Corp. 的领导层动荡正在提振潜在受益者，Advanced Micro Devices Inc.、Broadcom Inc. 和 Alphabet Inc. 盘后上涨，市场押注它们可能从这家芯片巨头手中赢得业务。
Corp.’s leadership turmoil is boosting potential beneficiaries, with Advanced Micro Devices Inc., Broadcom Inc. and Alphabet Inc. gaining after hours on bets they may win business from the chip giant.
AMD 和 Broadcom 盘后各上涨逾 3%，而 Nvidia 下跌 9%，此前有报道称其董事会正准备罢免首席执行官黄仁勋，后者曾带领公司一度成为全球市值最高的公司。Alphabet 盘后上涨 0.3%。
AMD and Broadcom each rose more than 3% as Nvidia sank 9% after hours on reports its board is preparing to oust Chief Executive Officer Jensen Huang, who led its rise to become, at one point, the world’s most valuable company. Alphabet rose 0.3% in extended trading.
抛售源于关于黄仁勋婚外情的报道，并在《华尔街日报》称董事会准备将其免职后加剧。Nvidia 正与一家外部机构合作，物色黄仁勋的潜在继任者。
The selloff followed reports about Huang’s extramarital affairs and intensified after the Wall Street Journal said the board was preparing to remove him. Nvidia is working with an outside firm to identify potential replacements for Huang.
随着 Nvidia 面临领导层不确定性，竞争对手硬件制造商股价上涨，投资者寻求继续参与 AI 交易，同时对冲 Nvidia 相关风险。这场动荡凸显了进一步波动的可能性，投资者正在评估其对 AI 发展的影响，以及全球客户在多大程度上会分散支出。
As Nvidia confronts leadership uncertainty, rival hardware makers are gaining as investors seek continued exposure to the AI trade while hedging Nvidia-related risks. The turmoil underscores the potential for further volatility as investors assess its impact on AI development and the extent to which customers diversify their spending worldwide.
“这是 AMD、Google 张量处理单元和亚马逊等竞争对手可能在 Nvidia 主导的加速器市场上提升份额的机会，”彭博情报全球科技研究主管 Mandeep Singh 表示。“毫无疑问，考虑到近期事态发展，Nvidia 在设定目标并超额完成方面，不会像过去两三年那样激进。”黄仁勋的潜在继任者在公司领导风格上可能会“相当保守”。
“This is where competitors like AMD, like Google Tensor Processing Units and Amazon will probably have a chance to improve their market share when it comes to that accelerator market that Nvidia dominates,” Mandeep Singh, global head of technology research at Bloomberg Intelligence, said. “There is no doubt that Nvidia won’t be as aggressive as they have been in the past two to three years when it comes to setting goals and overachieving them.”Huang’s potential replacement will likely be “quite conservative” in company leadership, given the recent developments.
如果 Nvidia 的领导层问题破坏其客户关系，AMD 和 Broadcom 将最有可能获益最多。AMD 是 Nvidia 在 AI 加速器领域最接近的竞争对手，而 Broadcom 在定制 AI 芯片和网络领域的作用日益增强。
AMD and Broadcom stand to likely gain the most if Nvidia’s leadership issues disrupt its customer relationships. AMD is Nvidia’s closest rival in AI accelerators, while Broadcom has a growing role in custom AI chips and networking.
英伟达领导层变动可能促使客户重新考虑对单一供应商的依赖，但竞争对手如超威半导体（AMD）和博通（Broadcom）已在AI加速器、定制芯片和网络领域积极拓展业务。
While a Nvidia leadership shakeup may push customers to rethink their reliance on a single supplier, competitors like AMD and Broadcom are already pursuing business in AI accelerators, custom silicon and networking.
“作为直接竞争对手的AMD，以及在TPU领域的Alphabet和博通，在短期内是自然受益者，”投资策略师、Floodlines Research创始人Anna Wu表示。“黄仁勋的丑闻引发了公众对英伟达商业机密和产品优势的质疑。”她补充道，Alphabet的TPU是为AI定制打造，而图形处理单元（GPU）最初是为游戏设计的多用途芯片。TPU无法全面取代GPU，将AI工作负载从英伟达迁移出去既缓慢又昂贵。
“AMD as a direct competitor, and Alphabet and Broadcom in the TPU space, are natural beneficiaries in the short term,” said Anna Wu, an investment strategist and founder of Floodlines Research. “Huang’s scandal has raised public doubts about Nvidia’s commercial secrets and its product edge.”Alphabet’s TPUs are custom-built for AI, while graphics processing units are multi-purpose chips originally made for gaming. TPUs can’t replace GPUs across the board, and moving AI workloads away from Nvidia is slow and costly, she added.
