Record highs, record closes for the S&P 500 and the NASDAQ as Nvidia hits a record of its own.

標準普爾500指數 (S&P 500) 和 納斯達克指數 (NASDAQ) 屢創新高，收盤價也屢創新高，輝達也創下了自己的紀錄。

Another day, another record for Nvidia.

又一天，輝達又創下了紀錄。

If you look at when ChatGPT was first announced, that was the fall of 2022.

如果你看一下 ChatGPT 最初宣佈的時間，那是 2022 年秋天。

So it's a really, really fast rise in a very short amount of time.

所以在很短的時間內，它的上升速度真的非常非常快。

Apple took 1,793 days or less than five years to go from a $1 trillion company to a $3 trillion company.

蘋果公司用了 1793 天，即不到 5 年的時間，從一家市值 1 兆美元的公司發展成為一家市值 3 兆美元的公司。

Nvidia says, hold my beer.

輝達說：「我要大顯身手了。」

They did the same thing, one to three trillion in less than a year.

他們也做了同樣的事情，在不到一年的時間裡，從 1 兆增加到 3 兆。

When ChatGPT came out, Nvidia was worth less than a trillion dollars.

當 ChatGPT 出現時，輝達的市值不到一兆美元。

Then six months, seven months after ChatGPT in May of 2023, it hit $1 trillion.

在 2023 年 5 月，ChatGPT 發布之後的六、七個月，它達到了 一兆美元。

And at the time, people were starting to realize that if AI was a gold rush, Nvidia was the one making the shovels.

當時，人們開始意識到，如果 AI 是一個淘金熱，輝達就是製造鏟子的公司。

The Nvidia craze just never stopped.

輝達的熱潮從未停止過。

It hit two trillion in February of this year.

今年 2 月，該數字達到兩兆。

It's been an absolute incredible run, but it has been absolutely backstopped by the fundamentals.

這絕對是一次令人難以置信的運行，但它絕對是由基本要素支撐的。

Six, eight months later, its value has already doubled.

六、八個月後，它的價值已經翻了一番。

And then from $2 trillion, it only took just over three months for it to hit $3 trillion.

然後從兩兆，只用了三個多月就達到了三兆美元。

It's really tough to get to three trillion.

要達到三兆美元真的很難。

That said though, if you're designing the perfect momentum company from scratch, Nvidia would be it.

儘管如此，如果你要從頭開始設計完美的動力公司，那麼輝達就是你的選擇。

They're making a lot of money for each one of the chips they sell.

他們賣出的每一塊晶片都能賺大錢。

These are very profitable devices.

這些都是非常有利可圖的設備。

We see the orders for GB200.

我們看到 GB200 的訂單。

We see the orders for the B200.

我們看到了 B200 的訂單。

Nothing is slowing down.

一切都沒有慢下來。

There may not be a chip that's really competing or challenging its flagship H100 or the forthcoming GB200, but the competition is coming.

也許還沒有一款晶片能真正與其旗艦產品 H100 或即將推出的 GB200 競爭或挑戰，但競爭正在到來。

Intel talked about its AI accelerator and said it was going to be much, much cheaper than Nvidia's.

英特爾談到了自己的 AI 加速器，並表示它將比輝達的便宜很多很多。

Now, there may still be performance questions and that kind of thing, but if it's that much cheaper, everyone's going to take a look at it because it can save them a lot of money.

現在可能還會有性能之類的問題，但如果價格便宜很多，每個人都會考慮一下，因為這可以為他們省下一大筆錢。

And it's not just Intel.

不僅是英特爾。

AMD is coming with a GPU.

AMD 將推出 GPU。

All of the biggest customers, which include Microsoft and Meta and Amazon, they're developing their own chips too.

所有最大的客戶，包括微軟、Meta 和亞馬遜，都在開發自己的晶片。

Everyone is looking to save money because these Nvidia chips are quite pricey.

每個人都想省錢，因為輝達晶片價格不菲。

Six months ago, you'd sometimes hear folks say, "Well, I like AMD as a comeback kid and they're going to be kind of second on the wave of the AI crest that Nvidia started."

六個月前，你有時會聽到有人說，我喜歡 AMD，他們會在輝達掀起的 AI 浪潮中成為後起之秀。

And I think what we've seen, especially in the last couple of weeks, when you've looked at HPE's results or Dell's results,

我認為我們所看到的，特別是在過去幾週，當你查看 HPE 的結果或戴爾的結果時，

Nvidia is really just sucking up the profits and the gross margins in this space to the tune of something like 75%.

Nvidia 其實只是在吸收這個領域的利潤和毛利率，達到 75% 左右。

And others are happy to come in, come along for the ride, hoping to sell other services afterwards, but they are getting the dominant share.

而其他公司則樂於加入，搭順風車，希望之後能出售其他服務，但他們獲得的份額占主導地位。

So don't mess with success.

所以，不要與成功過不去。

So competition is definitely the biggest challenge for Nvidia.

所以競爭無疑是輝達面臨的最大挑戰。

Not only do you have its customers and its rivals, you also have hundreds of millions of dollars, maybe billions going into venture investment for new companies that are doing nothing but aiming at Nvidia's crown.

不僅是客戶和競爭對手，還有數億甚至數十億美元的風險投資湧入那些專門針對輝達地位的新公司。

But here's what I think about the competition.

但我對競爭的看法是這樣的。

I think Nvidia will stay ahead.

我認為輝達將繼續保持領先。

It's a very, very big pie.

這是一個非常非常大的餡餅。

AMD is a well-regarded company.

AMD 是一家備受讚譽的公司。

They will get a slice, but Nvidia will still stay a top dog.

他們會分一杯羹，但輝達仍將保持領先地位。

Intel is a company, at least on the manufacturing side, that has been the gang that hasn't been able to shoot straight for about 20 years now, Joe.

英特爾是一家公司，至少在製造方面，過去約20年來一直像是一個無法射中靶子的團隊，喬。

And so I think that they will make a comeback in PC-oriented CPUs, but all their claims about AI, maybe they get there, but I will believe it when I see it.

所以我認為他們會在面向 PC 的 CPU 領域東山再起，但關於他們在 AI 方面的所有宣稱，或許他們會成功，但要等我親眼見到才會相信。

To keep everything in perspective,

從整體來看，

Nvidia's sales, even though they've tripled in the last year, are still far, far short of Microsoft's annual sales and Apple's annual sales.

儘管輝達的銷售額在過去一年裡翻了三倍，但它仍遠遠低於微軟和蘋果的年度銷售額。

And they have really nice, durable margins, too.

而且他們的利潤率也非常好且持久。

It's hard to see Nvidia replacing Apple or Microsoft in the technology ecosystem, but could it take the crown of most valuable US company?

很難想像輝達會取代蘋果或微軟在科技生態系統中的地位，但它能否成為美國最有價值的公司呢？

Yeah, I think that's possible.

是的，我覺得有可能。