{"id":7626,"date":"2024-11-22T11:04:18","date_gmt":"2024-11-22T03:04:18","guid":{"rendered":"https:\/\/tenten.co\/blog\/?p=7626"},"modified":"2024-11-22T11:04:57","modified_gmt":"2024-11-22T03:04:57","slug":"smci-short-short-squeeze","status":"publish","type":"post","link":"https:\/\/tenten.co\/blog\/investment\/smci-short-short-squeeze\/","title":{"rendered":"\u8d85\u5fae\u96fb\u8166\uff08SMCI\uff09\u80a1\u50f9\u5d29\u76e4\u80cc\u5f8c\u7684\u771f\u76f8\uff1a\u662f\u7d55\u4f73\u8cb7\u5165\u6a5f\u6703\u9084\u662f\u672b\u65e5\u4f86\u81e8\uff1f"},"content":{"rendered":"<p>\u4eca\u5e74\u521d\uff0c\u8d85\u5fae\u96fb\u8166\uff08Super Micro Computer, 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octicon-link\"><\/span><\/a>\u8d85\u5fae\u96fb\u8166\u8207\u8f1d\u9054\u7684\u5408\u4f5c\u57fa\u790e<\/h2>\n<p>\u8d85\u5fae\u96fb\u8166\u662f\u8f1d\u9054\u6700\u5927\u7684\u5408\u4f5c\u5925\u4f34\u4e4b\u4e00\uff0c\u591a\u5e74\u4f86\u5df2\u7d93\u70ba\u5168\u7403\u6578\u64da\u4e2d\u5fc3\u548c\u4eba\u5de5\u667a\u6167\uff08AI\uff09\u8d85\u7d1a\u8a08\u7b97\u6a5f\u5206\u767c\u548c\u5b89\u88dd\u4e86\u6578\u5341\u842c\u53f0\u8f1d\u9054\u7684GPU\uff08\u5716\u5f62\u8655\u7406\u5668\uff09\u53ca\u4f3a\u670d\u5668\u7cfb\u7d71\u3002\u5728\u4eca\u5e74\u65e9\u4e9b\u6642\u5019\uff0c\u8d85\u5fae\u9084\u66fe\u6210\u529f\u52a0\u5165\u6a19\u666e500\u6307\u6578\uff0c\u5176\u5e02\u503c\u4e00\u5ea6\u9054\u5230700\u5104\u7f8e\u5143\u3002\u7136\u800c\uff0c\u5982\u4eca\u7684\u5e02\u503c\u537b\u53ea\u5269\u7d04120\u5104\u7f8e\u5143\u3002<\/p>\n<p>\u8d85\u5fae\u7684\u6838\u5fc3\u696d\u52d9\u5728\u65bc\u4f3a\u670d\u5668\u548c\u5132\u5b58\u7cfb\u7d71\uff0c\u9019\u90e8\u5206\u5360\u64da\u517695%\u7684\u71df\u6536\u4f86\u6e90\u3002\u4ed6\u5011\u4e26\u4e0d\u81ea\u5df1\u88fd\u9020\u6676\u7247\uff0c\u800c\u662f\u4f7f\u7528\u8f1d\u9054\u3001AMD\u548c\u82f1\u7279\u723e\u7684\u6676\u7247\uff0c\u5c07\u5176\u6574\u5408\u5230\u81ea\u5bb6\u7684\u4f3a\u670d\u5668\u57fa\u790e\u8a2d\u65bd\u4e2d\uff0c\u63d0\u4f9b\u5f9e\u96fb\u529b\u7ba1\u7406\u5230\u51b7\u537b\u548c\u7db2\u8def\u89e3\u6c7a\u65b9\u6848\u7684\u5b8c\u6574\u670d\u52d9\u3002\u8d85\u5fae\u7684\u6a21\u7d44\u5316\u8a2d\u8a08\u7b56\u7565\u4f7f\u5176\u80fd\u5feb\u901f\u9069\u61c9\u5ba2\u6236\u9700\u6c42\u4e26\u7e2e\u77ed\u4e0a\u5e02\u6642\u9593\u3002<\/p>\n<p>\u4e00\u500b\u5178\u578b\u7684\u4f8b\u5b50\u662f\u57c3\u9686\u00b7\u99ac\u65af\u514b\uff08Elon Musk\uff09\u7684xAI\u5c08\u6848\u3002\u99ac\u65af\u514b\u50c5\u752819\u5929\u5c31\u5b8c\u6210\u4e8610\u842c\u53f0\u8f1d\u9054H100 GPU\u7684\u6db2\u51b7\u8d85\u7d1a\u96c6\u7fa4\u5efa\u8a2d\uff0c\u901f\u5ea6\u6bd4\u9810\u671f\u5feb\u4e8675\u500d\uff0c\u800c\u9019\u6b63\u662f\u5f97\u76ca\u65bc\u8d85\u5fae\u7684\u6a21\u7d44\u5316\u8a2d\u8a08\u80fd\u529b\u3002<\/p>\n<hr \/>\n<h2><a id=\"%E8%82%A1%E5%83%B9%E6%9A%B4%E8%B7%8C%E7%9A%84%E5%8E%9F%E5%9B%A0\" class=\"anchor\" aria-hidden=\"true\"><span class=\"octicon octicon-link\"><\/span><\/a>\u80a1\u50f9\u66b4\u8dcc\u7684\u539f\u56e0<\/h2>\n<p>\u5118\u7ba1\u6280\u8853\u512a\u52e2\u986f\u8457\uff0c\u8d85\u5fae\u537b\u5728\u4eca\u5e74\u9762\u81e8\u4e86\u91cd\u5927\u6311\u6230\uff0c\u5305\u62ec\u8ca1\u52d9\u64cd\u63a7\u548c\u516c\u53f8\u6cbb\u7406\u554f\u984c\u3002\u8b93\u6211\u5011\u7d30\u5206\u539f\u56e0\u5982\u4e0b\uff1a<\/p>\n<h3><a id=\"1%E9%81%8E%E5%8E%BB%E7%9A%84%E6%9C%83%E8%A8%88%E5%95%8F%E9%A1%8C%E8%88%87%E9%87%8D%E7%8A%AF%E9%A2%A8%E9%9A%AA\" class=\"anchor\" aria-hidden=\"true\"><span class=\"octicon octicon-link\"><\/span><\/a>1. <strong>\u904e\u53bb\u7684\u6703\u8a08\u554f\u984c\u8207\u91cd\u72af\u98a8\u96aa<\/strong><\/h3>\n<p>2018\u5e74\uff0c\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u6307\u63a7\u8d85\u5fae\u57282015\u5e74\u81f32017\u5e74\u9593\u63d0\u524d\u78ba\u8a8d\u8d85\u904e2\u5104\u7f8e\u5143\u7684\u6536\u5165\uff0c\u5c0e\u81f4\u5176\u88ab\u66ab\u6642\u5f9e\u7d0d\u65af\u9054\u514b\u6458\u724c\u3002\u96d6\u7136\u8d85\u5fae\u57282020\u5e74\u6210\u529f\u91cd\u65b0\u4e0a\u5e02\uff0c\u4f46\u985e\u4f3c\u7684\u554f\u984c\u4f3c\u4e4e\u518d\u6b21\u6d6e\u73fe\u3002<\/p>\n<h3><a id=\"2%E5%81%9A%E7%A9%BA%E5%A0%B1%E5%91%8A%E8%88%87%E8%B2%A1%E5%8B%99%E8%AA%BF%E6%9F%A5\" class=\"anchor\" aria-hidden=\"true\"><span class=\"octicon octicon-link\"><\/span><\/a>2. <strong>\u505a\u7a7a\u5831\u544a\u8207\u8ca1\u52d9\u8abf\u67e5<\/strong><\/h3>\n<p>2024\u5e748\u6708\uff0c\u77e5\u540d\u505a\u7a7a\u6a5f\u69cbHindenburg Research\u767c\u8868\u5831\u544a\uff0c\u6307\u63a7\u8d85\u5fae\u6d89\u53ca\u672a\u62ab\u9732\u7684\u95dc\u806f\u4ea4\u6613\u3001\u51fa\u53e3\u7ba1\u5236\u9055\u898f\u548c\u66f4\u591a\u6703\u8a08\u554f\u984c\u3002\u4e00\u5929\u5f8c\uff0c\u8d85\u5fae\u5ef6\u9072\u63d0\u4ea4\u51762024\u8ca1\u5e74\u768410-K\u8ca1\u52d9\u5831\u544a\uff0c\u96a8\u5f8c\u50b3\u51fa\u7f8e\u570b\u53f8\u6cd5\u90e8\u958b\u59cb\u5c0d\u5176\u9032\u884c\u8abf\u67e5\u3002\u4e0d\u4e45\u5f8c\uff0c\u8a72\u516c\u53f8\u7684\u5be9\u8a08\u6a5f\u69cb\u5b89\u6c38\uff08Ernst &amp; Young\uff09\u4e5f\u8fad\u8077\uff0c\u4e26\u660e\u78ba\u8868\u793a\u5c0d\u5176\u8ca1\u52d9\u5831\u544a\u7684\u5167\u63a7\u548c\u7ba1\u7406\u6709\u300c\u91cd\u5927\u64d4\u6182\u300d\u3002<\/p>\n<p>\u9019\u4e9b\u6307\u63a7\u7684\u6838\u5fc3\u662f\u8d85\u5faeCEO\u6881\u898b\u5f8c\uff08Charles Liang\uff09\u8207\u5176\u4e09\u4f4d\u5144\u5f1f\u5728\u53f0\u7063\u7d93\u71df\u7684\u591a\u5bb6\u516c\u53f8\u4e4b\u9593\u7684\u5bc6\u5207\u95dc\u4fc2\u3002Hindenburg\u8a8d\u70ba\uff0c\u8d85\u5fae\u8207\u9019\u4e9b\u516c\u53f8\u9032\u884c\u7684\u95dc\u806f\u4ea4\u6613\u672a\u5145\u5206\u62ab\u9732\uff0c\u53ef\u80fd\u5c0e\u81f4\u80a1\u6771\u5229\u76ca\u53d7\u640d\u3002<\/p>\n<h3><a