Nvidia 用资本锁死 AI 生态链，做 AI 基础设施或投资的团队值得关注——这解释了为什么它越来越难被挑战。
Nvidia 利用其在 AI 芯片领域的领先地位，构建了一个价值 900 亿美元的融资循环系统。该公司已承诺向 145 多家公司投资 470 亿美元，并计划在未来四个月内再投入 430 亿美元，覆盖模型实验室、云服务商、芯片设计商和供应商。这一策略形成了一个闭环：初创公司获得资金、供应商扩大产能、云厂商购买更多 Nvidia GPU，从而让 Nvidia 在 AI 基础设施层更难被替代。
FT: Nvidia just turned its AI chip lead into a $90…
FT: Nvidia just turned its AI chip lead into a $90B financing machine that funds the companies buying, renting, building, and extending its own computing stack.
The company committed $47B to investments and partnerships through Jan-25, then earmarked another $43B in the next 4 months, covering 145+ companies across model labs, cloud providers, chip designers, and suppliers.
That creates a loop where startups get capital, suppliers expand capacity, cloud firms buy more Nvidia GPUs, and Nvidia becomes harder to replace inside the AI infrastructure layer.
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