CORY WEINBERG2026年11月11日For years, the artificial intelligence powerhouses Anthropic and Nvidia kept a distance from each other in their tightly connected industry.多年来，人工智能巨头Anthropic和英伟达在这个紧密相连的行业中一直保持距离。They grew into two of the most valuable companies in the world without needing to do much business together, and their influential chief executives publicly sniped at each other over how the U.S. government should regulate A.I. technology.它们跻身世界上最有价值的公司之列，却无需开展太多业务合作；两位颇具影响力的首席执行官还曾就美国政府应如何监管人工智能技术公开互相讥讽。But the two companies’ fortunes are now tied together as one prepares for its Wall Street coming-out party while the other braces for a prolonged corporate drama that has shaken up the A.I. industry and has investors on edge.如今，这两家公司中的一家正为华尔街上市首秀做准备，另一家则在应对一场旷日持久的公司风波——这场风波震动了人工智能行业，也让投资者紧张不安。而它们的命运已经捆绑在一起。Anthropic, a leading maker of A.I. software tools, began wooing investors Tuesday for an initial public offering that could value it at up to $1.4 trillion. And in a reminder that Nvidia has become the financial engine behind the A.I. boom, Anthropic said Nvidia would be among the roster of A.I. companies to invest alongside the deal.Anthropic是人工智能软件工具的领先制造商。周二，它开始向投资者推介首次公开募股(IPO)，估值可能高达1.4万亿美元。Anthropic还表示，英伟达将作为人工智能企业之一参与此次投资。这再次提醒人们，英伟达已成为人工智能热潮背后的金融引擎。The chipmaker plans to invest about $10 billion in Anthropic immediately after its I.P.O., according to the investor prospectus. That would represent roughly 10 percent of the total new cash Anthropic is expected to raise this month, including in the I.P.O.根据投资者招股书，这家芯片制造商计划在Anthropic完成首次公开募股后立即向其投资约100亿美元。这大约相当于Anthropic本月预计筹集的新现金总额（包括IPO部分）的10%。“Nvidia and Anthropic’s future are more intertwined than ever before,” said Kevin S. Xu, chief investment officer of Interconnected Capital, which invests in publicly traded A.I. companies.“英伟达和Anthropic的未来比以往任何时候都更加交织在一起，”投资上市人工智能公司的Interconnected Capital首席投资官凯文·S·徐（音）说。Nvidia’s investment would far exceed the planned new investments by other companies that sell important hardware and cloud services to Anthropic, including Microsoft and the Taiwanese chip manufacturer TSMC. Alphabet, one of Anthropic’s largest existing backers, already planned to invest $10 billion as part of a previous investment obligation. The companies would buy a class of stock that would not give them votes over Anthropic’s corporate matters.英伟达的投资将远远超过其他向Anthropic销售重要硬件和云服务的公司（包括微软和台湾芯片制造商台积电）计划中的新增投资。作为Anthropic现有的最大投资方之一，Alphabet此前计划根据既定的投资承诺注资100亿美元。这些公司将购买一类不会赋予它们对Anthropic公司事务投票权的股票。The investment comes at a difficult moment for Jensen Huang, Nvidia’s chief executive, a prominent A.I. power broker whose company has become one of the most valuable in the world.这笔投资正值英伟达首席执行官黄仁勋面临困境的时刻。作为人工智能领域的重量级人物，他领导的公司已成为全球最有价值的企业之一。直到前不久，黄仁勋的公司与Anthropic之间还仅仅是一种疏远的关系。 Manuel Orbegozo for The New York TimesOn Sunday, he admitted he had an affair with a Chinese businesswoman, who U.S. intelligence agencies determined was a spy. The company’s board of directors said it would launch an investigation.周日，他承认与一名中国女商人有婚外情，而美国情报机构认定该女子是间谍。