英伟达与苹果：争夺科技界最有价值王冠之战

Nvidia and Apple both exceeded expectations in their latest quarters, yet the similarity ends there. One is selling the infrastructure behind the AI boom at extraordinary margins. The other remains the world’s most accomplished consumer technology company, converting hardware loyalty into services revenue, recurring purchases and immense cash flow. Their competition for the title of most valuable company is therefore not a straightforward comparison of products. Nvidia’s valuation reflects an industrial expansion unfolding at exceptional speed. Apple’s rests on the durability of an ecosystem built over decades, along with confidence that hundreds of millions of customers will continue buying devices and services. At the moment, the market is rewarding acceleration. …