Abdullah Al-SwahaMinister of Communications and Information Technology of the Kingdom of Saudi Arabia. Your Excellency, thank you so much. Good to see you. Also with us this morning are two incredible visionaries. Please join me in welcoming to the stage Elon Musk, the CEO of Tesla, founder of SpaceX, founder of xAI, and Jensen Huang, founder and CEO of Nvidia.沙特阿拉伯王国通信和信息技术部部长，阁下，非常感谢您。很高兴见到您。今天早上与我们同台的还有两位令人叹为观止的远见者。请与我一同欢迎登台的 Elon Musk——Tesla CEO、SpaceX 创始人、xAI 创始人，以及 Jensen Huang——Nvidia 创始人兼 CEO。
Abdullah Al-SwahaPlease, please have a seat. Now, I'm sure we can do a bigger round of applause for one of the greatest two leaders of our history. Let's go ahead. So, we're talking about, I lost count, you know, 7 to 8 trillion dollars worth of market cap combined. I lost count. But right now we're here to celebrate a historic moment. A moment that yesterday during the dinner, and thank you for joining us under the patronage of the honorable president and his royal highness the crown prince, where we had the pleasure to hear it firsthand. This is the greatest alliance between the Kingdom of Saudi Arabia and the United States, where we have joined hands and you have helped us build our energy based economy, fueling and energizing the industrial age, and now fast forward going to the intelligence age where we can fuel AI factories, robotics, EVs and all of the rest.请坐，请坐。我相信我们可以给我们历史上最伟大的两位领导者更热烈的掌声。好，开始吧。我们谈到的，你知道我都数不清了，两人合计市值大概 7 到 8 万亿美元。我数不清了。但此刻我们在这里，庆祝一个历史性的时刻。昨晚晚宴上的那个时刻——感谢您在尊敬的总统阁下和王储殿下的垂临之下与我们共进晚宴——我们有幸亲耳聆听到这个消息。这是沙特阿拉伯王国与美利坚合众国之间最伟大的联盟：我们携手并进，你们帮助我们建立起以能源为基础的经济，为工业时代提供燃料与动力；而现在，我们快速迈入智能时代，为 AI 工厂、机器人、电动汽车以及其他一切提供能源。
Abdullah Al-SwahaSpeaking of that, let's start with you, Elon, if you don't mind, Jensen, and feel free to chime in. You have a big fascination of something all of us have admired, first order thinking, which Jensen sometimes calls first order scaling, which is an opportunity for how you have dropped the cost of batteries from a thousand for kilowatt hour to subhundred bucks. And right now you're doing the same thing with robotics, for actuators with servo rotors and motors. So I want to hear from you. How do you manage to always disrupt every single industry with that thinking?说到这里，Jensen，如果你不介意的话，先从 Elon 开始，你随时可以插话。你对一件事有着极大的热情，那是我们所有人都钦佩的——第一性原理思考，Jensen 有时把它叫做第一性原理扩展——这种思维方式让你把电池成本从每千瓦时 1000 美元压到了百元以下。而现在你正在对机器人、执行器、伺服电机做同样的事。我想听你说说：你是怎么做到用这种思维方式不断颠覆每一个行业的？
Elon MuskWell, it's mostly not disruption, it's creation. So with, say, SpaceX with the reusable rockets, there really weren't any reusable rockets. But the essence of revolutionizing space travel is reusability. If you throw the rocket away every time, the cost of access to space is extremely high. With respect to electric cars, there weren't any electric cars when we started making them really. You couldn't buy any to the best of my knowledge. So with Tesla, we wanted to make electric cars compelling and affordable. That was the goal. You know, with respect to humanoid robotics, there are no useful humanoid robots at this point. There are sort of gimmicks, but there are no actually useful humanoid robots. And I think Tesla's going to make the first actually useful humanoid robots. And this will be quite a revolution and something that everyone will want. Because I always think of like, who wouldn't want their own personal C-3PO, R2-D2?嗯，大多数情况下不是颠覆，而是创造。就比如 SpaceX 的可重复使用火箭——以前真的没有可重复使用的火箭。但是，彻底改变太空旅行的本质就是可重用性。如果每次都把火箭扔掉，进入太空的成本就极其高昂。关于电动汽车，我们开始造车的时候，真的基本上没有电动汽车。就我所知，你根本买不到。所以 Tesla 的目标是让电动汽车既有吸引力又实惠，这就是我们的目标。再说人形机器人，目前根本没有真正实用的人形机器人。有一些噱头型的东西，但没有真正实用的人形机器人。我认为 Tesla 将会造出第一批真正实用的人形机器人。这将是一场相当大的革命，是每个人都会想要的东西。因为我总是想，谁不想拥有自己的 C-3PO、R2-D2 呢？
Jensen HuangOh yeah, of course. Everyone would want one, right?哦对，当然了。每个人都会想要一个，对吧？
Elon MuskAnd then there would be many in industry providing products and services. This is why I say that humanoid robots will be the biggest industry or the biggest product ever. Bigger than cell phones or anything else, because everyone's going to want one, or maybe more than one. And there will be many in industry.然后在工业领域会有很多公司提供产品和服务。这就是为什么我说人形机器人将会是有史以来最大的行业，或者说最大的产品。比手机或任何东西都要大，因为每个人都会想要一个，也许不止一个。而且工业界会有很多家做这个。
