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半導體寒冬結束了嗎?
過去幾年半導體行業經歷過庫存高企、需求下滑的低谷。但NVIDIA用73%的營收增速告訴市場:至少在AI賽道,冬天已經過去。
值得注意的是,這種增長並非傳統PC或手機驅動,而是算力升級驅動。也就是說,它代表的是產業結構變化,而不是簡單周期反彈。
這背後有兩個邏輯:第一,企業數字化升級正在加速;第二,生成式AI正在從實驗室走向商業化應用。只要模型繼續迭代,算力需求就不會消失。
當然,半導體仍然是高波動行業。政策環境、供應鏈、競爭格局都會影響未來走勢。但英偉達目前的財報,更像是行業結構轉型成功的樣本。
寒冬也許沒完全結束,但至少在AI晶片這塊土地上,春天已經開花。#英伟达Q4营收增73%