Alphabet宣布计划推出更广泛的AI芯片阵容，旨在利用其作为英伟达主要挑战者的快速崛起，在一个价值数千亿美元的市场中分一杯羹。该公司正推出两款新版TPU。其他受益者包括为超大规模数据中心提供自研芯片动力的公司。
Alphabet announced plans to roll out a broader array of AI chips, aiming to capitalize on its rapid rise as a major challenger to Nvidia in a market worth hundreds of billions of dollars. The company is introducing two new variations of its TPUs. Other beneficiaries include the companies powering hyperscalers’ in-house chips.
在台北，与谷歌合作定制芯片的联发科（MediaTek Inc.）周四股价盘中最高上涨3.3%。设计服务公司创意电子（Alchip Technologies Ltd.）和聚辰（Global Unichip Corp.）股价均大涨逾8%，市场期待预算增加将流向定制硬件。
In Taipei, MediaTek Inc., which works with Google on custom silicon, rose as much as 3.3% in Taipei on Thursday. Design houses Alchip Technologies Ltd. and Global Unichip Corp. both jumped more than 8% in Taipei on hopes that rising budgets will flow into custom hardware.
与此同时，无论谁领导英伟达，其制造合作伙伴似乎都不受影响，因为它们同时也供应竞争对手。台积电（Taiwan Semiconductor Manufacturing Co.）股价基本持平，而韩国供应商SK海力士（SK Hynix Inc.）和三星电子（Samsung Electronics Co.）股价均上涨逾2%。
Meanwhile, Nvidia’s manufacturing partners appear insulated regardless who leads the company, since they also supply its rivals. Taiwan Semiconductor Manufacturing Co. was little changed, while South Korean suppliers SK Hynix Inc. and Samsung Electronics Co. both rose more than 2%.
根据彭博供应链数据，SK海力士约27%的营收来自英伟达，而三星电子仅为0.3%。
Roughly 27% of SK Hynix’s revenue comes from Nvidia, versus 0.3% of Samsung Electronics, according to Bloomberg’s supply-chain data.
由于三星与英伟达竞争对手AMD关系更紧密，部分市场观察人士认为，英伟达新领导层上台可能会加强与三星的合作。
Because Samsung shares a closer relationship with Nvidia rival AMD, some market watchers see potential for new leadership at Nvidia to warm up to Samsung.
“英伟达（Nvidia）潜在的领导层变动可能为三星创造战略机遇，”Fibonacci Asset Management Global首席执行官Jung In Yun表示。“如果黄仁勋（Jensen Huang）离任，新管理层可能重新评估供应商关系，并更加重视供应链多元化，这将给三星一个深化与英伟达合作、争取未来更大份额HBM（高带宽内存）订单的机会。”这起丑闻也可能使致力于在本国市场替代英伟达的中国公司受益，因为美国更严格的出口管制加强了对向中国芯片销售的审查。
“A potential leadership change at Nvidia could create a strategic opening for Samsung,” said Jung In Yun, chief executive officer at Fibonacci Asset Management Global. “If Jensen Huang were to leave, new management could reassess supplier relationships and place greater emphasis on diversifying its supply chain, giving Samsung an opportunity to deepen its partnership with Nvidia and compete for a larger share of future HBM orders.”The scandal could also benefit Chinese companies working to replace Nvidia in their home market, as stricter export rules in the US intensify scrutiny of chip sales to China.
由此导致的任何收紧都将为寒武纪科技股份有限公司、海光信息技术股份有限公司和中芯国际集成电路制造有限公司等本土芯片制造商提供顺风。阅读：英伟达动荡波及亚洲芯片股：TOPLive
Any resulting tightening would provide a tailwind for local chipmakers such as Cambricon Technologies Corp., Hygon Information Technology Co. and Semiconductor Manufacturing International Corp. Read: Nvidia Turmoil Spreads to Asian Chip Stocks: TOPLive