黄仁勋近期行程密集。英伟达在柏林举办的 GTC 大会，是其为期一周半的欧洲“快闪式”巡回行程的压轴大戏。黄仁勋会见了多位世界领导人——包括英国首相安迪·伯纳姆、法国总统埃马纽埃尔·马克龙和德国总理弗里德里希·默茨——发布了新产品，甚至在舞台上花时间与小型机器鸭互动。
Jensen Huang has been busy. Nvidia's GTC in Berlin was the grand finale of a week-and-a-half whistle stop European tour. Huang met with world leaders — including U.K. Prime Minister Andy Burnham, French President Emmanuel Macron and German Chancellor Friedrich Merz — announced new products and even spent time talking to small robot ducks on stage.
英伟达掌门人定是累坏了。周四上午的媒体问答环节中，他向记者透露了自己的“秘诀”。谈到如何让数据中心更快投入运营，黄仁勋表示：“试着少睡点觉，这就是我做的。”而他的行程尚未结束。今天，他已抵达哈萨克斯坦，大力推介该国成为主要 AI 中心的潜力。
The Nvidia chief must be tired. At a media Q&A on Thursday morning, he gave reporters an insight into his mantra. Talking about bringing data centers online faster, Huang said: "Try less sleep, which is what I do." And the trip's not over for Huang. Today, he's in Kazakhstan, touting the country's potential as a major AI hub.
在德国忙碌之际，我在柏林奔波了两天，会见了新云厂商高管、投资人以及数据中心建设方和供应商。以下是浮现出的主要议题。
Amid all the activity in Germany, I spent two days in Berlin running around meeting with neocloud execs, investors and data center builders and suppliers. Here are the main themes that came up.
会议最后一天，上市新云股票遭遇抛售。CoreWeave 收盘下跌 10%，Nebius 下跌 7%。
The final day of the conference came amid a selloff among public neocloud stocks. CoreWeave ended the day down 10% and Nebius dropped 7% by market close.
这延续了租赁 AI 算力公司的动荡期，许多此类公司股价暴跌，市场担忧其借贷过重。
It continued a tumultuous period for companies leasing AI compute, with many of their stocks plummeting on concerns over heavy borrowing.
黄仁勋——考虑到英伟达在许多此类公司持有大量股份，这或许不足为奇——则显得更加乐观。
Huang — perhaps unsurprisingly considering Nvidia's sizeable stakes in many of those companies — was more bullish.
“如果你看基本面，对新云的需求极其旺盛，”黄仁勋对 CNBC 表示。
"If you look at the fundamentals, the demand for the neo clouds is off the charts," Huang told CNBC.
尽管如此，我在 GTC 现场交谈的许多人对新云板块仍存担忧。“‘大量无信用评级企业’的规模‘让市场恐慌’，”一位我会见的 AI 基础设施公司高管说道。
Despite that, there was concern about the neocloud sector among many of the folk I spoke to at GTC. The "magnitude of businesses with no credit rating" was "freaking the market out," said one exec at an AI infrastructure company I met with.
在柏林的舞台上，黄仁勋发布了一款新产品，将七个英伟达 Vera Rubin AI 机柜装入一个集装箱，设计可在普通公路上运输。
Speaking onstage in Berlin, Huang announced a new product that packs seven of Nvidia's Vera Rubin AI racks into a shipping container and is designed to be transported on normal roads.
这是一项加快人工智能算力上线的举措，旨在应对巨大的需求。黄仁勋告诉听众，数据中心投入运营的延误可能导致数十亿美元的收入损失。
It's a play to get AI compute online more quickly amid huge demand. Huang told the audience that billions of dollars in revenue can be lost by delays in getting data centers up and running.
“通过将其纳入供应链，我们‘开启’（数据中心）的速度将大幅提升，”他说。
"By moving this into the supply chain, the speed by which we can turn on" will ramp up, he said.
主要算力消费者已经在探索更小规模数据中心部署的机会。消息人士在九月曾告诉我，OpenAI和Anthropic一直在寻找更小规模的人工智能数据中心交易。人工智能基础设施的建设成本极高。
Major compute consumers are already exploring opportunities for smaller data center deployments. Sources had told me in September that OpenAI and Anthropic have been hunting for smaller AI data center deals. AI infrastructure is hugely expensive to build.
高盛估计，从2026年到2031年，涵盖算力、数据中心和电力在内的人工智能相关资本支出可能总计约7.6万亿美元。
Goldman Sachs estimates that AI-related capital spending could total about $7.6 trillion from 2026 through 2031, across compute, data centers and power.
黄仁勋周三在柏林向听众表示，一个1吉瓦的数据中心成本约为500亿美元。
A 1 gigawatt data center costs about $50 billion, Huang told the Berlin audience on Wednesday.
“中间缺少的是推动增长所需的营运资金……因为人工智能在众多领域的需求如此巨大，导致资本短缺，”他在周四的CNBC采访中表示。
"What is missing in the middle is the working capital to fuel that growth… because there's just so much demand across so many sectors of AI, there's a scarcity of capital," he said during his CNBC interview on Thursday.
“对资本的需求远大于资本的可用性，”他告诉我的同事阿琼·卡尔帕尔，不过这位首席执行官补充道：“这将会得到解决。”
"The demand of the capital is much greater than the availability of the capital," he told my colleague Arjun Kharpal, though the CEO added: "That's going to get solved."
我在侧线采访的一位人工智能基础设施融资公司高管表示，“非常快，资本将成为瓶颈。”OpenAI正接近由阿联酋投资者主导、估值达1.25万亿美元、最高300亿美元的融资轮。
One person I spoke to on the sidelines, an exec at an AI infrastructure financing company, said "very soon capital will become the bottleneck." OpenAI nears up to $30 billion funding round at $1.25 trillion valuation led by UAE investors.
马斯克本周在财报电话会议上表示，特斯拉和SpaceX已成立特别委员会讨论合并事宜。
Musk said Tesla and SpaceX formed special committees to discuss merger, on an earnings call this week.
特朗普表示，数据中心应向社区支付“股息”以赢得支持，此举是在公众对这些设施产生反对情绪的背景下提出的。
Trump said data centers should pay communities a 'dividend' to win support, amid public backlash about the facilities.
OpenAI最强大的人工智能模型禁用了自身的安全监控——并且其中一个模型对此撒了谎。
OpenAI's most powerful AI models disabled their own safety monitoring — and one lied about it.
特朗普政府以安全顾虑为由，禁止中国人工智能初创公司DeepSeek进入美国民用政府机构。
The Trump administration banned Chinese AI startup DeepSeek from civilian U.S. government agencies, citing security concerns.
昨天，我的同事安妮·帕尔默和洛拉·科洛德尼深入报道了替代卫星互联网服务需求的加速增长，背景是乌克兰在使用 SpaceX 的星链（Starlink）和星盾（Starshield）时遇到问题。
Yesterday, my colleagues Annie Palmer and Lora Kolodny dug into the accelerating demand for alternative satellite internet services, amid Ukraine's problems with SpaceX's Starlink and Starshield.
但正如他们所写，该公司系统的替代方案很少，其他选择目前尚不可比拟。
But, as they write, few alternatives to the company's systems exist and other options are not yet comparable.