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半导体寒冬结束了吗?
过去几年半导体行业经历过库存高企、需求下滑的低谷。但NVIDIA用73%的营收增速告诉市场:至少在AI赛道,冬天已经过去。
值得注意的是,这种增长并非传统PC或手机驱动,而是算力升级驱动。也就是说,它代表的是产业结构变化,而不是简单周期反弹。
这背后有两个逻辑:第一,企业数字化升级正在加速;第二,生成式AI正在从实验室走向商业化应用。只要模型继续迭代,算力需求就不会消失。
当然,半导体仍然是高波动行业。政策环境、供应链、竞争格局都会影响未来走势。但英伟达目前的财报,更像是行业结构转型成功的样本。
寒冬也许没完全结束,但至少在AI芯片这块土地上,春天已经开花。#英伟达Q4营收增73%