id=\"3%E7%B6%93%E7%87%9F%E9%80%8F%E6%98%8E%E5%BA%A6%E8%88%87%E5%B8%82%E5%A0%B4%E4%BF%A1%E5%BF%83%E7%9A%84%E4%B8%8B%E9%99%8D\" class=\"anchor\" aria-hidden=\"true\"><span class=\"octicon octicon-link\"><\/span><\/a>3. <strong>\u7d93\u71df\u900f\u660e\u5ea6\u8207\u5e02\u5834\u4fe1\u5fc3\u7684\u4e0b\u964d<\/strong><\/h3>\n<p>\u8fd1\u671f\uff0c\u8d85\u5fae\u5728\u975e\u6b63\u5f0f\u7684\u8ca1\u5831\u6703\u8b70\u4e2d\u672a\u63d0\u4f9b\u8ca1\u52d9\u6578\u64da\u5e7b\u71c8\u7247\uff0c\u4e5f\u672a\u89e3\u91cb10-K\u5ef6\u9072\u7684\u539f\u56e0\uff0c\u5c0e\u81f4\u5e02\u5834\u5c0d\u5176\u4fe1\u5fc3\u9032\u4e00\u6b65\u52d5\u6416\u3002\u5373\u4f7f\u8d85\u5fae\u5831\u544a\u7684\u6536\u5165\u589e\u9577\u9054\u5230181%\uff0c\u4f46\u672a\u4f86\u7684\u71df\u6536\u9810\u6e2c\u4ecd\u4f4e\u65bc\u5e02\u5834\u9810\u671f\u3002<\/p>\n<hr \/>\n<h2><a id=\"%E5%B0%8D%E8%BC%9D%E9%81%94%E7%9A%84%E5%BD%B1%E9%9F%BF\" class=\"anchor\" aria-hidden=\"true\"><span class=\"octicon octicon-link\"><\/span><\/a>\u5c0d\u8f1d\u9054\u7684\u5f71\u97ff<\/h2>\n<p>\u4f5c\u70ba\u8d85\u5fae\u7684\u4e3b\u8981\u5408\u4f5c\u5925\u4f34\uff0c\u8f1d\u9054\u53ef\u80fd\u56e0\u8d85\u5fae\u7684\u56f0\u5883\u53d7\u5230\u4e00\u5b9a\u5f71\u97ff\u3002\u8d85\u5fae\u70ba\u8f1d\u9054\u8ca2\u737b\u4e869%\u7684\u92b7\u552e\u984d\uff0c\u4e26\u53c3\u8207\u4e86\u57c3\u9686\u00b7\u99ac\u65af\u514b\u7b49\u5927\u578b\u5c08\u6848\u4e2d\u8f1d\u9054GPU\u7684\u90e8\u7f72\u3002\u7136\u800c\uff0c\u7531\u65bc\u8d85\u5fae\u7684\u8ca1\u52d9\u548c\u6cbb\u7406\u554f\u984c\uff0c\u8f1d\u9054\u4f3c\u4e4e\u6b63\u5c07\u8a02\u55ae\u5206\u6d41\u81f3\u5176\u4ed6\u5408\u4f5c\u5925\u4f34\uff0c\u4ee5\u78ba\u4fdd\u4f9b\u61c9\u93c8\u7684\u7a69\u5b9a\u6027\u3002<\/p>\n<p>\u5118\u7ba1\u5982\u6b64\uff0c\u8f1d\u9054\u4ecd\u662f\u5168\u7403\u6700\u5177\u5f71\u97ff\u529b\u7684AI\u4f01\u696d\u4e4b\u4e00\uff0c\u64c1\u6709\u9818\u5148\u7684\u6280\u8853\u8207\u7ba1\u7406\u5718\u968a\uff0c\u5373\u4f7f\u77ed\u671f\u5167\u53ef\u80fd\u56e0\u8d85\u5fae\u4e8b\u4ef6\u627f\u58d3\uff0c\u5176\u9577\u671f\u8868\u73fe\u4ecd\u88ab\u666e\u904d\u770b\u597d\u3002<\/p>\n<hr \/>\n<h2><a id=\"%E6%8A%95%E8%B3%87%E8%80%85%E8%A9%B2%E5%A6%82%E4%BD%95%E6%87%89%E5%B0%8D%EF%BC%9F\" class=\"anchor\" aria-hidden=\"true\"><span class=\"octicon octicon-link\"><\/span><\/a>\u6295\u8cc7\u8005\u8a72\u5982\u4f55\u61c9\u5c0d\uff1f<\/h2>\n<p>\u76ee\u524d\uff0c\u8d85\u5fae\u96fb\u8166\u7684\u80a1\u50f9\u5f9e\u4f30\u503c\u6a21\u578b\u4e0a\u770b\u4f3c\u4e4e\u975e\u5e38\u4fbf\u5b9c\u3002\u4f8b\u5982\uff0cSimply Wall 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