资本市场的数字凸显这波趋势：英伟达一度成为首家市值突破 5 兆美元的公司，某个周四晚间仍约 4.4 兆美元；黄仁勋 2025 年底净资产预计超过 1,600 亿美元、进入全球前 10 富豪。即使股价腰斩，英伟达市值仍会是 2021 年底的 3 倍。文章同时指出华为在先进晶片设计上快速进步，且以 Google 为首的大型科技公司正自研晶片，竞争压力上升。
实体投资与成本结构把热潮落到地面：2025 年资料中心成为公共议题，其建设成为疲弱经济中的亮点，英伟达身为主要供应商受惠，且其 AI 晶片约占资料中心成本的一半。外界质疑英伟达以「数十亿美元」投资客户与其他 AI 公司形成循环，但黄仁勋强调相对于「数千亿美元」规模影响有限；他也提出未来数年可能向 OpenAI 投入高达 1,000 亿美元。黄仁勋认为全球电脑基础设施需全面翻新：走了 60 年才到今天，不可能在 2 年内现代化。
Nvidia CEO Jensen Huang is FT’s Person of the Year for driving the AI boom: on his February birthday he took a call that began “President Trump,” which turned into a 45‑minute chat and signaled his move from a mostly Silicon Valley chip executive into the corridors of power and geopolitics. That access helped lead to an announcement that Nvidia will again be allowed to sell advanced AI chips in China, despite opposition inside the US national‑security establishment.
The market numbers capture the trend: Nvidia briefly became the first company to top a $5tn market cap, and on a Thursday evening was still valued at about $4.4tn; Huang is set to finish 2025 with a net worth above $160bn, placing him among the world’s 10 richest. Even if the share price fell by half, Nvidia would still be worth three times more than at the end of 2021. The piece also flags fast progress by Huawei and rising in‑house chip efforts led by Google.
Capital spending and cost structure ground the boom: 2025 made data centers a public focus, with construction a bright spot in a sluggish economy, and Nvidia benefiting as the key supplier whose AI chips are around half of data‑center costs. Critics warn that Nvidia’s “billions of dollars” in investments across AI firms, including customers, could be circular, but Huang argues they are small relative to a “hundreds of billions” business and insufficient to fund purchases; he has also floated up to $100bn for OpenAI. He frames the cycle as long-term: it took 60 years to reach today’s computing, and it will take longer than two years to modernize the world’s computers.