公司董事会表示将展开调查。(China has rejected the espionage claims. Alice Huang, the Chinese executive accused of spying for Beijing, has not responded to requests for comment.)(中国已否认间谍指控。被指控为北京从事间谍活动的中国高管黄乐[音，其英文名为Alice Huang]未回应置评请求。)Some of the world’s largest fund managers are now hoping Anthropic’s I.P.O. is successful enough to help make up for a weekslong slump in A.I. stocks. Nvidia’s stock has dropped by more than one-fifth over the past week, wiping away more than $500 billion of value.世界上一些最大的基金管理公司现在希望Anthropic的首次公开募股足够成功，以帮助弥补人工智能股票连续数周的低迷态势。英伟达股价过去一周下跌超过五分之一，市值蒸发逾5000亿美元。A strong public debut for Anthropic also would represent a consolation for Nvidia, which is relying on selling advanced A.I. chips to Anthropic and companies that supply Anthropic with computing power, including SpaceX. The I.P.O. would raise up to $100 billion for Anthropic to help pay the bill.Anthropic强劲的公开上市首秀对英伟达而言也将是一种安慰。英伟达依赖向Anthropic以及为Anthropic提供算力的公司（包括SpaceX）销售先进人工智能芯片。此次首次公开募股将为Anthropic筹集最多1000亿美元，以帮助支付相关费用。It became more clear that the two companies needed each other toward the end of last year. Anthropic’s business had started growing more rapidly, surpassing $1 billion in quarterly sales last September, largely because of more sales to software developers for its tools that could automate much of their work.去年年底，两家公司需要彼此这一点变得更加明显。Anthropic的业务开始加速增长，去年9月季度销售额超过10亿美元，这主要得益于向软件开发者销售其工具的业务增长，这些工具能够自动化处理开发者的大部分工作。That sent Anthropic in search of more computing capacity. But the company struggled to get enough chips and data center capacity to meet its needs from its existing partners, according to its prospectus. That led to Nvidia and Microsoft, significant allies of Anthropic’s rival OpenAI. The two tech giants signed their first major deals with Anthropic last November.这促使Anthropic寻求更多算力。但根据其招股书，公司难以从现有合作伙伴那里获得足够的芯片和数据中心容量来满足需求。这促使Anthropic转向英伟达和微软——这两家科技巨头都是Anthropic竞争对手OpenAI的重要盟友。两家公司去年11月与Anthropic签署了首批重大协议。Mr. Huang along with Dario Amodei, Anthropic’s chief executive, and Microsoft’s chief executive, Satya Nadella, stood in separate rooms in a split-screen video announcing the deal.黄仁勋、Anthropic首席执行官达里奥·阿莫迪以及微软首席执行官萨蒂亚·纳德拉在不同地点通过分屏视频共同宣布了这笔交易。Anthropic的达里奥·阿莫迪与特朗普政府中数名官员关系一直比较紧张。“Nvidia has led the way in this field and, in many ways, helped make this entire A.I. boom possible,” Dr. Amodei said, adding that the deal was the beginning of the companies’ relationship. “That’s just where we’re starting.”“英伟达在这一领域一直引领潮流，并在许多方面帮助促成了整个人工智能热潮，”阿莫迪说，他还说，这笔交易是两家公司关系的开始。“这只是我们的起点。”The new partnership was a stark departure for both companies. Anthropic was started in 2021 by seven former OpenAI employees, just as the technology started progressing quickly. They used Nvidia’s chips for their early A.I. research.这项新的合作伙伴关系对两家公司而言都是重大转变。Anthropic于2021年由七名前OpenAI员工创立，当时这项技术刚开始快速进步。他们使用英伟达的芯片进行早期人工智能研究。But Anthropic, led by Dr. Amodei, later raised billions of dollars from the tech giants Alphabet and Amazon, which moved more aggressively to invest than Nvidia, Mr. Huang said on the A.I.