Name: 獨家專訪英偉達首席執行官黃仁勳（完整特輯） (Exclusive Interview With Nvidia CEO Jensen Huang (Full Special))
Uploaded: 2025-08-22T03:40:20.000Z
Duration: 26 min 58 s

Welcome to a special edition of Bloomberg Technology.

程度副詞

In just a few moments NVIDIA CEO Jensen Huang will join us for a live interview following the latest earnings report.

稍後，英偉達公司首席執行官黃仁勳將在最新財報發佈後接受我們的現場採訪。

The company posting a revenue forecast that beat consensus that fell short of some of the most optimistic estimates stoking concern that the explosive growth is waning.

該公司發佈的收入預測超過了共識，但低於一些最樂觀的估計，這激起了人們對爆炸性增長正在減弱的擔憂。

Let's get right to Bloomberg semiconductor correspondent Ian King who joins me on set.

讓我們馬上連線彭博社半導體記者伊恩-金（Ian King）。

The fiscal third quarter forecast and what we learned through it.

第三財季預測以及我們從中瞭解到的情況。

If you compare it to consensus it was there or thereabouts.

如果將其與共識進行比較，它就在那裡或大約在那裡。

And for most of the companies in the world that will be great and everybody would be happy.

對於世界上大多數公司來說，這將是一件好事，大家都會很高興。

This is a company which you know beats pretty much every quarter by an order of magnitude.

要知道，這家公司每個季度的業績幾乎都會超出一個數量級。

And it didn't do that and it didn't indicate it would do that.

它沒有這樣做，也沒有表示會這樣做。

And that raised a lot of questions as we heard on the call.

正如我們在電話中聽到的那樣，這引發了很多問題。

I mean it was clearly intact but Blackwell was everything.

我的意思是，它顯然完好無損，但布萊克韋爾就是一切。

I want to play a soundbite of what Jensen Wang said about Blackwell.

我想播放一段 Jensen Wang 談論 Blackwell 的片段 I want to play a soundbite of what Jensen Wang said about Blackwell.

There were no functional changes necessary.

And so we're sampling functional samples of Blackwell grace Blackwell in a variety of system configurations as we speak.

是以，我們正在對 Blackwell Grace Blackwell 在各種系統配置下的功能樣本進行採樣。

The main point here is that there was not a design issue with Blackwell itself as had been reported.

這裡的重點是，布萊克韋爾公司本身並不像報道所說的那樣存在設計問題。

But based on what NVIDIA said this was about the production mechanism.

但根據英偉達的說法，這與生產機制有關。

Bloomberg's Ian King you did a very good job in the top live blog of explaining a GPU mask.

彭博社的伊恩-金（Ian King），你在頂級直播博客中很好地解釋了 GPU 掩膜。

Could you just try to give a short version of that to our audience.

您能不能向我們的聽眾簡要介紹一下。

Yeah the mask is basically the blueprint which basically is used to burn in the circuit onto the surface of the chip to give it its function.

是的，掩膜基本上就是藍圖，基本上是用來在芯片表面刻錄電路，以實現其功能。

And this they were saying we didn't get it wrong.

But when it came to manufacturing it didn't produce as many good chips as we wanted.

但在生產過程中，它並沒有生產出我們想要的那麼多好芯片。

是以，我們對此做了一些調整。

Didn't have to redesign it but made some tweaks.

不用重新設計，但做了一些調整。

And that is helping us to get a better yield.

這有助於我們獲得更好的收益。

It's worth noting at this stage the stock's down almost 7 percent in after hours have been down more at the moment basically because we didn't learn enough about Blackwell.

值得注意的是，現階段股價在盤後下跌了近 7%，目前跌幅更大，主要是因為我們對布萊克韋爾的瞭解還不夠。

What they said was in the fiscal fourth quarter of fiscal year 25 there will be several billion dollars of sales through Blackwell.

他們說，在 25 財年的第四季度，通過布萊克韋爾公司將有幾十億美元的銷售額。

They wanted a reassurance from NVIDIA's management and they wanted reassurance in the form of details.

