过去几天，英伟达遭受重创，但情况可能还会更糟。也就是说，如果创始人兼首席执行官黄仁勋被迫或选择卸任，或者调查认定他做了违法的事情。
Nvidia has been battered over the past couple of days, but it could get worse. That is, if founder and CEO Jensen Huang is forced or chooses to step down, or if investigations pin him down for doing something illegal.
在大多数经济领域，CEO被期望把企业管好，但他们通常是可替换的部件——尽管代价高昂。谷歌和苹果表明，更难复制的创始人CEO也可以被替换。但即便在创始人CEO当中，黄仁勋也因大胆下注而与众不同，这些下注帮助他忍受短期痛苦以换取长期收益。大多数人知道英伟达，是因为自己投资组合中不断上涨的股票，或者每家科技公司圣诞清单上的GPU。
In most sectors of the economy, CEOs are expected to run businesses well, but they are generally interchangeable parts — albeit expensive ones. Google and Apple show that founder CEOs, which are harder to replicate, can be replaced. But even among founder CEOs, Huang stands apart for bold bets that helped him endure short-term suffering in return for long-term gain. Most people know Nvidia for the climbing stock in their portfolios, or the GPUs on every tech company’s Christmas list.
但他在2006年创建CUDA平台，或许最能说明他如何在数十年间领先于行业。英伟达的计算平台和编程模型——本质上支撑现代AI产业的软件——造就了商业史上最有价值的护城河之一。
But his creation of the CUDA platform in 2006 is perhaps the best example of how he’s been able to step ahead of the industry for decades. Nvidia’s computing platform and programming model, the software that essentially underpins the modern AI industry, created one of the most valuable moats in business history.
大约六年后，看到神经网络的进展，他转向了AI。黄仁勋意识到，AI将需要拥有互联芯片的大型数据中心，并断定网络将成为瓶颈。他在NVLink的开发上押注数十亿美元。NVLink是一种神经系统，让彼此独立的GPU像一台巨型超级计算机一样运作。他还在2019年以69亿美元收购了以色列网络公司Mellanox Technologies。他资助新型云服务商，以免依赖少数客户，并收购了Hugging Face，以在开源领域保持领先。
A half dozen years later, seeing the progress in neural networks, he pivoted to AI. Huang realized AI would require massive data centers with interconnected chips, and concluded that networking would become the bottleneck. He bet billions on the development of NVLink, a nervous system that allows discrete GPUs to act as one massive supercomputer, and the $6.9 billion acquisition of Mellanox Technologies, the Israeli networking company, in 2019. He funded neoclouds so he wouldn’t be reliant on a few customers and acquired Hugging Face to stay ahead of the game on open source.
黄仁勋现年63岁。尽管他曾表示自己还能再领导公司数十年，但当前的调查让外界对这家世界上最具影响力的公司之一的未来产生疑问。即便他挺过这场风波，他还会保有当初带他走到今天的那种大胆性格吗？
Huang is 63, and while he has said he could run the company for decades to come, the current investigations raise questions about the future of one of the world’s most consequential companies. Even if he does ride out the turmoil, will he still have the same bold personality that got him here?
英伟达或许仍能继续大把赚钱，因为市场对其产品的需求丝毫没有放缓的迹象。但很难想象有谁能接替黄仁勋的角色，并具备与他相当的战略眼光和威望。
Nvidia may still mint money, as demand for the company’s products shows no signs of slowing down. But it’s difficult to imagine anyone stepping into the role with the strategic vision and gravitas to match Huang’s.
未来几年将更加棘手。中国正在崛起。一旦在半导体领域实现独立，中国的扩张速度将超过美国。中国不会有数据中心方面的繁文缛节，而且与美国相比，中国将拥有充足的能源。
The next handful of years are going to be even trickier. China is ascendant. Once it gains independence on semiconductors, it will be able to scale faster than the US. There won’t be any data-center red tape and China will have abundant energy compared to the US.
由于摩尔定律已经失效，AI芯片制造商不再每年推出性能呈指数级提升的芯片。如今，他们必须设计完整的系统，把计算和散热塞进服务器机架，就像一场全球赌注最高的游戏。这些系统涉及极其复杂的供应链，并受到地缘政治、强势人物和巨额资金的影响。
Because Moore’s law is dead, AI chipmakers are no longer making exponentially better chips every year. Now, they must design entire systems with compute and cooling crammed into server racks like the world’s highest-stakes game of . They involve immensely complex supply chains colored by geopolitics, big personalities, and vast sums of money.
在保持对华领先的努力中，英伟达将是关键参与者。没有黄仁勋，英伟达将从根本上被削弱。或许它已经被削弱了。
Nvidia will be a crucial player in the effort to stay ahead of China. Without Huang, it will be fundamentally weakened. It may be already.