-focused Dwarkesh Podcast this year. “That was my miss,” he admitted.但由阿莫迪领导的Anthropic后来从科技巨头Alphabet和亚马逊处筹集了数十亿美元资金。黄仁勋今年在聚焦人工智能的Dwarkesh播客上说，这两家公司在投资方面比英伟达更积极。“那是我的失误，”他承认。The investment that did not happen had other consequences for Nvidia.那笔未发生的投资还给英伟达带来了其他后果。Anthropic’s early employees wrote software programs so its A.I. model, called Claude, would work well across different types of chips, including Nvidia’s. But Anthropic took a stronger interest in chips developed by Alphabet and Amazon, which were trying to build their own chip businesses to compete with Nvidia.Anthropic的早期员工编写软件程序，确保公司名为Claude的人工智能模型能在不同类型的芯片上良好运行，包括英伟达的芯片。但Anthropic对Alphabet和亚马逊开发的芯片表现出更强烈的兴趣，这两家公司正试图建立自己的芯片业务，以同英伟达竞争。Other C.E.O.s talked about begging Mr. Huang for access to his chips. But Anthropic did not have to go hat in hand to Mr. Huang’s company.其他首席执行官都谈到曾经向黄仁勋恳求获得英伟达的芯片。但Anthropic不必低声下气地去求黄仁勋的公司。The strategy helped Anthropic. Its business started bleeding less cash than OpenAI’s, which relied more heavily on chips and financing from Nvidia. In its I.P.O. prospectus this week, Anthropic pointed to its “multi-chip compute approach” as a crucial competitive advantage that helped boost its financial performance.这一策略帮助了Anthropic。它的业务开始比OpenAI烧钱更少，而后者更严重依赖英伟达的芯片和融资。在本周的首次公开募股招股书中，Anthropic将其“多芯片计算方式”列为帮助提升财务表现的关键竞争优势。“What Anthropic has done very shrewdly is they’ve diversified their hardware suppliers,” said Malik Ahmed Khan, a senior equity analyst at Morningstar, an investment research company. “In retrospect, it looks like an incredibly smart decision.”“Anthropic做得非常精明的一点是，他们实现了硬件供应商多元化，”投资研究公司晨星的高级股票分析师马利克·艾哈迈德·汗说。“回过头看，这似乎是一个极其明智的决定。”Nvidia was still amassing huge profits, but Anthropic’s growing success was a rare miss for its market dominance. Mr. Huang vowed to not let another A.I. investment opportunity pass him by, and Nvidia spread its growing cash pile across the industry, from start-ups developing A.I. applications to data centers.英伟达仍在积累巨额利润，但Anthropic日益增长的成功对其市场主导地位构成了罕见的挑战。黄仁勋誓言不再让另一个人工智能投资机会从身边溜走，英伟达将其不断增长的现金储备投到整个行业，从开发人工智能应用的初创公司到数据中心。For a while, where Mr. Huang appeared to have a clear edge over Dr. Amodei was in political influence. Mr. Huang talked frequently with President Trump, while Dr. Amodei was frequently at odds with administration officials, particularly at the Pentagon.有一段时间，黄仁勋似乎在政治影响力方面明显领先于阿莫迪。黄仁勋频繁与特朗普总统交谈，阿莫迪则经常与政府官员意见相左，尤其是五角大楼官员。Dr. Amodei, who has compared the development of A.I. to a high-stakes project akin to the development of the nuclear bomb, has always taken a hard-line stance against chip sales to China. He said at the World Economic Forum in January that allowing Nvidia to sell chips to Chinese firms would be like the United States’ allowing sales of nuclear weapons to North Korea “because that produces some profit for Boeing.”阿莫迪曾将人工智能的发展比作类似核弹开发的高风险项目，他一直对向中国出售芯片持强硬立场。他在今年1月的世界经济论坛上说，允许英伟达向中国公司出售芯片相当于美国为了“给波音公司带来一些利润”而允许向朝鲜出售核武器。Mr. Huang pushed back on the analogy. “Lunacy,” he said on the Dwarkesh podcast this year.黄仁勋反驳了这一类比。“荒唐，”今年他在Dwarkesh播客上说。Sri Muppidi对本文有报道贡献。翻译：晋其角点击查看本文英文版。