他們希望 NVIDIA 管理層能再次向他們保證，他們希望得到細節方面的保證。

They wanted you know chance to put his arm around everybody and say don't worry it'll be fine.

他們想讓他摟著大家說，別擔心，一切都會好起來的。

They asked consistently were asked questions of how many billions and when will those billions exactly come in and collect credits.

他們一直被問到的問題是，到底有多少億，這幾十億到底什麼時候才能到賬，什麼時候才能收取學分。

The CFO and Jensen Wang essentially avoided that question and refused to give that precise reassurance.

財務總監和王俊生基本上回避了這個問題，並拒絕給出確切的保證。

We're showing some of the after hours reaction not just in NVIDIA itself but some of its peers both on the chip making side the server equipment providers and I think AMD and Arm in particular are very noteworthy.

我們展示了一些盤後反應，不僅是英偉達本身，還有一些同行，包括芯片製造商和服務器設備供應商，我認為 AMD 和 Arm 尤其值得關注。

彭博社的伊恩-金（Ian King）繼續為我們報道。

I want to go out to Chicago and Bloomberg's Ryan for the Seneca on our equities team.

我想去芝加哥找彭博社的瑞安，他是我們股票團隊的塞內卡人。

And Ryan that's the broad summary for me about the names moving in after hours.

瑞安，這就是我對盤後交易的大致總結。

There's probably a bigger picture after hours movement in the markets as well.

盤後市場走勢可能還會有更大的變化。

Start with NVIDIA and work outward from that.

從英偉達開始，然後再向外發展。

Well one thing I would say about NVIDIA is after hours decline is that it does come after a very strong year to date performance.

對於英偉達盤後股價的下跌，我想說的一點是，它確實是在今年迄今為止表現非常強勁之後出現的。

I think it closed up more than 150 percent this year.

我認為今年的收盤漲幅超過了 150%。

So even though the forecast was maybe a little bit shy of some of the most optimistic expectations it did beat expectations and it is you know coming off such a huge gain.

是以，儘管預測與一些最樂觀的預期相比可能略有差距，但它確實超出了預期，而且你也知道，它剛剛經歷瞭如此巨大的漲幅。

So it's not necessarily surprising to see a little bit of a consolidation now.

是以，現在出現一些整合並不奇怪。

And I think even the decline is a little bit less than the options market was anticipating.

我認為，即使下降幅度也比期權市場預期的要小一些。

So just some context there for looking at the decline.

是以，我們只需瞭解一下下降的背景。

But you're right that pretty much we are seeing widespread weakness following this report.

但你說得沒錯，在這份報告發布後，我們幾乎看到了普遍的疲軟。

We are seeing much more pronounced weakness in other chip makers and chip design companies and so forth.

我們看到其他芯片製造商和芯片設計公司等的弱勢更為明顯。

So yeah certainly it does seem like the initial read through here is negative.

所以，是的，看起來最初的閱讀是負面的。

But again it does come after a very strong start to the year.

不過，這也是在今年非常強勁的開局之後發生的。

We made a big deal about this earnings print for quite a long time.

在很長一段時間裡，我們都在大肆宣揚這份收益印刷品。

I look at something like an Invesco QQQ the ETF that tracks the NASDAQ 100 and I think it's down around a percentage point right.

我看了一下像 Invesco QQQ 這種跟蹤納斯達克 100 指數的 ETF，我認為它下跌了大約一個百分點。

But in truth Ryan in the market's reaction was this the macro level event that we thought it was going to be.

但事實上，瑞安對市場的反應並不像我們想象的那樣，是一個宏觀層面的事件。

I would say that it's kind of close enough in line with expectations even if it is a little bit shy of the most optimistic ones.

我想說的是，儘管與最樂觀的預期相比還差一點，但已經足夠接近預期了。

I don't think this is going to really cause people to really change how they're allocating change their opinions on A.I. is this kind of fundamental secular driver.

我不認為這會讓人們真正改變他們對人工智能的看法。

But maybe in the near term we do see a little bit of weakness.

