Name: Nvidia 財報是 AI 炒作與科技業的試金石？ | DW 新聞 (Nvidia's quarterly results are seen as a test for the AI hype and the technology industry | DW News)
Uploaded: 2025-11-22T17:01:15.000Z
Duration: 8 min 14 s

For months, we've been hearing about the threat of an AI bubble ready to burst, with investors fearing that the artificial intelligence boom could soon go pop.

幾個月來，我們一直聽到 AI 保麗龍即將破裂的威脅，投資者擔心人工智慧的熱潮可能會很快結束。

Well, much then was riding this week on the US tech firm Nvidia, the world's most valuable company and the release of its latest quarterly results.

本週，全球最有價值的美國科技公司 Nvidia 發布了最新的季度業績，許多人都在關注。

And for many, it was worth the wait, with the chipmaker posting more record breaking figures.

對許多人來說，這一切都值得等待，這家晶片製造商公佈了更多創紀錄的數據。

Investors are cheering Nvidia's forecast beating results.

投資者正在為 Nvidia 超越預期的業績歡呼。

Stocks soared on tech heavy markets from Japan to South Korea and Taiwan.

從日本到韓國再到臺灣的科技類股市場股票飆升。

European markets followed suit and ended a five day losing streak.

歐洲市場也跟進，結束了五天的連跌紀錄。

Nvidia's earnings underscored surging demand for its AI chips that has pushed aside talk of an AI bubble.

Nvidia 的收益凸顯了對其 AI 晶片不斷增長的需求，這已將 AI 保麗龍的討論推到一邊。

The world stock markets are delighted with Nvidia's results.

全球股票市場都對 Nvidia 的業績感到高興。

These figures from Nvidia were eagerly awaited worldwide.

Nvidia 的這些數據在全球都備受期待。

And now once again, positive news has been announced.

而現在，又一次傳來了好消息。

Nvidia again exceeded the expectations of all analysts and the market and as a result, it's a happy hour for now.

Nvidia 再次超出了所有分析師和市場的預期，是以，暫時是歡樂時光。

The chip giant posted a net profit of 30, $32 billion in the third quarter.

這家晶片巨頭在第三季的淨利達到 30 億 3200 萬美元。

Nvidia CEO Jensen Huang says computing will evolve as AI becomes part of everyday life and enables everyone to be a programmer.

Nvidia 執行長 Jensen Huang 表示，隨著 AI 融入日常生活並讓每個人都能成為程式設計師，運算將會演進。

Software is going to be generated in real time.

It's generative, based on the context, based on the circumstance, based on who you are, based on the problem you asked, based on your prompt.

它是生成式的，會根據情境、根據情況、根據你是誰、根據你提出的問題、根據你的提示來生成。

It will generate unique content for you every single time.

它每次都會為你生成獨特的內容。

Nvidia's rise began when ChatGPT was released in 2022.

Nvidia 的崛起始於 2022 年 ChatGPT 的發布。

That's because the company provided much of the hardware that powers ChatGPT.

這是因為該公司提供了驅動 ChatGPT 的大部分硬體。

Since then, Nvidia's market value has surged tenfold and made it the world's biggest publicly traded company.

從那時起，Nvidia 的市值飆升了十倍，使其成為全球市值最大的上市公司。

Its chips are used in some of the latest technologies, from medical devices that detect skin cancer early to self driving cars.

它的晶片被用於一些最新的技術，從能早期偵測皮膚癌的醫療設備到自動駕駛汽車。

But some analysts are now warning chip buyers not to pin their hopes on Nvidia.

但一些分析師現在警告晶片買家不要對 Nvidia 寄予厚望。

Ultimately, Nvidia will be able to benefit from investments.

最終，Nvidia 將能從投資中獲利。

But there are growing doubts whether the buyers of these chips will actually monetize artificial intelligence.

但越來越多人質疑這些晶片的買家是否真的能將人工智慧貨幣化。

Because the expectation to benefit from AI is very high, which is why there will always be talk of a bubble.

因為從 AI 受益的預期非常高，所以總會有關於保麗龍的討論。

For the last three months of 2025, Nvidia expects revenue to rise around 20% to $65 billion.