Jensen HuangI just want R2-D2 in C-3PO's body.我只想要一个装在 C-3PO 身体里的 R2-D2。
Elon MuskThere you go.就是这样。
Jensen HuangWell, I mean, a humanoid robot would be better than R2-D2 and C-3PO combined.嗯，我是说，一个人形机器人会比 R2-D2 和 C-3PO 加在一起还要强。
Jensen HuangTimes 10.强 10 倍。
Elon MuskSo, you know, people often talk about sort of eliminating poverty and that kind of thing, but really, how long have they been talking about that? There's lots of talk, you know, there's lots of NGOs sort of trying to do these things but really not succeeding, and the evidence speaks for itself. But AI and humanoid robots will actually eliminate poverty. And Tesla won't be the only one that makes them. I think Tesla will pioneer this, but there will be many other companies that make humanoid robots. But there is only basically one way to make everyone wealthy, and that is AI and robotics.你知道，人们经常谈论消除贫困之类的事，但他们谈了多久了？说了很多，各种 NGO 试图做这些事但实际上并没有成功，事实本身就说明了一切。但 AI 和人形机器人真的会消除贫困。造人形机器人的不会只有 Tesla 一家。我认为 Tesla 会开创先河，但会有很多其他公司来造人形机器人。而让所有人都富裕起来，基本上只有一条路，那就是 AI 和机器人。
Abdullah Al-SwahaAnd we can't talk about robotics without AI factories. And yesterday was such a historic day for the two nations but also for all of us where we celebrate the AI strategic partnership with the US signed, witnessed by the honorable president and his royal highness, about how we are committing our capital, energy, land to energize the AI US ecosystem, to be able to build inference nodes, training nodes, and to be the most AI enabled nation with that announcement. Tell me what's next in AI factories, Jensen.谈到机器人就离不开 AI 工厂。昨天对两国来说是历史性的一天，对我们所有人也是——我们庆祝了与美国签署的 AI 战略合作伙伴关系，由尊敬的总统和王储殿下见证。我们承诺投入资本、能源和土地，为美国 AI 生态系统提供能量，建设推理节点、训练节点，通过这项公告成为 AI 赋能程度最深的国家。Jensen，请告诉我，AI 工厂的下一步是什么？
Jensen HuangThere's a beautiful story about how Saudi Arabia's building AI refineries now, building AI refineries to AI factories.有一个非常美好的故事：沙特阿拉伯正在建设 AI 炼油厂，从 AI 炼油厂到 AI 工厂。
Abdullah Al-SwahaI love that.我喜欢这个说法。
Jensen HuangI've said that AI is an infrastructure, and the reason for that, of course we understand AI from the perspective of the technology and how it's revolutionizing every industry. Digital intelligence of course has applications into every field, and so it's going to be used by every company, every industry, every country. In that way it's foundational and therefore it's part of infrastructure. What is new about AI from a computer science perspective is that the way computing was done in the past was largely retrieval-based computing. Somebody typed in a story or somebody created a piece of art or came up with four versions of a digital ad, or it's all pre-built by somebody which is then using a system to retrieve the appropriate version for you. It's a retrieval-based computing model. Hadoop and many of the frameworks and operating systems of the past all designed to retrieve the appropriate information for you. But today software is going to be generated in real time. It's generative based on the context, based on the circumstance, based on who you are, based on the problem you ask, based on your prompt. It will generate unique content for you every single time. For everybody it's unique. When you use Grok, every time you use it is different, just based on the prompt that you give it and based on the circumstance. And so therefore it used to be retrieval-based, today it's generative. And if it's generative, and every time is different, then you need AI factories all over the world to generate the content in real time, which is the reason why you need AI factories. And this is a unique way of doing computation, but the benefit of course is that everything isn't preconceived and pre-documented, and it's contextually sensible and therefore intelligent.我一直说 AI 是基础设施。这么说的原因，当然我们从技术角度理解 AI 如何颠覆每个行业。数字智能自然可以应用到每个领域，所以每家公司、每个行业、每个国家都会用到它。从这个意义上讲它是基础性的，因而属于基础设施。从计算机科学角度来看，AI 新颖之处在于：过去的计算模式基本上是基于检索的计算。某人写了一个故事，或者某人创作了一件艺术品，或者搞出了四个版本的数字广告——这一切都是由某人预先构建好的，然后用系统为你检索出合适的版本。这是基于检索的计算模型。Hadoop 以及过去许多框架和操作系统都是这样设计的——为你检索合适的信息。但今天，软件将实时生成，它是基于上下文、基于情境、基于你是谁、基于你提出的问题、基于你的提示词来生成的。它每次都会为你生成独一无二的内容。对每个人来说都是独特的。当你使用 Grok 时，每次都是不同的，只取决于你给出的提示词和所处的情境。所以，过去是检索式，今天是生成式。如果是生成式，每次都不同，那你就需要全世界各地的 AI 工厂来实时生成内容，这就是为什么你需要 AI 工厂。这是一种全新的计算方式，当然好处在于：一切都不是预先设定和预先记录好的，而是根据上下文合理生成，因此是智能的。
