孟建国, TRIPP MICKLE2026年6月17日本月，在台北举行的Computex科技展会上，英伟达首席执行官黄仁勋在一张新台币纸币上签名。 I-Hwa Cheng/Agence France-Presse — Getty ImagesAt Taiwan’s biggest computing show this month, Jensen Huang, the chief executive of Nvidia, was mobbed as if he were a rock star, trailed by a crowd from booth to booth as he signed autographs and posed for selfies.在本月台湾最大的电脑展上，英伟达首席执行官黄仁勋仿佛摇滚明星一般被粉丝团团围住，从一个展台走到另一个展台，身后跟着一大群人签名、合影。At the stand of SK Hynix, one of his most important South Korean suppliers, Mr. Huang picked up a marker and left a message. Atop a reflective wafer of memory — a component of Nvidia’s A.I. supercomputers now in short supply — he wrote: “Please make more :).”在其最重要的韩国供应商SK海力士展台，黄仁勋拿起马克笔留言。在一片反光的内存晶圆上——这种用于英伟达人工智能超级计算机的元件目前供应不足——他写道：“请多生产一些 :)。”It was only half a joke. As tech giants pour hundreds of billions of dollars into data centers across the world, demand for the chips, wiring and power systems that run artificial intelligence is racing ahead of supply.这个玩笑还有另外一半没写上。随着科技巨头向全球数据中心投入数千亿美元，运行人工智能所需的芯片、布线和电力系统需求正远远超过供给。Nvidia became the world’s most valuable publicly traded company because of this spending boom. Now the bonanza is lifting a constellation of less famous semiconductor companies — among them many Asian firms few Americans have heard of — that make the essential, unglamorous parts of the data centers being built across the globe.英伟达正是凭借这一支出热潮成为全球市值最高上市公司。如今，这场盛宴也带动了一批知名度较低的半导体公司——其中许多是美国人闻所未闻的亚洲企业——它们生产着全球各地新建数据中心中必不可少但不那么光鲜的部件。“This was a boring industry that no one cared about, but now it’s become the most critical infrastructure for the world,” said Timothy Arcuri, a semiconductor analyst at UBS. “They’re basically putting down the tracks, and there will be all this commerce on those tracks for years.”“这个行业以前很无聊，没人关心，现在却成了世界上最重要的基础设施，”瑞银半导体分析师蒂莫西·阿库里表示。“它们基本上是在铺设铁轨，未来多年这条轨道上将承载大量活动。”The gold rush is redrawing the map of technological power. Chips are the brains of A.I. systems that process huge amounts of information. They also need memory technology that holds the information the systems are thinking about. In recent years, A.I. models have grown so vast that holding the information has become as valuable as processing it.这场淘金热正在重绘技术力量版图。芯片是人工智能系统处理海量信息的大脑，它们还需要存储系统“思考”时所需信息的内存技术。近年来，人工智能模型规模变得极为庞大，以至于存储信息变得与处理信息同样重要。The most advanced memory comes, overwhelmingly, from South Korea and Taiwan, and soaring prices caused by supply limitations are piling new wealth into the two Asian democracies.最先进的内存技术绝大多数来自韩国和台湾，供应限制导致的价格飙升正为这两个亚洲民主体注入新的财富。A decade ago, memory was a cheap commodity, priced in brutal cycles at the whim of larger tech firms. This year, prices have more than doubled. At the high end, just three companies make it: South Korea’s SK Hynix and Samsung and the American company Micron, whose most advanced factories are in Taiwan.十年前，内存还是廉价商品，受大型科技公司摆布，价格剧烈波动。今年，内存价格已经翻了一倍以上。在高端领域，只有三家公司生产：韩国的SK海力士、三星，以及美国美光公司，其最先进工厂位于台湾。None of them are Chinese. Despite years of spending, Beijing has been locked out of much of the supply chain for advanced A.I. servers. For Washington, it is an accidental triumph: Subsidies meant to pull manufacturing from China achieved less than the boom has, almost overnight.它们中没有一家是中国企业。尽管投入多年，北京仍被挡在先进人工智能服务器供应链的大门外。对华盛顿而言，这是一场意外的胜利：旨在将制造业从中国拉走的补贴，远不如这场热潮在一夜之间实现的成效大。The success comes with a catch. Much of the technology is designed in the United States, but the supply chain still runs through Taiwan and South Korea, neighbors of China and North Korea where U.S. officials have long feared tensions could erupt.这一成功也伴随着风险。这些技术大多在美国设计，但供应链仍要经过台湾和韩国——这两个地方毗邻中国和朝鲜，美国官员长期以来一直担心紧张局势可能爆发。