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微软、Meta都说“DeepSeek不影响”,资本开支稳了,英伟达可以松口气了吗?

Microsoft and Meta both stated that "DeepSeek does not have an impact"; capital expenditures are stable, can NVIDIA breathe a sigh of relief?

wallstreetcn ·  Jan 30 07:49

NVIDIA's stock price, which was affected by DeepSeek, has not been boosted. On one hand, many investors are worried about the massive investments made by USA technology giants in AI without corresponding profits; on the other hand, Microsoft and Meta have both emphasized the importance of inference, but NVIDIA's GPUs are mainly used for training.

Microsoft and Meta are increasing their investments in AI, but it is still not enough for NVIDIA.

In the fourth quarter of 2024, Microsoft and Meta's combined capital expenditure reached 37.4 billion USD, nearly double that of the same period last year, mainly directed towards AI Chips and Datacenters.

However, this should have been bullish news did not boost NVIDIA's stock price, as of the time of this report, NVIDIA's stock price fell by 0.47% in the US overnight trading, and in the past five days, NVIDIA's stock price has dropped nearly 15%, with a market cap evaporation of about 1 trillion dollars.

Analysts believe there are two reasons why NVIDIA's stock price was not boosted: first, many investors are concerned that while US tech giants are making substantial investments in AI, the profits are not keeping up; second, both Microsoft and Meta emphasized the importance of inference, but NVIDIA's GPU Chips are primarily used for training.

US tech giants are making substantial investments in AI, but lack significant returns.

On Wednesday, Microsoft CEO Nadella and Meta CEO Zuckerberg defended their companies' massive AI investments during their Earnings Reports conference call:

Nadella stated that large-scale investments are aimed at overcoming the capacity bottlenecks restricting Microsoft's development of AI Business, and improvements in AI efficiency will lead to exponential demand growth.

Zuckerberg emphasized that ongoing large-scale AI investments will become a long-term strategic advantage.

Reports suggest that Microsoft's AI investment budget for the current fiscal year is as high as 80 billion USD, while Meta plans to invest 65 billion USD. In stark contrast, DeepSeek claims to have developed AI models comparable to those of competitors like Meta with only about 6 million USD in expenditures.

Despite Analysts indicating that this huge gap primarily reflects investments in computing power rather than all R&D costs, some investors remain concerned about the massive expenditures on AI by American technology giants and the lack of significant returns.

For example, Brian Mulberry, a portfolio manager at Zacks Investment Management, called for a clear AI monetization roadmap; Futurum Group Analyst Daniel Newman pointed out that current AI investments are excessive, with insufficient Consumer outcomes...

In the future, more pre-training resources may not be necessary, but inference loads will increase significantly.

Recently, several technology giants have released their Earnings Reports, making DeepSeek an unavoidable Topic.

Microsoft CEO Nadella stated that DeepSeek has "some real innovations" and believes that the decline in AI costs is a major trend; Zuckerberg mentioned that Meta views DeepSeek as a new competitor and is learning from it, but it is still too early to determine whether chip demand will stop growing; ASML Holding's CEO Christophe Fouquet believes that low-cost AI models like DeepSeek will lead to more, not less, demand for AI Chips.

However, both Microsoft and Meta emphasized the importance of inference, while NVIDIA's GPU is mainly used for training. More importantly, Meta mentioned that it will use its self-developed ASIC MTIA for training, suggesting a replacement for GPUs.

Zuckerberg stated that more pre-training resources may not be necessary in the future, but the inference load will significantly increase.

Editor/lambor

The translation is provided by third-party software.


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