Abdullah Al-SwahaSo AI factories and robotics, and we heard it yesterday from his royal highness his vision how to augment our workforce with roughly tens of millions of robotics to be able to infuse the next wave of productivity and progress. But this scares a lot of folks here when it comes to the future of jobs. So let's hear about your thoughts, Elon and Jensen, on that.AI 工厂和机器人——昨天我们听到王储殿下描述他的愿景：用大约数千万台机器人来增强我们的劳动力，推动下一波生产力与进步浪潮。但这让很多人对工作的未来感到恐惧。所以让我们听听 Elon 和 Jensen 对此有何看法。
Elon MuskSure. Well, you say like in the long term, where will things end up long term? I don't know what long term is. Maybe it's 10, 20 years, something like that. For me that's long term. My prediction is that work will be optional.好的。你问长远来看事情会走向何方——我不知道长远是多长。也许是 10 年、20 年，差不多是这样。对我来说那就是长远。我的预测是，工作将变成可选项。
Abdullah Al-SwahaOptional.可选项。
Elon MuskSo we'll take that.好，就这么定了。
Elon MuskYeah. I mean it'll be like playing sports or a video game or something like that. If you want to work, you know, in the same way like you can go to the store and just buy some vegetables, or you could grow vegetables in your backyard. It's much harder to grow vegetables in your backyard but some people still do it because they like growing vegetables. That will be what work is like, optional. And between now and then there's actually a lot of work to get to that point. And I always recommend people read Iain Banks' culture books to get a sense for what a probable positive AI future is like. And interestingly in those books, money no longer exists. It's kind of interesting. And my guess is, if you go out long enough, assuming there's a continued improvement in AI and robotics, which there seems likely, the money will stop being relevant at some point in the future. Now there will still be constraints on power like electricity and mass. The fundamental physics elements will still be constraints. But I think at some point currency becomes irrelevant.是的。我是说，那会像打球、打游戏一样。如果你想工作，就跟你可以去超市买蔬菜，也可以在后院种蔬菜一样——在后院种蔬菜难多了，但还是有人这么做，因为他们喜欢种菜。工作就会是那样，是可选项。而在那之前，还有很多事情要做才能走到那一步。我一直建议大家读 Iain Banks 的文化系列小说，去感受一个可能的、正面的 AI 未来是什么样的。有趣的是，在那些书里，货币不再存在。这挺有意思的。我猜，如果时间足够长，假设 AI 和机器人持续进步——这看起来很可能——货币在未来某个时刻将变得无关紧要。当然，能量比如电力、以及物质，这些基本的物理要素仍然是约束条件。但我认为在某个时间点，货币会变得无关紧要。
Abdullah Al-SwahaJensen, any thoughts?Jensen，有什么想法？
Jensen HuangUm, by the way, the Nvidia earnings call is later today.顺便说一下，Nvidia 的财报电话会议今天晚些时候就有。
Elon MuskAnd by the way, since currency is relevant. Cheers.顺便提一下，既然货币现在还很重要——干杯。
Abdullah Al-SwahaElon just wants to share with you some breaking news.Elon 刚刚想跟大家分享一些重磅消息。
Jensen HuangThe two of us who like to share some breaking news. Uh let's see. I would say there's different horizons you could look at. Everybody's jobs will be different. That I think that's for sure. How students learn will be different. How people do their work will be different, obviously, because a lot of the things that we do mundanely or arduously or very difficultly are going to be done very simply, and so we're going to be more productive from that sense. One of the things that I will say is that for most people or a company, if your life becomes more productive, and if the things that you're doing with great difficulty become simpler, it is very likely, because you have so many ideas, you'll have more time to go pursue things. It is my guess that Elon will be busier as a result of AI, I'm going to be busier as a result of AI. And the reason for that is because we have so many ideas we want to pursue, so many things that we still have in our backlog inside our company that we can go pursue. If we were more productive, we can get to those