預計到 2025 年的最後三個月，Nvidia 的收益將上漲約 20% 至 650 億美元。

the question whether this boom will be followed by a bust remains.

這個榮景之後是否會緊接著一場崩盤，這個問題仍然存在。

現在加入我們的是 Sam Winter Levy。

He's a research fellow at the Carnegie Endowment for International Peace where he focuses on technology and international affairs.

他是卡內基國際和平基金會的研究員，專注於科技與國際事務。

Nvidia's earnings this week stunned even the most optimistic forecast.

Nvidia 本週的收益甚至讓最樂觀的預期都感到驚訝。

What do these numbers tell you about the company's strategic importance, particularly when we're talking about high end chips?

這些數字告訴你關於這家公司戰略重要性的訊息是什麼，尤其當我們在談論高階晶片時？

So I think these results underscore that Nvidia enjoys this unique position in the AI market at the moment.

我認為這些結果突顯了 Nvidia 目前在 AI 市場中享有獨特的地位。

These chips that only Nvidia and a handful of other companies can make are really the underpinning of these extremely important models that are being rolled out across the economy, across national security applications.

這些只有 Nvidia 和少數幾家公司能製造的晶片，確實是正在經濟各處、國家安全應用中推出的這些極其重要模型的基礎。

And Nvidia just continues to enjoy this really privileged position in that marketplace, and

Nvidia 在這個市場上持續享有非常獨特的地位，而且

目前來看，這個地位仍然穩固。

Is Nvidia, is it now functioning as a global choke point?

Nvidia 現在是不是扮演著全球咽喉點的角色？

I mean, one company that has disproportionate influence over military power and geopolitical leverage?

也就是說，一家公司對軍事力量和地緣政治影響力擁有不成比例的影響力？

I mean, is it almost too strong for its own good?

說真的，它是不是強到有點過頭了？

So these advanced chips that Nvidia and a handful of other companies can make really are a choke point.

所以這些 Nvidia 和少數幾家公司能製造的先進晶片，確實是一個咽喉點。

Governments around the world, I mean, in particular the United States and its close allies control key parts of the semiconductor supply chain.

世界各國政府，特別是美國及其盟友，掌控著半導體供應鏈的關鍵環節。

And that gives them a huge amount of influence and a huge amount of bargaining power when it comes to negotiations with other countries.

這讓他們在與其他國家談判時，擁有巨大的影響力和議價能力。

And the United States in particular has tried to exert control over the flow of chips, in particular trying to restrict China's access to these advanced chips.

而美國尤其試圖控制晶片的流向，特別是限制中國獲取這些先進晶片的管道。

Now, of course, China is not prepared to just sit back and let a kind of key technological input let themselves be cut off from a key technological input indefinitely.

不過，中國當然不會坐視不管，讓關鍵技術的輸入就這樣無限期地被切斷。

So they're accepting huge efforts to try to build up their own competitors to Nvidia above all, for now, Nvidia really does still enjoy a pretty, pretty compelling lead in this, in this sector.

所以他們正全力以赴，試圖建立能與 Nvidia 競爭的本土產業，目前來看，Nvidia 在這個領域確實仍享有相當、相當大的領先優勢。

And there was a time under former US President Biden when selling these chips was basically forbidden.

以前在美國前總統拜登任內，賣這些晶片基本上是被禁止的。

And then came President Trump, his deal letting Nvidia sell chips to China as long as the US gets to take a 15% part of the revenue.

然後川普總統上任，他達成協議，允許 Nvidia 賣晶片給中國，條件是美國可以分潤 15% 的收益。

I'm wondering, does that give Washington leverage or does it expose dependence on China's market?

我在想，這會給華盛頓帶來籌碼，還是會暴露對中國市場的依賴呢？

Yes, there's been a back and forth on this issue across the Trump administration.

是的，在川普政府期間，這個問題來來回回討論了很多次。

The first Trump administration was one of the, was the first to introduce some of these chip controls.

第一任川普政府是第一個引入部分晶片管制的。

The Biden administration then tightened them and expanded them, trying to restrict China's access to advance computing power.