South Korea’s stock market has roughly doubled in 2026, the best performance of any major market. Taiwan’s has set records of its own. Samsung and SK Hynix made South Korea the first country other than the United States with more than one company to top $1 trillion in market value at once. Micron joined the trillion-dollar club as well.2026年韩国股市涨幅约翻倍，是各大主要市场中表现最好的。台湾股市也屡创纪录。三星和SK海力士让韩国成为美国以外第一个同时拥有两家市值超1万亿美元公司的国家。美光也加入了万亿美元俱乐部。The evidence of the boom was everywhere at Computex, the Taipei trade show, which is an industry fixture devoted to deeply technical wares: data-center plumbing, voltage converters and memory products with names like HBM4E and SOCAMM2.在台北举行的Computex展会上，到处都能看到这场繁荣的证据。这是一个专注于深度技术产品的行业盛会：数据中心排线、电压转换器，以及名为HBM4E和SOCAMM2的内存产品。This year, there was even a little dazzle in the air. Strikingly international crowds gathered around exposed cooling pipes and lingered over bare silicon wafers in glass cases. At Nvidia’s stand, a lone server rack revolved on a plinth. Onlookers stopped to take selfies with the box.今年，现场甚至带有一丝炫目感。来自世界各地的观众聚集在裸露的冷却管道旁，在玻璃柜中裸露的硅晶圆前驻足。在英伟达展台，一个单独的服务器机柜在底座上旋转，围观者停下来与它自拍合影。At the SK Hynix booth, where Mr. Huang signed the wafer, an engineer named Vincent Wang said he had never seen the rally coming. A veteran of leaner years — when a crash in the memory market gutted Taiwan’s chip industry and nearly forced a government rescue — he did not even own shares in his own company.在黄仁勋签名的SK海力士展台，一位名叫文森特·王（音）的工程师说，他从未预料到这场热潮。他经历过没那么风光的岁月——当时内存市场崩盘重创台湾芯片业，几乎迫使政府出手救助——他甚至没有持有自己公司的股票。黄仁勋在Computex上签名的内存晶圆。To Mr. Huang’s plea to make more, Mr. Wang had a counteroffer: “Please pay more.”对于黄仁勋“请多生产”的请求，王先生的回应是：“请多付钱。”In South Korea, where chip workers at Samsung and SK Hynix are collecting profit-linked bonuses, reports of lavish employee spending have filled the local news. Chip workers have set off a buying spree in exotic cars. Speculators are chasing apartments along the commuter-shuttle routes that serve the two chip makers. One matchmaking service raised its “spouse index” for Samsung employees, ranking them at the lofty heights of lawyers and doctors.在韩国，三星和SK海力士的芯片员工正在领取与利润挂钩的奖金，当地新闻充斥着员工大手笔消费的报道。芯片从业者掀起了一股豪车购买热潮。投机者追逐着通勤班车沿线的公寓。一家婚介服务机构提高了三星员工的“配偶指数”，将其排在律师和医生之列。At Micron, which spent years buying up pieces of Taiwan’s memory industry, the good times are also rolling. In its home city, Boise, Idaho, it is building a 43,200-square-foot hangar for its corporate jets, with office space, a kitchen and a bay marked “executive parking.” It is part of a multibillion-dollar expansion in the state, among the largest private investments in Idaho’s history.多年来一直在收购台湾内存产业资产的美光公司如今也过得不错。在其总部爱达荷州博伊西市，公司正在为其公务机队建造一座4.32万平方英尺（约合4015平方米）的机库，内设办公室、厨房和标有“高管泊位”的区域。这是该州历史上最大的私人投资之一，属于其数十亿美元扩张计划的一部分。Samsung did not respond to emailed questions. Micron declined to comment. SK Hynix said it was accelerating construction of its chip-making factories and increasing production to meet demand.三星未回复邮件提问。美光拒绝置评。SK海力士表示正在加快芯片工厂建设并增加产量以满足需求。SK海力士母公司SK集团董事长崔泰源在Computex展会上露面。Mr. Huang has become the industry’s kingmaker. Last year, Nvidia invested $5 billion in Intel, the struggling Silicon Valley chip maker, and committed to developing chips with it. Intel’s shares have risen nearly fourfold since.黄仁勋已成为行业造王者。去年，英伟达向陷入困境的硅谷芯片制造商英特尔投资50亿美元，并承诺与其共同开发芯片。此后英特尔股价已上涨近四倍。“Everyone has a smile on their face right now,” said Frank Seifert, an executive at Adata, a Taiwanese memory company. He had followed Mr. Huang’s keynote address at Computex like thousands of industry fans. When Mr. Huang praised a partner, the chip design firm Marvell, and said it would be the next trillion-dollar company, Mr. Seifert bought the stock. It rose more than 25 percent that day.