things faster. And so in the near term I would say that there is every evidence that we will be more productive and yet still be busier because we have so many ideas. One thing that I will say, give you some evidence, is that, and I was just telling Elon about this earlier, radiology for example has largely been converted to AI-driven radiology, and there's some really great companies doing that, and the surprising thing is the prediction that all radiologists would be the first jobs to go was exactly the opposite. The trend shows that there are more radiologists being hired now as a result of AI. And the reason for that, if you take a step back, it's because the goal of a radiologist is not to study the images. The goal of a radiologist is to diagnose a disease. Now, the studying of the images became so productive, they could study more images, study more modalities, spend more time with the patients. And as a result, they were actually accepting more patients. We're doing more radiology all around the world. We're doing a better job with diagnosing disease. And so that's kind of the near-term outcome of AI and productivity. And we'll see what happens long term.我们两个都喜欢分享重磅消息。让我想想。我认为可以从不同的时间维度来看。所有人的工作都会变得不同，这我觉得是肯定的。学生的学习方式会变，人们的工作方式会变，这很明显，因为很多我们费力或繁琐去做的事情将变得非常简单，所以从这个意义上讲我们会更有生产力。我想说的一点是，对大多数人或一家公司而言，如果你的生活变得更有生产力，那些你原本很吃力才能完成的事变得更简单，很可能因为你有那么多想法，你就会有更多时间去追求它们。我猜 Elon 会因为 AI 而更忙，我也会因为 AI 而更忙。原因在于，我们有太多想追求的想法，我们公司积压着太多还没来得及去做的事情。如果我们效率更高，就能更快推进这些事。所以近期来看，有充分的证据表明我们会更有生产力，却仍然更忙，因为我们有太多想法。我举一个证据：比如放射科——我刚才也跟 Elon 提到这件事——放射科在很大程度上已经转为 AI 驱动的影像诊断，有一些很优秀的公司在做这件事。令人惊讶的是，原本预测放射科医生会是最先消失的岗位，结果恰恰相反。趋势显示，由于 AI 的出现，被聘用的放射科医生反而更多了。原因在于，退一步想，放射科医生的目标不是研究影像。放射科医生的目标是诊断疾病。现在研究影像的效率大幅提升，他们可以研究更多影像、更多模态，有更多时间陪伴患者。结果他们实际上接诊了更多患者，全球的放射科诊疗量在增加，对疾病的诊断质量也在提升。这就是 AI 和生产力在近期的一种典型结果。至于长期会怎样，走着瞧。
Jensen HuangYou know, when currency doesn't matter anymore, just, you know, let me know right before.你知道，等货币不重要那一天，在那之前提前告诉我一声就行。
Elon MuskYou'll see it coming. You'll see it coming. Like, we text often, so just—你会看到那天到来的，你会看到的。我们经常发短信，所以到时候——
Jensen HuangYeah, we do.是的，我们确实经常发。
Elon MuskYeah, just text it off. Yeah, let me know.是啊，发条短信就行。好，记得告诉我。
Abdullah Al-SwahaI kind of agree with both of you because if you look at every technological trend, every general purpose technology has been net new positive for the globe, for humanity and so forth. And let me share with you two nice statements. And your excellency, I think it's precisely the reason. The reason for that is because all the great ideas from innovators like Elon, that you have so many good ideas, and Jensen as well.我某种程度上同意你们两位，因为回顾每一次技术浪潮，每一种通用技术对全球、对人类来说都是净正收益。让我分享两个很好的例子。阁下，我认为这正是原因所在——因为像 Elon 这样的创新者拥有那么多好主意，Jensen 也是。
Elon MuskYeah. Well, thank you.是的，谢谢你。
Abdullah Al-SwahaSo let me share with you two stories from two Saudi innovators in collaboration with a lot of the great work that Nvidia does, that Grok does. One is professor Mary Yaghi. All right, let me say that again. It's Professor Omar Yaghi. Who is— I might need to move the mic.让我跟大家分享来自两位沙特创新者的故事，他们与 Nvidia 和 Grok 的大量出色工作密切合作。一位是 Mary Yaghi 教授——好，让我再说一遍，是 Omar Yaghi 教授。他是……我可能得移一下麦克风。
Abdullah Al-SwahaAll right, here. Come on. We'll share this one. Get closer. Let's try this one more time. So one of them is professor Omar Yaghi who's the first American Saudi to win a Nobel prize in creating new chemistry, and the way he has done that, he has leveraged your AI accelerators and models like Grok to be able to create new chemistry when it comes to metal organic frameworks. Those are metal ions that are positively charged with organic linkers to be able to effectively create a sponge with 3.3 nanometer pores to capture water from air and also to capture carbon dioxide. The second story has also to do with AI accelerated by Nvidia and with models like Grok, which is nanobot, which is effectively creating a nano robot 500 nanometers by 1,000 nanometers to be able to do gene editing leveraging the CRISPR technology to take out sickle cell disease. Now in both these instances they originated 20 years ago in research, but AI was able to really accelerate the outcomes and the outputs such that we can move into new value pools. So I think with every technological trend humanity is going to always manage to shift to new value pools when it comes to workforce and productivity. But we have some great announcements to talk about here today. Let's begin with you Elon, the things that we're doing with xAI.