저자: DanIves · 외국인
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엔비디아의 한국 대규모 AI 인프라 딜(삼성·SK·현대 각 5만 GPU, 정부 등 총 26만 GPU)은 게임체인저이며, 엔비디아는 단순 칩 회사를 넘어 AI 인프라 전체의 설계자로 진화 중이다. 중국 시장 재진입(약 200억 달러 규모)도 협상으로 가능성이 높다고 본다. 향후 12~18개월 내 시총 6조 달러 도달 가능성을 제시하며, 2~3년간 테크 강세장을 전망한다. 잠재 리스크는 전력 공급 제약(원전 확대 필요)과 분기별 공급 제약이다. 영상 후반에는 영상 제작 서비스 광고가 붙어 있다.
다듬은 글
Dan Ies calls Nvidia's latest deal a gamecher, but the real story is how Nvidia is becoming way more than just a chip company. Nvidia has announced it will work with Samsung to create a new AI mega factory as part of the deal. The South Korean company is set to deploy more than 50,000 Nvidia GPUs and the two companies will collaborate on high bandwidth memory chips.
Hyundai will also use 50,000 Nvidia chips in a new AI factory. And South Korea's presidential office says more than 260,000 GPUs will be deployed across the public and private sector. CEO Jensen Hong told the Apex CEO summit that AI chips and infrastructure have changed how we think about computing.
AI runs on GPUs whereas handcoded software runs on CPUs. this entire software stack from the necessary the the needs of energy chips, the infrastructure, all of the software associated with the systems, the AI models and the applications on top. Every single layer of computing has been fundamentally changed.
Just think the computer industry has been largely the same for 60 years. And now with AI and accelerated computing, every single layer of the computing stack is being changed. All of the computers we've created in the past, a trillion dollars, maybe more of computers need to now be transitioned, shifted to the new computing platform.
Well, Dan Ives joins us, global head of technology research at Wedbush Securities. Dan, just back from Asia as well, fleshing out this Nvidia news. We're hearing the 50,000 chips that will be bought by Samsung, 50,000 by SK Group, 50,000 by Hyundai Group, by the South Korean government, and also by NAVO that'll buy 60,000 Nvidia chips.
Pulling it together, $260,000. It's not the same as the amount we saw from UAE, the 500,000. But what does this do in terms of justifying that $5 trillion market cap for Nvidia this week? Yeah, look, I mean, this is a watershed deal, especially for South Korea because if you if you look, they've kind of been on the outside looking in.
Of course, they have SK Highix on the memory side, but this is huge because if you look at what Samsung's doing, they're look, this really gets them into that AI revolution party and really the buildout. And and that's very important also for Nvidia. I mean, they're putting a stake in the ground, which is huge because there's one chip in the world fueling the AI revolution, and that's led by godfather of AI, Jensen, Nvidia.
But now, South Korea, they're not on the outside looking in. They they are deep right now in this AI revolution thesis. That's why it's very important for the government. I was just there in South Korea. This is extremely important deal to do it with the the gold standard Nvidia. Dan, we're seeing a lot of these deals and the reality is Nvidia is the partner to the world.
So, a lot of countries, a lot of companies have been very keen to ensure this buildout of AI is not just a few names in Silicon Valley. And while that may be happening now, you've got all these South Korean names from Samsung to SK Group all in the mix. Is this telling us that it is a singleplay Nvidia investment for people to look at now because it is going to be the partner?
It's not as broad-based as it could be across Silicon Valley, but Nvidia is just going to be still a pivotal company for investors here. Yeah, look, Nvidia, I mean, in my opinion, we're we're looking at what's going to be actually a $6 trillion market cap, you know, over the next 12 to 18 months. But I think the important thing is that it's spreading to the second, third, fourth derivatives across the rest of TAC because you know look at all the earnings from all the hyperscalers Amazon, Google, Microsoft, off the chart capbacks that continues to really be a capback super cycle.
We see with meta and others but it all starts with foundationally Nvidia as well as open AI and we see those deals there too. But we're talking about fourth industrial revolution and that's why it's our view this is a tech bull market next two to three years. Dan, where does this all leave China? There was talk that the Blackwell chips could be part of the Trump she discussions this week.
Uh President Trump then saying he's going to leave it to Beijing to speak to Nvidia directly. Um how important is the China market to Nvidia right now? And how important is Nvidia to China right now? Yeah, look, there's 20 billion reasons a year why Jensen wants that market back, right? You don't want to go 95% market share, 0%.
I mean, China and you see innovation that's, you know, I've seen it firsthand expanding significantly, you know, in China in terms of not just on the chip side, but robotics and technology and in this AI arms race, Nvidia wants access to that market. But it comes down to the biggest chip on the poker table for Trump is Nvidia.
