獨立顯卡產業之併購策略分析 -以Nvidia和AMD為例

Abstract

自OpenAI發布大語言模型ChatGPT後，帶動生成式人工智慧的崛起，相關的產業再次受到市場關注，尤其訓練大語言模型需要大量的算力，此時獨立顯卡的重要性大幅提升，滿足資料中心龐大的算力需求；而獨立顯卡的主要供應商Nvidia也成為AI浪潮下的首波受惠者，近一年的營收、獲利大幅跳增，帶動股價持續創新高。而Nvidia能夠在顯卡市場占據龍頭地位也非一蹴可幾，而是經歷過去多次的併購活動，累積技術實力和拓寬產品領域，建立長期競爭優勢，同時也倚賴管理層的經營能力，洞燭機先、預先布局成長潛力高的事業，才能在風口浪朝下，把握產業趨勢，成為該產業的領導者。 本研究透過相關資料、數據和文獻收集，以產業經濟分析模型(SCP Model)為主要架構，分別研究四大要素，包含供需面、市場結構、廠商行為和經營績效，並利用五力分析、競爭策略分析等分析工具，解析該產業崛起的背景、分析競爭格局如何從百家爭鳴走向寡占市場，以及了解未來產業發展趨勢等面向。接著透過SWOT分析，了解這兩間公司的優勢、劣勢、機會和威脅，結合公司營運方針和過去的併購經驗，探討獨立顯卡廠商Nvidia和AMD之併購策略。最後，本研究總結對於獨立顯卡產業的研究結論，同時考量Nvidia和AMD的競爭優勢與未來潛在發展機會，對這兩間公司提出策略建議，以維持長期競爭優勢和龍頭地位。

ChatGPT has driven the rise of generative artificial intelligence. Training large language models requires substantial computing power, which has significantly increased the importance of discrete graphics cards to meet the vast needs of data centers. Nvidia, the main supplier of discrete graphics cards, has become the first beneficiary of the AI wave. Over the past years, its revenue and profits have surged, driving its stock price to hit new highs. Nvidia's dominant position is not a sudden achievement; it has been established through numerous mergers and acquisitions, accumulating technical skills, and expanding product areas, thus building a long-term competitive advantage, and enabling Nvidia to grasp trends and become a leader. This study collects relevant data and statistics, using the Structure-Conduct-Performance (SCP) model as the primary framework to analyze four elements, including supply and demand, market structure, company behavior, and operational performance. Models such as Porter's five forces and competitive strategy analysis are used to understand the industry, analyze how the competitive landscape has evolved from a hundred competing companies to an oligopoly market, and explore future trends. Additionally, a SWOT analysis is conducted to analyze Nvidia's and AMD's strengths, weaknesses, opportunities, and threats. Combining the companies' operational strategies and acquisition experiences, the study explores their merger and acquisition strategies. In the end, the research also provides strategic recommendations for maintaining competitive advantages and market leadership.