好了，来这里。我们共用这一个麦克风，凑近一点。再试一次。其中一位是 Omar Yaghi 教授，他是第一位获得诺贝尔奖的美国籍沙特人，领域是创造新化学，他所做的是借助你们的 AI 加速器和 Grok 这样的模型来创造新化学，涉及金属有机框架——金属离子与有机连接体以正电荷结合，有效地形成具有 3.3 纳米孔径的海绵体，能够从空气中捕获水分，也能捕获二氧化碳。第二个故事同样涉及由 Nvidia 加速、借助 Grok 等模型驱动的 AI，这是关于纳米机器人的——有效地制造一种 500 纳米乘以 1,000 纳米的纳米机器人，利用 CRISPR 技术进行基因编辑，以消除镰刀型细胞贫血病。这两个案例的研究都在 20 年前起步，但 AI 能够真正加速成果的产出，让我们得以迈入全新的价值领域。所以我认为，随着每一次技术浪潮，人类总能在劳动力和生产力方面成功转移到新的价值领域。今天我们有一些重大公告要宣布。先从 Elon 开始，说说我们正在与 xAI 共同做的事情。
Elon MuskUh yeah, we're excited to announce that we're doing a 500 megawatt, I mean, yeah, 500, sorry— 500 megawatt—嗯，是的，我们很高兴地宣布我们正在做一个 500 兆瓦的项目，我是说，是的，500，抱歉——500 兆瓦——
Abdullah Al-Swaha500 megawatt, yeah.500 兆瓦，对。
Elon MuskWe're doing 500— we're doing 500 megawatt, sorry. Yeah, the 500 gigawatt one will have to wait. So that'll be eight bazillion trillion dollars.我们在做 500——我们在做 500 兆瓦，抱歉。500 千兆瓦那个要等等了，那得花八千亿百亿美元。
Abdullah Al-SwahaStop that.停，别说了。
Elon MuskSo yeah, we're doing a— xAI and the Kingdom of Saudi Arabia are doing a Humain 500 megawatt, starting with 50 megawatts phase one, and we're doing it with Nvidia. Congratulations to the Humain team, to the team. Such a fantastic job. Jensen, I think we're also doing some great announcements this week.所以，是的，xAI 与沙特阿拉伯王国正在联手推进 Humain 500 兆瓦项目，第一阶段从 50 兆瓦开始，我们与 Nvidia 一起做这件事。祝贺 Humain 团队，真的干得太漂亮了。Jensen，我觉得我们这周还有一些大公告要宣布。
Jensen HuangWe are. We're announcing all kinds of things. Our partnership with Humain is going incredibly well. First of all, we work together to get this company started and off the ground, and just got an incredible customer with Elon. Could you imagine a startup company, approximately zero billion dollars in revenues, now going to build a data center for Elon? 500 megawatts is gigantic. This company is off the charts right away. In addition to that, we're working, AWS as you know is also— congratulations to the Humain team with AWS, starting with 100 megawatts with a gigawatt ambition and counting. So AWS is also coming to Humain. We're working with Humain on Omniverse digital twins. As you know that AI is not just— well, agentic AI and chatbots and cognitive AI is incredibly important to the world. But AI applies to everything, chemicals and proteins and genes and physics and fluid dynamics and particles and of course robotics and activation. And we created this world called Omniverse where robots can learn how to be good robots, and it's physically based. It obeys the laws of physics, and so robots can learn in these environments, and we're working with Humain to apply Omniverse to all kinds of digital factories and robotics and warehouses and things like that. And so that's another— we're also working in Saudi Arabia to build supercomputers to simulate quantum computers, using our computers to be the controller and the error correction. Quantum error correction requires an enormous amount of computation, and so we're doing a lot of great work there too. So a big partnership with Humain. They're off the charts, off the ground and off the charts at the same time.是的，我们正在宣布各种各样的事情。我们与 Humain 的合作进展得非常顺利。首先，我们合作帮这家公司起步和落地，然后立刻迎来了 Elon 这位了不起的客户。你能想象吗？一家初创公司，营收大概零亿美元，现在要给 Elon 建数据中心？500 兆瓦是个巨大的量级。这家公司一出道就炸场了。除此之外，我们还在与 AWS 合作——你们也知道 AWS 也参与进来了——祝贺 Humain 团队与 AWS 的合作，从 100 兆瓦起步，目标是 1 千兆瓦，而且还在增加。所以 AWS 也来到了 Humain 平台。我们正在与 Humain 合作推进 Omniverse 数字孪生。你们知道，AI 不只是……嗯，智能体 AI、聊天机器人和认知 AI 对世界来说至关重要，但 AI 还适用于一切领域：化学、蛋白质、基因、物理学、流体动力学、粒子，当然还有机器人和驱动系统。我们创建了一个叫 Omniverse 的世界，机器人可以在这里学习如何成为合格的机器人，它基于物理仿真，遵循物理定律，机器人可以在这些环境中学习。我们正在与 Humain 合作，把 Omniverse 应用于各类数字工厂、机器人和仓储场景。这是另一块合作领域。我们还在沙特阿拉伯建设超级计算机来模拟量子计算机，用我们的计算机作为控制器和纠错系统。量子纠错需要庞大的计算量，所以我们在这方面也做了很多出色的工作。总之，与 Humain 的合作规模巨大——他们同时落地、同时炸场。
