电子行业捍卫王冠：英伟达以冷酷战略化解新兴威胁

Art by Clark Miller.   插画：Clark Miller。Nvidia is consolidating its dominance in the AI hardware market through a dual strategy of retreating from directcloud competition and aggressively expanding its footprint in AI inference. By restructuring its DGX Cloud division andstriking a $20 billion licensing and “acqui-hire” deal with startup Groq, the company is shifting from an external serviceprovider to a full-stack architect of the “AI factory.” These moves prioritize protecting its high-margin chip businesswhile neutralizing emerging architectural threats to its market lead.英伟达正通过⼀项双重战略巩固其在 AI 硬件市场的主导地位：⼀⽅⾯从直接的云服务竞争中后撤，另⼀⽅⾯积极扩⼤其在 AI 推理领域的版图。通过重组其 DGX Cloud 业务，并与初创公司 Groq 达成⼀项价值 200 亿美元的授权与“收购式聘⽤”交易，该公司正从对外的服务提供商转型为“AI ⼯⼚”的全栈架构师。这些举措优先保护其⾼利润率的芯⽚业务，同时化解对其市场领先地位构成的新兴架构性威胁。Deep Research   深度研究Defending the Crown: Nvidia’s Ruthless Strategy to NeutralizeEmerging Threats捍卫王冠：英伟达以冷酷战略化解新兴威胁By    作者：TheInformation 编辑部Dec 31, 2025, 9:57am PSTThe Information StaffIn-depth insights in seconds. Ask Deep Research.秒级获取深度洞察。询问 Deep Research。We tasked Deep Research to analyze the strategic implications of Nvidia’s recent pivot and the Groq acquisition on theAI infrastructure landscape. Here is the response:我们委托 Deep Research 分析英伟达近期战略转向及收购 Groq 对 AI 基础设施格局的战略影响。以下是其回应：According to The Information’s reporting, Nvidia’s recent moves—restructuring its cloud team and striking a massive$20 billion deal with Groq—are not contradictory but are two sides of the same strategic coin. These actions reveal acompany acutely aware of its vulnerabilities and aggressively using its dominant position and vast resources to secureits future against emerging threats. The strategy is to cede ground in high-conflict areas while simultaneouslyneutralizing threats to its core high-margin business.根据 The Information 的报道，英伟达近期的⼀系列动作——重组其云计算团队，并与 Groq 达成⼀项⾼达 200 亿美元的巨额交易——并⾮相互⽭盾，⽽是同⼀战略硬币的两⾯。这些举措揭⽰出，这家公司清醒地认识到⾃⾝的脆弱性，并正积极利⽤其主导性的市场地位和庞⼤的资源，应对新兴威胁、为未来保驾护航。其策略是在⾼冲突领域主动让出部分阵地，同时对其核⼼⾼利润业务构成的威胁进⾏阻断和消解。A Strategic Retreat from Direct Cloud Competition从正⾯云竞争中的⼀次战略性撤退Our reporting last week revealed that Nvidia is significantly restructuring its DGX Cloud division, backing away from itsambition to compete directly with major cloud providers like Amazon Web Services.我们上周的报道披露，英伟达正在对其 DGX Cloud 业务进⾏⼤幅重组，放弃直接与亚马逊云服务（Amazon Web Services）等⼤型云服务提供商正⾯竞争的雄⼼。 Initially, Nvidia’s DGX Cloud was positioned as a way to offer a premium, optimized environment for AI developers,giving Nvidia a direct relationship with end-users and a new revenue stream. However, the effort faced significantheadwinds:最初，英伟达将 DGX Cloud 打造为⼀个⾯向 AI 开发者的⾼端、深度优化计算环境，使其能够与终端⽤户建⽴直接关系，并开辟新的收⼊来源。然⽽，这⼀尝试⾯临着诸多阻⼒：Channel Conflict: The service put Nvidia in direct competition with its largest and mostimportant customers—the cloud providers who buy billions of dollars worth of its GPUs. 渠道冲突：这项服务让英伟达与其最⼤、也是最重要的客户——那些以数⼗亿美元规模购买其 GPU 的云服务提供商——形成了直接竞争关系。 Execution Challenges: Nvidia struggled to attract customers and provide effective technicalsupport, as