And that's why I would be shocked if Nvidia does not get what I'll say reaccess to that market over the next three to six months in terms of these negotiations. Dan, what could derail the Nvidia story here? It seems like um it simply just goes from strength to strength. Now, its market cap is larger than um the entire market cap of five of the seven G7 economies.
I mean, the stock has been absolutely astounding this year. But what could derail the story? Look, ironically, and it's still I don't I think it's still inexpensive, you know, relative to where I think numbers going to go over the next two to three years. Look, when you said what could derail all this, you know, I don't think it's US, China.
I think it just comes down to like probably in two years you hit power supply issues specifically like in the US, you really need to expand from a nuclear perspective. Some names like Aqua are names that we're bullish on, but we're going to have it's more supply constraints quarter to quarter. that would be an issue.
But we've talked about it. This AI party, it started at 9:00 p.m. It's now 10:30, 10:45 p.m. That party goes to 4:00 a.m. South Korea's entrance into the AI infrastructure race shows how quickly the power dynamics are shifting away from Silicon Valley dominance. Global AI infrastructure spending is experiencing massive growth with organizations nearly doubling their hardware investments yearover-year.
Major tech companies are collectively spending hundreds of billions on AI infrastructure with the vast majority going towards building capacity. South Korea's multi-comproving Samsung SK group and Hyundai represents a coordinated national strategy. What makes this South Korea deal fascinating isn't just the size, it's the strategic shift it represents.
For the past few years, AI buildout has been completely dominated by American hyperscalers. Amazon, Microsoft, Google, and Meta have basically been in an arms race with each other to see who can buy the most amount of GPUs and build the biggest data centers. But South Korea just showed that other countries aren't content on sitting on the sidelines.
They're not waiting for permission or partnerships. They're going directly to Nvidia and cutting their own massive deals. This matters because AI infrastructure is becoming a national security issue, not just a business advantage. Think about what this means for global competition. If you're a country that doesn't have your own infrastructure, you're dependent on other nations for the technology that's going to define the next economic era.
South Korea looked at the situation and decided they needed to act imminently. They brought together their biggest tech companies and their government to make sure they're not left behind. Every major economy is watching what South Korea just did. Nobody wants to be the country that missed the AI revolution because they didn't secure enough computing power.
The timing is critical, too. We're still early enough that you can get in on these deals, but the window is closing fast. Once the major players lock in their capacity, everyone else will be fighting over the scraps. South Korea just ensured they'll be at the table when the real AI applications start generating massive economic value.
But this South Korea deal is just one piece of Nvidia's massive expansion strategy. Nvidia isn't just selling chips anymore. They're becoming the central architect of the entire AI infrastructure buildout happening worldwide. Just in September of this year, Nvidia announced plans to invest up to a hundred billion in Open AI to deploy massive AI data center infrastructure representing millions of GPUs.
Also in September, Nvidia made a major investment in Intel while announcing collaborations to develop multiple generations of customer data center and PC products. They've also secured roughly $60 billion worth of partnerships across cloud services, chip deployment, and data center construction, including with Elon Musk's XAI.
Here's what I think most people completely miss about Nvidia's strategy right now. Everyone thinks they just make the best AI chips, and companies buy them. But look at what's actually happening. Nvidia is writing massive chips to their own customers and taking equity stakes in companies across the entire stack.
The OpenAI deal is wild when you think about it. Nvidia is essentially funding OpenAI's infrastructure buildout and in return, OpenAI commits to filling those data centers with Nvidia's hardware. Some critics call it circular, but that's missing the point entirely. Nvidia is locking in demand for years while also becoming an investor in the companies defining AI's future.
They then turned around and did something nobody expected. They invested billions in Intel, which many people thought was a competitor. But Nvidia isn't thinking about competition in the traditional way anymore. They're building an ecosystem where their technology becomes the standard across every possible configuration.
Intel's manufacturing capabilities, plus Nvidia's AI dominance creates a partnership that makes both companies more valuable. Nvidia has been announcing partnerships across telecommunications with companies working on 6G networks, automotive deals with GM for factory optimization and autonomous vehicles, and healthcare collaboration for diagnostic imaging.
These aren't just customer relationships. Nvidia is embedding itself into the infrastructure of every major industry transformation happening right now. The South Korea deal fits perfectly into this pattern. It's not just about selling GPUs to Samsung and Hyundai. It's about making Nvidia the default partner for an entire nation's AI ambitions.
When countries and companies are planning their AI future, they're not asking, "Should we work with Nvidia?" They're asking, "How quickly can we get Nvidia capacity?" Black Rockck and Microsoft are working with Nvidia on infrastructure initiatives. While Elon Musk's XAI signed agreements for deploying hundreds of thousands of chips, every deal reinforces Nvidia's position.
The more infrastructure gets built around their platform, the harder it becomes for anyone else to compete. This isn't just market leadership. This is Nvidia building the rails that the entire AI economy will run on for the next decade. One of our clients started with zero audience. Now they're doing $100,000 months thanks to YouTube.
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