Abdullah Al-SwahaThis is how we walk the talk in the Kingdom of Saudi Arabia in partnership with the US. Yesterday, the president and his Royal Highness announced the AI strategic framework and partnership. Today, we're going big with Elon and Jensen. So, thank you for those opportunities. Now, they told me I have time for two last questions. So last night at the dinner I got a number of questions because it seems that the schedule leaked and everybody was giving me hints about the last two questions I'm going to do. So the first one was for you Elon, and there's a big one for you Jensen. So prepare for that one. AI in space, is that possible?这就是沙特阿拉伯王国与美国合作、说到做到的方式。昨天，总统和王储殿下宣布了 AI 战略框架与合作关系。今天，我们和 Elon、Jensen 一起大干一场。感谢你们带来的这些机遇。他们告诉我还有时间问最后两个问题。上次晚宴上我收到了很多问题，因为日程好像提前泄露了，大家都给我出主意说最后两个问题要问什么。第一个是问你的，Elon，还有一个大问题要问你，Jensen，做好准备。AI 在太空，可能实现吗？
Elon MuskUh yes, if civilization continues, which it probably will, then AI in space is inevitable. You know, I always have to preface that, you know, we shouldn't take civilization for granted. We need to make sure to take care to ensure that civilization has an upward arc. I mean, any student of history knows that civilization does not always have an upward arc. And in fact, civilizations have life cycles. So hopefully we are in a strong upward arc. I think we are for now. But we don't want to take that for granted or be complacent. But the way to think of AI in space is that, in order to achieve any meaningful percentage of a Kardashev 2 scale civilization, where you're using even a millionth of the sun's energy, you must have solar powered AI satellites in deep space. So once you realize, like, once you think in terms of a Kardashev 2 scale civilization, which is what percentage of the sun's energy are you turning into useful work, then it becomes obvious that space is overwhelmingly what matters, overwhelmingly. The earth only receives roughly one two billionth of the sun's energy. So if you want to have something that is, say, a million times more energy than earth could possibly produce, you must go into space. And so, you know, this is where it's kind of handy to have a space company, I guess.呃，是的，如果文明继续延续——这很可能——那 AI 在太空就是必然的。你知道，我总要先说明一点：我们不应该把文明的延续视为理所当然。我们需要小心呵护，确保文明走在上升的弧线上。学过历史的人都知道，文明并不总是处于上升弧线，事实上文明是有生命周期的。希望我们现在处于强劲的上升期，我认为目前是的，但我们不能掉以轻心或自满。说到 AI 在太空——要实现卡尔达肖夫 2 型文明（Kardashev 2）哪怕百万分之一的能量利用——比如利用太阳能量的百万分之一——你必须在深空部署以太阳能为动力的 AI 卫星。一旦你从 Kardashev 2 型文明的维度去思考，想想你把太阳能量的多少百分比转化为有用功，你就会明白，太空才是压倒一切的关键所在，远远超越其他一切。地球大约只接收到太阳能量的二十亿分之一。所以如果你想拥有比地球所能产生的能量多说一百万倍的能量，你必须进入太空。所以，你知道，这时候有一家航天公司就挺方便的，我猜。
Jensen HuangSell the book. Easier to cool chips in space too.好好卖你的书吧。另外在太空冷却芯片也更容易。
Elon MuskYes.是的。
Jensen HuangEasier to cool chips in space. Yeah.在太空里冷却芯片更容易。对。
Elon MuskYes. There's definitely no water in space. So you're going to have to do something that doesn't involve water.是的。太空里肯定没有水，所以你得用不涉及水的方案。
Jensen HuangJust hang out.就暴露在外面就行。
Elon MuskWell, you just got to radiate. That's right. So my estimate is that the cost effectiveness of AI in space will be overwhelmingly better than AI on the ground. So far, long before you exhaust potential energy sources on Earth— long before, meaning like, I think even perhaps in the four or five year time frame, the lowest cost way to do AI compute will be with solar powered AI satellites. So I'd say not more than five years from now.对，就用辐射散热，没错。我的估算是，AI 在太空的成本效益将远远优于地面。远在耗尽地球上的潜在能源之前——远在之前，我是说，我认为甚至可能在四五年的时间范围内，最低成本的 AI 算力方案就会是太阳能 AI 卫星。我说，不超过五年后。
Jensen HuangWow. And just look at the supercomputers we're building together. Let's say each one of the racks is two tons. Out of that two tons, 1.95 of it is probably for cooling, right?哇。看看我们一起在建的超级计算机，假设每个机架是 2 吨，这 2 吨里面，1.95 吨大概都是散热系统，对吧？
Elon MuskOh, yeah.哦，是的。
Jensen HuangJust imagine how tiny that little supercomputer is, right? Each one of these GB300 racks will just be a little tiny thing.你就想象一下那台超级计算机会变得多小，对吧？每台 GB300 机架只会是一个小小的东西。