但也許在短期內，我們確實會看到一點疲軟。

I mean again some of these stocks have been moving up so much there have been sort of kind of growing calls about their valuation some concerns about that.

我的意思是說，這些股票中的一些已經上漲了很多，人們對其估值的擔憂也越來越多。

I don't know if this is the kind of absolute blowout that will just cause people to continue piling into the you know the way that they were doing earlier this year.

我不知道這種絕對的井噴是否會讓人們像今年早些時候那樣繼續扎堆購買。

There is a lot in the news cycle inclusive of and outside of video.

在新聞週期中，有很多內容既包括視頻，也包括視頻之外的內容。

I think one of the names that you know in after hours is super micro.

我想你在下班後知道的一個名字就是超級微型。

And then there's the news around that name in and of itself.

還有圍繞這個名字本身的新聞。

So we saw yesterday a short report came out today.

我們昨天看到了今天發佈的一份簡短報告。

It's that it's delaying the filing of its 10 K.

You know both of those caused us a weakness in the stock.

要知道，這兩點都導致了我們股票的疲軟。

I think today it was down more than double digits.

我認為今天的跌幅超過了兩位數。

So you know a lot of reasons to be concerned there in general.

是以，你知道有很多原因需要引起人們的普遍關注。

And it is one of NVIDIA's biggest customers.

它也是英偉達™（NVIDIA®）公司最大的客戶之一。

So this is just another reason for people who might have been kind of souring on super micro to maybe be pulling the sell a little bit.

是以，這只是另一個原因，讓那些對超微感到厭倦的人可能會稍稍賣掉超微。

Bloomberg's Ryan for Seneca with the after hours action out of Chicago.

彭博社的瑞安為塞內卡報道芝加哥的盤後新聞。

Let's get the reaction from the sell side with one of the stock's relative bears the Davidson's Gil Luria had a neutral rating and a street low 90 dollar price target on shares of NVIDIA.

戴維森公司的吉爾-盧里亞（Gil Luria）對英偉達股票的評級為中性，目標股價為 90 美元。

And Gil I guess it does that change your bearish perspective on the stock and your main takeaway from the analyst's call.

吉爾，我想這是否會改變你看跌該股的觀點，以及你從分析師電話中得到的主要啟示。

Their ability to continue to grow delivering chips at this rate at this scale is fantastic and unprecedented.

他們能以這樣的速度、這樣的規模繼續發展芯片交付，這真是前所未有的奇蹟。

I don't think there's much of a revenue issue here of a growth issue here.

我不認為這裡有什麼收入問題，也不認為這裡有什麼增長問題。

I think that a little bit of a pushback is probably more around the margin situation.

我認為，這種反彈可能更多的是圍繞利潤率的情況。

You had a good conversation with Ian about Blackwell and some of the moving pieces.

你和伊恩就布萊克韋爾和一些動向進行了很好的交流。

Part of what's happening with Blackwell it's a new it's a new product.

布萊克韋爾的部分情況是，它是一種新產品。

It's got a few hitches along the way that put pressure on gross margins and then operating margins grew more than anticipated.

這一路上遇到了一些麻煩，給毛利率帶來了壓力，然後營業利潤率的增長超出了預期。

So less of the top line upside flowed to the bottom line.

是以，流入底線的上行資金減少了。

And that's probably where investors are getting a little bit more cautious than they were before because in the last several quarters the huge upside to revenue flowed all the way to the bottom line creating huge upside there.

這可能也是投資者比以前更加謹慎的原因，因為在過去的幾個季度裡，收入的巨大增長一直流向底線，創造了巨大的增長空間。

So believe in NVIDIA right now is to believe 2026 calendar is going to be about 200 billion of revenue and about four four and a half to five dollars of earnings.

是以，我們相信英偉達現在的目標是在 2026 年實現約 2,000 億美元的收入和約 4.5 至 5 美元的利潤。

That's only possible if they continue to get this type of growth on the top line and more leverage.

只有繼續保持這種增長勢頭，並提高槓杆率，才有可能實現這一目標。

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