英伟达75%毛利率能否持续?关键看台积电议价权

华尔街见闻
Mar 05

英伟达的超高利润率并非无懈可击——其背后最容易被市场忽视的风险,恰恰来自最亲密的合作伙伴。 英伟达目前毛利率高达75%,远超传统芯片制造商约50%的历史水平,更接近奢侈品牌或软件公司的盈利结构。据《金融时报》专栏作者June Yoon分析,这一利润率是支撑英伟达当前估值的最核心变量,而能否持续,在很大程度上取决于台积电是否会主张更大份额的利润分配权。 June Yoon指出,市场对英伟达AI需求...

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