Elon MuskAnd just electricity generation is already becoming a challenge. So if you start doing any kind of scaling for both electricity generation and cooling, you realize, okay, space is incredibly compelling. So like, let's say you wanted to do, I don't know, two or 300 gigawatt per year of AI compute. It's very difficult to do that on Earth. The US average electricity usage, last time I checked, was around 460 gigawatts per year average usage. So something like, say, you know, if you're doing 300 gigawatts a year that would be like two thirds of US electricity production per year. There's no way you're building power plants at that level. And then if you take it up to, say, a terawatt per year, impossible. Like you have to do that in space. There just is no way to do a terawatt per year on Earth. And in space you've got continuous solar. You don't actually need batteries because it's always sunny in space.而且仅仅是发电本身就已经开始成为一个挑战了。所以如果你开始考虑发电和散热两方面的任何规模扩展，你就会意识到，好吧，太空的吸引力实在太大了。比如说，假设你想每年做个两三百千兆瓦的 AI 算力，在地球上很难实现。我上次查的时候，美国平均用电量大约是每年 460 千兆瓦。所以如果说每年做 300 千兆瓦，大概相当于美国每年电力产量的三分之二。根本不可能在这个量级上建电厂。如果再往上到每年一个太瓦，完全不可能，你必须去太空做。在地球上根本没有办法每年做一太瓦的量。而在太空，你有持续的太阳能，实际上不需要电池，因为太空里永远有阳光。
Jensen HuangRight. Exactly.对，正是这样。
Elon MuskAnd the solar panels actually become cheaper because you don't need glass or framing. And the cooling is just radiative. So that's why I think—而且太阳能板还可以更便宜，因为不需要玻璃和框架。散热纯靠辐射。所以这就是我认为——
Jensen HuangThat's the dream.这就是梦想所在。
Elon MuskYes, that's the dream.是的，这就是梦想。
Abdullah Al-SwahaSo Jensen, everybody last night was asking me, and I'm mindful it's an earnings call for you today, so I'm going to say this delicately. Everybody has been asking me to ask you, are we going to have an AI bubble? That's the last question.那么 Jensen，昨晚大家都在问我这个问题，考虑到你今天有财报电话会议，我要委婉一点说。大家都让我来问你：我们会出现 AI 泡沫吗？这是最后一个问题。
Jensen HuangAll right, let me just hear— well, let me just tell you what we see. Okay, so I think it's really important when you look at what's happening around the world and go back to first principles of what's happening in computer science and computing. There are three things that are happening. The first thing is that we all know that Moore's law has run its course, and the ability— the amount of demand for computing versus the amount of computation we can get out of general purpose computing is really challenging, and so the world's been moving to accelerated computing for some time. We've been pushing this now for over 20 years. Let me give you one statistic. I was just at supercomputing. Six years ago CPUs were 90% of the world's supercomputers, top 500 supercomputers six years ago. This year less than 15%. Went from 90% to 10%. And meanwhile, accelerated computing went from the other way, 10% to now 90%. Okay, so you're seeing that inflection point, the transition in high performance computing from general purpose computing to accelerated computing. Well, one of the most data intensive, one of the most intensive computation things that the world does in cloud is data processing. Several hundred billion dollars of computation is done on just raw data processing. Has nothing to do with AI, just SQL processing, data frames, you know, everybody's names, address, their sex, their age, where they live, you know, how much money they make. All of that sits into a data frame. And that data frame drives the world today. Whether it's in banking or you know whether it's in credit cards or of course e-commerce, and everything from ad recommendation, everything is driven off of that data frame. That data frame costs hundreds of dollars to go compute, and so that's the number one thing, end of Moore's law. The second thing is generative. What the last 15 years is called RecSys, recommender systems. How do we know what information to recommend to us in a social feed? How do you know what ad to recommend to somebody? What book to recommend, what movie to recommend? The world— the internet is so gigantic, without a recommender system, that a little tiny phone of ours