“现在每个人脸上都挂着笑容，”台湾内存公司威刚科技高管弗兰克·赛弗特说。他和成千上万行业粉丝一起听了黄仁勋在Computex的主题演讲。当黄仁勋称赞合作伙伴芯片设计公司Marvell，并表示它将成为下一家万亿美元公司时，赛弗特买入了该公司的股票。当天股价上涨超过25%。The opportunities are lifting a new generation of start-ups in both Asia and the United States. A decade ago, venture capitalists didn’t want to touch chip companies, said Aaron Jacobson, a partner at NEA, a venture capital firm. They required huge investments to prove their technology worked, and their customers were tech giants that demanded low prices. Now the market is bigger and the customers are everywhere.这些机会正在亚洲和美国催生新一代初创企业。风险投资公司NEA合伙人亚伦·雅各布森表示，十年前风险投资人不愿碰芯片公司，因为它们需要巨额投资来证明技术可行，而且它们的客户是会压价的科技巨头。现在市场更大，客户遍地都是。“If you look at what’s happening in the A.I. data center, there are so many roadblocks and things that need to be reinvented,” Mr. Jacobson said.“看看人工智能数据中心正在发生的事情，有太多瓶颈和需要重新发明的东西，”雅各布森说。The moment is an inversion of the last great hardware boom. Twenty years ago, the smartphone turned China into the world’s factory floor. The United States, betting that commerce would bind the two countries and keep the peace, was content to let it happen. That seeded the manufacturing base that helped make China a rival.这一刻与上一次硬件大繁荣形成了反转。二十年前，智能手机让中国成为世界工厂。美国当时认为商业会把两国绑在一起并维持和平，因此对此乐见其成。由此建立起的制造业基础帮助中国成为一个对手。This time, China is conspicuously absent. U.S. tariffs and technology restrictions have frozen Beijing out of a big part of the A.I. frenzy.这一次，中国明显缺席。美国关税和技术限制已将北京隔绝在人工智能热潮的大部分领域之外。The South Korean and Taiwanese companies that once helped build that industry in China — through joint ventures, chip factories on the mainland and engineers lured away — are now harvesting a boom all their own. And the windfall extends beyond chips, into the racks, power systems and cooling that surround them.那些曾经通过合资企业、在大陆建厂和挖角工程师帮助中国建立芯片业的韩国和台湾公司，如今正在收获属于自己的繁荣。这场意外之财还延伸到机架、电力系统和冷却设备等领域。举办Computex的展览中心。Foxconn and Quanta, which became huge by assembling smartphones and laptops, now build A.I. servers in Mexico, Southeast Asia and Taiwan. Once-boring firms like Delta Electronics, which made its fortune on power supplies and cooling fans, are growing fast on the power converters and liquid cooling that A.I. data centers demand.曾通过组装智能手机和笔记本电脑成长为巨头的鸿海和广达，如今在墨西哥、东南亚和台湾生产人工智能服务器。过去不起眼的公司如台达电子（靠电源和散热风扇起家），如今正凭借人工智能数据中心所需的电源转换器和液冷技术快速增长。In Taiwan, where past boom-and-bust cycles bankrupted companies and rattled the economy, many remain wary. They were reminded of the risks last week when chip stocks tumbled on worries that the A.I. rally may fall short of Wall Street’s sky-high expectations.在台湾，过去多次繁荣-萧条周期曾导致公司破产、经济动荡，许多人仍保持警惕。上周芯片股因担心人工智能热潮可能达不到华尔街过高预期而下跌，再次提醒了他们风险所在。But it has not stopped engineers from piling in. Smartphones beaming stock charts have become an ever more common sight around Taipei — in gyms, doctors offices and cabs.但这并未阻止工程师们涌入。在台北的健身房、诊所和出租车上，用手机刷着股市行情的景象越来越常见。The wafer that Mr. Huang signed will probably end up framed on a wall at SK Hynix’s headquarters in South Korea, Mr. Wang said.王先生说，黄仁勋签名的那片晶圆很可能最终会被装裱，陈列在SK海力士位于韩国的总部墙上。Whether it reads, in time, as a souvenir of a historic boom or a relic of a bubble, it already marks something larger: the arrival of a nearly China-free supply chain for the world’s most advanced A.I., built on two of the most contentious locations on the map.无论最终会被视为一场历史性繁荣的纪念品，还是泡沫的遗物，它都标志着一个更大的背景：在全球最先进人工智能的供应链中，一个几乎没有中国的版本已经到来，而它建立在地图上两个最具争议的地点之上。Joe Rennison自纽约对本文有报道贡献。孟建国(Paul Mozur)是时报全球科技记者，常驻台北。此前，他自香港、上海和首尔报道亚洲科技与政治的交叉议题。Tripp Mickle报道英伟达、谷歌和苹果等全球最大的科技公司。他也报道整个科技行业的趋势，包括裁员、生成式AI和机器人出租车等。翻译：纽约时报中文网点击查看本文英文版。