达寻求收购“Hugging Face”的原因。
In other words, you are facing a complete cycle. Perhaps it is a pessimistic view , but perhaps this is exactly why Nvidia is seeking to acquire "Hugging Face".
但这就是英伟达今天再次拒绝 227 水平变得有趣的地方，因为许多人说：“嗯，英伟达无论怎样都赢。”英伟达在领先计算领域获胜，在企业计算领域也获胜。这是正确的吗？嗯，这也是事情变得有点模糊的地方。
But this is where Nvidia's rejection of the 227 level again today becomes interesting, because many are saying, "Well, Nvidia wins either way." Nvidia wins in leading computing, and Nvidia wins in enterprise computing. Is this correct ? Well, this is also where things get a little vague .
看，如果你真正查看和分析图形收入，这正是英伟达所说的图形部门包括用于游戏和企业工作站的图形处理单元。所以，Blackwell 6000、5090 以及其他任何产品。这属于图形部门。
这里将图形收入与数据中心和计算网络收入进行比较。我们可以将其与这些部门的营业收入进行比较，并推断出这些部门的利润率。
Look, if you actually look and analyze the graphics revenue , that's exactly where Nvidia says the graphics segment includes graphics processing units for gaming and enterprise workstations. So, Blackwell 6000, 5090 , and anything else. That falls under the graphics sector. Graphics revenue is analyzed here in comparison with data center and computing network revenue. We can compare that to their operating income for those sectors, and we can deduce the profit margins for those sectors.
我们看到英伟达的数据中心实现了 71% 的营业利润率，这清楚地解释了为什么英伟达想要销售更多的数据中心芯片，也许也解释了为什么他们想要收购“Hugging Face”以支持“Neo”云并确保这些合同的延续，因为他们希望继续在这种高利润率下销售芯片。确实是一个非常高的利润率。
We see that Nvidia's data centers are achieving an operating income margin of 71%, and this clearly explains why Nvidia wants to sell more data center chips, and perhaps why they want to buy " Hugging Face" to support the "Neo" cloud and ensure the continuation of those contracts, because they want to continue selling chips under this high margin. A very good margin indeed.
与此同时，图形方面的营业利润率，即游戏、AI 工作站和企业，仅为 49.2%。这仍然非常好，但只是 71% 的一小部分。我的意思是，公平地说，约 50% 的营业收入仍然非常好。
只是远低于 71%，当英伟达预计毛利率下降哪怕 1% 时，人们就会恐慌，股价就会下跌。因此，利润率对英伟达非常重要。
Meanwhile, the operating profit margin on the graphics side, i.e., games, AI workstations and enterprises, is only 49.2% . It's still very good, but it's a small fraction of 71%. I mean, to be fair, an operating income of around 50% is still very good. It's only well below 71%, and when Nvidia anticipates even a 1% decrease in gross profit margins, people panic and the stock drops. Therefore, margins are very important to Nvidia.
如果转向企业计算，英伟达未来如果远离大型数据中心而转向企业计算，其利润率可能会遭受更大的削弱。这对英伟达的利润率不利。这会损害英伟达的利润率。
If it shifts to enterprise computing, Nvidia is likely to experience even greater weakness in its profit margins in the future if it moves away from large data centers and towards enterprise computing. This is not profitable for Nvidia's margins. This hurts Nvidia's profit margins.
但从长远来看，如果市场转向演绎商业模式，英伟达的利润率也会受到影响。
But in the long run, Nvidia's profit margins will also be affected if the market shifts towards deductive business models.
这个频道对 $NVDA 的历次判断
Meet Kevin 在这只股票上共 12 条判断，这里只列相邻的几条。