在OpenAI的巨额交易中，英伟达探讨新商业模式：芯片租赁

09-2409-2409-2409-2409-2409-2409-2409-24In OpenAI Megadeal, Nvidia Discusses a NewBusiness Model: Chip Leasing By作者：Anissa Gardizyand和Sri MuppidiAnissa GardizySri Muppidi OpenAI and Nvidiaare discussing an unusual way to structure their new artificial intelligencedata center partnership, under whichOpenAIwould leaseNvidia’sAI chips rather thanbuying them, according to two people who spoke to executives at the companies about it. OpenAI与英伟达正在探讨⼀种⾮传统的⼈⼯智能数据中⼼合作模式，即OpenAI将租赁⽽⾮购买英伟达的AI芯⽚。这⼀消息源⾃两位与两家公司⾼管交流过的⼈⼠。 09-2409-2409-2409-2409-2409-2409-2409-24The discussion shows how Nvidia is considering new business models to sell its products tocustomers that are less proven and would struggle to buy the chips on their own, compared tolarge cloud providers like Google and Microsoft that make up a majority of the chipfirm’srevenue today. tsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvda此次讨论显⽰，英伟达正在探索新的商业模式，将产品出售给资⾦实⼒较弱且独⽴采购芯⽚存在困难的新兴客户群体。相较于⾕歌、微软等构成该公司当前收⼊主体的云计算巨头，这类客户的商业可⾏性尚未得到充分验证。 订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信T h eT a k e a w a y核⼼要点 Nvidia discusses new chip leasing model for OpenAI data centers. 英伟达正就为OpenAI数据中⼼提供新型芯⽚租赁模式展开讨论。 09-2409-2409-2409-2409-2409-2409-2409-24OpenAI believes leasing the chips could be 10-15% cheaper than buyingthem. OpenAI认为租赁芯⽚⽐直接购买可节省10%-15%的成本。 tsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvdatsla888nvdaNvidia equipment would account for $350 billion to $450 billion of thetotal cost of the proposed project. 在该项⽬中，英伟达设备的总成本预计将达到3500亿⾄4500亿美元。 订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信Powered byDeep Research由深度研究提供⽀持 Nvidia said Monday it would provide up to $100 billion in funding to OpenAI, allowing theChatGPT maker to build its own data centers and use Nvidia’s chips to power them. 英伟达周⼀表⽰将向OpenAI提供⾼达1000亿美元的融资，使这家ChatGPT制造商能够⾃建数据中⼼并使⽤英伟达芯⽚提供算⼒⽀持。 tsla888nvda09-24tsla888nvda09-24tsla888nvda09-24tsla888nvda09-24tsla888nvda09-24tsla888nvda09-24tsla888nvda09-24tsla888nvda09-24Leasing server chips from Nvidia could ease thefinancial burden on OpenAI, which is alreadyburning billions of dollars in cash a year due to high computing costs. OpenAI has estimated aleasing arrangement could lower the cost of the server chips 10% to 15% compared to buyingthem, according to one of the people, though it isn’t clear how that was calculated. And byrenting the hardware, OpenAI wouldn’t need to raise tens of billions of dollars to purchase itoutright. It also frees OpenAI from the risk the chips become outdated sooner than expected. 从英伟达租赁服务器芯⽚可减轻OpenAI的财务压⼒。由于⾼昂的计算成本，OpenAI⽬前每年已消耗数⼗亿美元现⾦。据知情⼈⼠透露，OpenAI估算租赁⽅案可使服务器芯⽚成本较直接采购降低10%⾄15%，但具体计算⽅式尚不明确。采⽤硬件租赁模式后，OpenAI⽆需再筹集数百亿美元资⾦进⾏全额采购，同时规避了芯⽚过早淘汰的技术风险。 订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信OpenAI already rents Nvidia chip servers from Microsoft and Oracle. It isn’t clear how the costof a leasing arrangement with Nvidia would compare to what OpenAI is already spending onserver rentals. OpenAI⽬前已向微软和甲⾻⽂租赁搭载英伟达芯⽚的服务器。与现有服务器租赁⽀出相⽐，英伟达租赁⽅案的成本优势尚待评估。 09-2409-2409-2409-2409-2409-2409-2409-24The leasing deal could be structured to minimize risks for Nvidia. Nvidia could set up an entitythat borrows money to buy the servers, using the chips as collateral. OpenAI’s lease paymentscould go towards paying back the loan. 该租赁交易可通过结构化设计降低英伟达的风险敞⼜。英伟达可设⽴特殊⽬的实体进⾏融资采购，以芯⽚作为抵押品，OpenAI⽀付的租⾦则⽤于偿还贷款本息。 OpenAI’s & Nvidia Close Ties, Distyl AI’s $1.8B Valuation, TOpenAI’s & Nvidia Close Ties, Distyl AI’s $1.8B Valuation, T…… That type of deal is “the only viable path” to building enough data centers for AI, said AaronGinn, the CEO of Hydra, whose software helps data centerfirms generate revenue from Nvidiachips. He isn’t involved in the deal. 订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信Hydra公司⾸席执⾏官Aaron Ginn表⽰，这类交易是"构建⾜够⼈⼯智能数据中⼼的唯⼀可⾏路径"。Hydra的软件帮助数据中⼼企业从英伟达芯⽚中获取收益。Ginn并未参与此次交易。 Under the terms being discussed but which could still change, OpenAI would agree to lease theNvidia chips for roughlyfive years, according to one of the people who spoke to executivesinvolved in it. That’s similar to the length of the contracts OpenAI has signed with cloudproviders such as Oracle to rent large pools of Nvidia chip servers 09-2409-2409-2409-2409-2409-2409-2409-24据⼀位与交易相关⾼管交谈的⼈⼠透露，根据正在讨论但可能仍会变更的条款，OpenAI将同意租赁英伟达芯⽚约五年时间。这与OpenAI与甲⾻⽂等云服务提供商签署的租⽤⼤型英伟达芯⽚服务器合同的期限相似。 tsla888nvdatsla888nvdatsla888nvdatsla888nvdaTry askingDeep Research to… 升级以请求深度研究... Examinehow the convergence of cloudcomputing and edge AI is creating newbusiness models and opportunities. Evaluatewhich emerging tech startupsare best positioned to achieve unicornstatus in the next 18 months, and why. 09-2409-2409-2409-2409-2409-2409-2409-24评估哪些新兴科技初创企业最有可能在未来18个⽉内实现独⻆兽地位，并分析其原因。 审视云计算与边缘AI的融合如何催⽣新的商业模式与机遇 订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添加微信Analyzethe latest investment trends inthe fintech sector and what they revealabout the future of finance. 订阅研报添加微信订阅研报添加微信订阅研报添加微信订阅研报添