接著拜登政府收緊並擴大了這些管制，試圖限制中國獲取先進運算能力的管道。

Now, in the second Trump term, there has been a little bit of a back and forth initially signal that he would allow the Sale of some Nvidia chips, The so called H20 chip, as long as the treasury could get a cut of the revenue that ended up not really materializing, media hasn't reported selling significant numbers of those chips to China.

現在到了川普第二任期，起初有些來回，他曾暗示會允許販售部分 Nvidia 晶片，也就是所謂的 H20 晶片，條件是財政部能從中分一杯羹，但這最終並沒有真正實現，媒體也未報導有大量賣給中國。

Nvidia wants access to the Chinese market.

They want to be able to sell their chips to China to earn billions of dollars of revenue and they want to keep China hooked on the US tech stack.

他們希望能夠賣晶片給中國，賺取數十億美元的營收，並且讓中國持續依賴美國的科技生態。

But at the same time, allowing those sales of chips to go forward would turbocharge China's sector.

但同時，允許這些晶片的銷售，也會讓中國的相關產業蓬勃發展。

Because for now, video really is the kind of key player if you want access to these chips.

因為目前來說，如果你想取得這些晶片，Nvidia 確實是關鍵的參與者。

I mean, what do US Allies think when Washington pressures them not to sell sensitive technology to China?

我的意思是，當華盛頓要美國盟友不要賣敏感科技給中國時，他們會怎麼想？

Yet President Trump green lights Nvidia sells to China.

結果川普總統卻允許 Nvidia 賣給中國。

As long as the Department of Treasury gets a nice 15% kickback, sure.

只要財政部能拿到漂亮的 15% 回扣，當然可以。

It sends mixed messages to US allies, that's for sure.

這無疑會向美國盟友傳達混亂的訊息。

The administration on the one hand wants to pressure its allies to get in line with the US Export control policies, restrict sales in particular of semiconductor manufacturing equipment to China.

政府一方面想對盟友施壓，讓他們配合美國的出口管制政策，特別是限制半導體製造設備賣給中國。

The administration has always, the United States has always said that these are kind of core national security concerns and that's why you should get in line with them.

政府一直以來，美國一直說這些是國家安全的核心關切，所以你們應該配合。

On the other hand, if then signals that they're actually up for negotiation, perhaps as part of broader trade talks or perhaps in exchange for a cut of the revenues, then it sort of undercuts this argument that these are a kind of core national security technology that shouldn't be negotiated over.

另一方面，如果又發出訊號說這些是可以談判的，或許是作為更廣泛貿易談判的一部分，或者交換部分收益，那就削弱了這些是國家安全核心技術、不該談判的論點。

And that sends pretty, pretty mixed messages to allies that the US is trying to persuade to come along with them on this.

這就向美國試圖說服盟友一起行動傳達了非常、非常混亂的訊息。

And I'm wondering how that's connected then to what we've seen this week with this peace plan for Ukraine.

我在想這跟我們這週看到的烏克蘭和平計畫有什麼關聯。

You know, the Europeans, the Ukrainians, they've been bypassed by this.

你知道，歐洲人、烏克蘭人，他們都被這個繞過了。

It looks a little bit like what American allies must be thinking when they look at Nvidia sales going to China.

這看起來有點像美國盟友在看 Nvidia 賣給中國時的想法。

Yeah, I'd say there's a kind of recurring tension here, which is that the administration wants to flex its muscles unilaterally.

對啊，我會說這裡有一種重複出現的緊張關係，就是政府想單方面展現肌肉。

It wants to cajole and kind of coerce allies to fall in line.

它想哄騙、有點脅迫盟友跟著照做。

But at the same time, its policy is hard to predict.

但同時，它的政策又很難預測。

In particular, some of these technological issue areas.

特別是，在某些科技議題領域。

It seems to be motivated by different impulses and that can be a little bit frustrating, I think, for some allies to discern the strategic intent behind these policies.

它似乎受到不同動機的驅使，這對一些盟友來說，要辨別這些政策背後的戰略意圖，可能會有點令人沮喪。

Yeah, a little bit like do as we say not as we do.

對啊，有點像是「照我說的做，但別學我做的」。

Sam Winter Levy from the Carnegie Endowment for International Peace.

卡內基國際和平基金會的 Sam Winter Levy。

And we appreciate your time and your insights tonight.

我們很感謝你今晚的時間和見解。