傳媒行業：英偉達帶火“AI雲新勢力”

華福證券

09/23

投資要點：海外AI 雲市場已進入老牌雲廠商與新興雲廠商競爭階段。老牌雲廠商培養自身ASIC 以防對英偉達算力依賴，新雲廠則注重規模擴張，獲取英偉達供貨優先級，ASIC 熱度較高時英偉達也加大扶持新雲力度，鞏固競爭優勢。一、Oracle：老牌數據庫向AI 雲全力轉型，OpenAI 算力深度綁定OCI 全力進軍AI 雲，星際之門與英偉達、OpenAI 深度合作。Oracle爲全球數據庫軟件龍頭，...

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025092309162997a37aae&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025092309162997a37aae&s=b\">華福證券</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999014542.SGD","symbol_name":"United Income Focus Trust Acc SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025092309162997a37aae&s=b","article_id":"2569775474","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025092309162997a37aae&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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深度合作。Oracle為全球數據庫軟件龍頭，2016 年依託Oracle Cloud Infrastructure 切入公有云市場。2025 年公司與英偉達、OpenAI 建立深度合作，是星際之門項目的算力提供商。OCI 在架構上進行了多項創新，核心技術之一是「Off-box Network Virtualization」，即將原先預裝在服務器的虛擬化軟件剝離至獨立的硬件，便於服務器性能充分釋放給客户，進而使得OCI 具備成本優勢。FY26Q1 雲收入和RPO 指引積極。2026 財年一季度，Oracle RPO同比大增359%，達到4550 億美元。管理層預計FY26 OCI 收入達到180億美元，同比增長77%；之後四個財年OCI 預計達到320/730/1140/1440億美元。二、CoreWeave:深度綁定英偉達的獨立雲廠，股權/供貨/訂單三重護城河英偉達為CoreWeave 股東，對其優先供給GPU。截至6 月30 日，英偉達持有CoreWeave 約7%的A 類股，CoreWeave 同時是英偉達投資組合最大持倉。憑藉股權關係與戰略綁定，CoreWeave 優先獲取英偉達供貨。CoreWeave 2032 年前未出租雲容量將由英偉達回購。2025 年9 月，據路透社，CoreWeave 與英偉達簽署63 億美元合同，協議中英偉達將購買所有2032 年4 月13 日前CoreWeave 未出售給客户的雲容量。三、Nebius：英偉達投資的全棧AI 雲，與微軟簽訂百億級大單新型AI 基礎設施獨角獸，位列英偉達投資組合第四大持倉。2024 年12 月，Nebius 獲得英偉達等領投的7 億美元孖展；2025 年一季度，英偉達購買119 萬股Nebius，截至2025H1 末，Nebius 為英偉達投資組合第四大持倉。作為六家英偉達認證的「參考架構雲合作方」之一，Nebius 歐洲是第一批獲得GB200 NVL72 的雲服務商，且預計在年底為客户推出提供搭載GB300 的NVL72 算力單元。歐洲本土雲代表，芬蘭/法國/英國/冰島均有部署。Nebius 前身為Yandex 的雲計算與國際業務部門，後在2023 年剝離並於荷蘭阿姆斯特丹成立，專注在歐洲和全球市場發展AI 雲基礎設施。目前公司已經在芬蘭、法國、英國、冰島部署數據中心。與微軟簽署百億算力大單，首次與Hyperscaler 建立合作。2025 年9月，Nebius 與微軟簽署AI 算力協議，基礎合同總價值174 億美元，若微軟行使額外採購則可達194 億美元，協議期限5 年。這是Nebius 首次與超大規模服務商達成深度合作，不僅為未來5 年收入提供強勁支撐，也成為Nebius 服務頂級客户能力的有力背書。四、Lambda Labs：英偉達參投的AI 雲新鋭，2026 IPO 在即Lambda Labs 是全球最早提供GPU 雲算力的初創之一。2025 年初也完成4.8 億美元D 輪孖展，投資方包括英偉達。當前市場估值約40–50 億美元，公司正籌備IPO，預計2026 年上半年掛牌。投資建議：建議關注英偉達戰略合作的雲廠商，Oracle、CoreWeave、Nebius。風險提示：AI 應用競爭激烈；AI 大模型競爭激烈","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}