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Nvidia is known for its bet on cutting edge graphics chips — the kind designed to power a gamer-led metaverse. But a front row to the virtual universe cannot shield it from some very real world problems.
輝達以其對尖端圖形晶片的押注而聞名——這種晶片被設計用於驅動玩家主導的元宇宙。但是，身處虛擬世界的第一排並不能讓它避開一些非常現實的問題。
The US company — whose $334bn market value makes it the world’s second most valuable semiconductor maker after Taiwan’s TSMC — has found itself caught out by the increasingly fractious relationship between the US and China.
這家市值3340億美元的美國公司發現，自己陷入了日益緊張的美中關係困境。該公司是僅次於臺灣台積電(TSMC)的全球市值第二大半導體制造商。
The White House wants to make it harder for Beijing to obtain advanced semiconductor technology. This week it ordered Nvidia to stop selling two of its top computing chips to companies in China. Nvidia warned that the new licensing requirements could cost it as much as $400mn in lost sales for the current quarter.
白宮希望讓北京更難獲得先進的半導體技術。本週，白宮下令輝達停止向中國企業出售兩款頂級計算晶片。輝達警告稱，新的許可證要求可能使其當前季度的銷售額損失高達4億美元。
A 12 per cent drop in Nvidia’s share price suggests investors believe the losses will increase if Washington moves to widen the scope of its export ban. China is one of Nvidia’s biggest markets. The country accounted for $7.1bn in revenue, or 26 per cent of the group total, last year.
輝達股價下跌12%，表明投資者認爲，如果美國政府採取措施擴大出口禁令的範圍，損失將會增加。中國是輝達最大的市場之一。去年，中國爲該集團貢獻了71億美元的收入，佔集團總收入的26%。
Nvidia cannot easily source alternative markets for its chips. The pandemic triggered a surge in demand for PCs, video game consoles and other electronic devices that Nvidia’s chips power. But consumers are now cutting back on discretionary spending. Sales of tech devices and chip demand have both retrenched.
輝達無法輕易爲其晶片找到替代市場。疫情引發了對個人電腦、影片遊戲機和其他使用輝達晶片的電子設備的需求激增。但消費者現在正在削減可支配的支出。科技設備銷售和晶片需求雙雙萎縮。
At Nvidia’s all-important gaming business, which makes graphics processors used in PC gaming, sales fell by a third during the second quarter. Demand is not expected to rebound anytime soon.
輝達最重要的遊戲業務是生產用於PC遊戲的圖形處理器，該業務第二季度銷售額下降了三分之一。預計需求不會很快反彈。
It is not alone. Global semiconductor revenue is expected to grow just 7.4 per cent in 2022 and will contract 2.5 per cent in 2023, according to research group Gartner.
這種情況並非孤例。據研究機構高德納稱，預計2022年全球半導體收入將僅成長7.4%，2023年將收縮2.5%。
But a temporary lull in the chip cycle may not be Nvidia’s biggest worry. The White House’s determination to create a homegrown chip sector has encouraged Beijing to funnel more resources into building up its own domestic chipmakers and suppliers. The desire for self-sufficiency on both sides could change the global chip market for good.
但晶片週期的暫時停滯可能不是輝達最大的擔憂。白宮打造本土晶片行業的決心，已經激勵北京方面投入更多資源，打造自己的本土晶片製造商和供應商。雙方對自給自足的渴望可能會徹底改變全球晶片市場。