will have no chance of ever seeing the right information. That RecSys is the engine of the internet today. That's going generative AI. It used to be running on CPUs, now runs on GPUs. Which then says the third thing. When, if you just look at those two applications, many of the internet companies can build enormous number of GPU supercomputers just doing that. Of course then it creates this third opportunity on top of it, which is agentic AI. This is Grok, and this is OpenAI, this is Anthropic, you know, this is Gemini. Agentic AI sits on top of that, but don't forget to think about what is happening underneath what everybody sees as AI today. There's a whole movement of computing from general purpose computing to accelerated computing, and if you just take that into consideration you'll come to the conclusion that in fact what is left over to fuel that revolutionary agentic AI is not only substantially less than you thought, and all of it justified.好的，让我来说说——好，让我告诉你们我们看到的情况。我认为在审视全球正在发生什么时，回归计算机科学与计算的第一性原理非常重要。正在发生三件事。第一件事，我们都知道摩尔定律已经走到尽头，算力需求增长速度与通用计算能够提供的算力之间的差距极其巨大，因此世界已经有一段时间在向加速计算转移。我们推动这件事已经超过 20 年了。让我给你们一个数据。我刚从超算会议（supercomputing）回来。六年前，CPU 占世界超级计算机 top 500 的 90%，六年前。今年不到 15%。从 90% 降到了 10%。与此同时，加速计算反向增长，从 10% 涨到了现在的 90%。所以你看到了那个拐点——高性能计算从通用计算向加速计算的过渡。云计算中数据处理是世界上数据最密集、计算最繁重的任务之一。每年有数千亿美元的计算量用于纯粹的数据处理，跟 AI 毫无关系，就是 SQL 处理、数据框——每个人的姓名、地址、性别、年龄、居住地、收入状况，所有这些都存在数据框里。数据框驱动着今天的世界，无论是银行业、信用卡、电商，从广告推荐到一切，都由数据框驱动。这个数据框的计算成本高达数千亿美元，这就是第一件事：摩尔定律终结。第二件事是生成式。过去 15 年叫 RecSys，推荐系统——我们怎么知道该在社交信息流里向你推荐什么内容？怎么知道该向某人推荐什么广告、什么书、什么电影？互联网规模如此巨大，没有推荐系统，我们手中这小小的手机根本没有机会看到合适的信息。RecSys 是今天互联网的引擎，而它正在走向生成式 AI。它以前跑在 CPU 上，现在跑在 GPU 上。这就引出第三件事：如果只看这两类应用，许多互联网公司就能建造数量庞大的 GPU 超级计算机。当然，在此基础上又产生了第三个机遇，就是智能体 AI。这就是 Grok，这就是 OpenAI，这就是 Anthropic，这就是 Gemini。智能体 AI 建立在这一切之上，但不要忘记去思考今天所有人眼中的 AI 之下正在发生什么。有一场从通用计算向加速计算的全面迁移，如果你把这一点纳入考量，你会得出结论：事实上，用来驱动那场革命性的智能体 AI 的剩余算力，远比你想象的少，但每一点都是合理且有据可查的需求。
Abdullah Al-SwahaWell, I was just informed by the team that my boss and your bosses is going to talk next, the honorable president and his royal highness, the crown prince. And hence, we ran out of time. But in essence, this is— so much love for you Elon and Jensen. But this in essence is a 92 alliance that shifted from energy to digital to the intelligence age, powered by pioneers such as Elon and Jensen to serve humanity and create on a net new basis new economies, new jobs and a better future for humanity, powered by the Kingdom of Saudi Arabia and the United States. Thank you for our lifetime partnership and friendship. Thank you Elon. Thank you Jensen.好的，团队刚刚告诉我，我的老板和你们的老板——尊敬的总统和王储殿下——马上就要发表讲话了。所以我们的时间到了。不过，对你们 Elon 和 Jensen，我心存无限感激。总而言之，这是一场 92 年历史的联盟——从能源时代，走过数字时代，迈入智能时代——由 Elon 和 Jensen 这样的先驱者驱动，为人类服务，在净增基础上开创新经济、新工作和更美好的未来，由沙特阿拉伯王国与美利坚合众国共同缔造。感谢我们长久的合作与友谊。谢谢 Elon，谢谢 Jensen。
Elon MuskThank you.谢谢。
Abdullah Al-SwahaAll right.好的。
OtherLadies and gentlemen, what we just heard was a conversation about the future of technology spoken by the people building it. To his excellency Abdullah Al-Swaha, Elon Musk and Jensen Huang, thank you for a conversation that did more than describe the future of technology. It actually showed us who's building it and how. And now ladies and gentlemen, we ask you to remain in the plenary. We will soon proceed with the special address by the leaders. As his excellency Al-Swaha mentioned, our leaders are about to arrive. So the sponsorship recognition segment will take place after their departure. And I just want to mention that his royal highness the crown prince Muhammad bin Salman Al Saud will deliver his speech in Arabic. For English speaking guests, we have live translation devices available for you. Our ground team will be more than happy to assist you. Thank you.女士们先生们，我们刚刚听到的是一场由正在构建未来的人们谈论技术未来的对话。感谢阁下 Abdullah Al-Swaha、Elon Musk 和 Jensen Huang，感谢你们带来的这场对话——它不只是描述了技术的未来，更让我们看到了谁在构建它、以及如何构建。现在，女士们先生们，请各位留在全体会议厅内，我们即将迎来领导人的特别致辞。正如 Al-Swaha 阁下所提到的，我们的领导人即将抵达，赞助商致谢环节将在他们离场后进行。另外，我想提醒大家，王储殿下穆罕默德·本·萨勒曼·阿尔沙特将以阿拉伯语发表演讲，英语来宾可使用同声传译设备，地面服务团队将竭诚为您提供协助。谢谢大家。