[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio108f5d88":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio108f5d88","2年从3亿干到80亿美元，AMD收购World Labs，谁赚了20倍？","\u002Fdoc\u002Fdcio108f5d88","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>2\u003Cspan>年从\u003C\u002Fspan>3\u003Cspan>亿干到\u003C\u002Fspan>80\u003Cspan>亿美元，\u003C\u002Fspan>AMD\u003Cspan>收购\u003C\u002Fspan>World Labs\u003Cspan>，谁赚了\u003C\u002Fspan>20\u003Cspan>倍？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>李飞飞这家公司刚刚完成\u003C\u002Fspan> 10 \u003Cspan>亿美元融资，估值已经做到\u003C\u002Fspan> 50 \u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>公司\u003C\u002Fspan> 2024 \u003Cspan>年\u003C\u002Fspan> 4 \u003Cspan>月才成立，到现在也就两年多。如果\u003C\u002Fspan> AMD \u003Cspan>最终按照市场传出的约\u003C\u002Fspan> 80 \u003Cspan>亿美元价格收购，基本属于\u003C\u002Fspan> AI \u003Cspan>创业史上的“一夜暴富”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>但美股投资网认为，我们要去思考\u003C\u002Fspan> AMD \u003Cspan>为什么愿意花这么多钱买\u003C\u002Fspan> World Labs\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>答案很可能是——下一个算力需求大盘：具身智能。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>我们先算一笔账\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>李飞飞、\u003C\u002Fspan>Justin Johnson\u003Cspan>、\u003C\u002Fspan>Christoph Lassner \u003Cspan>和\u003C\u002Fspan> Ben Mildenhall \u003Cspan>在\u003C\u002Fspan> 2024 \u003Cspan>年\u003C\u002Fspan> 4 \u003Cspan>月创立\u003C\u002Fspan> World Labs\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>按照外部估算，目前创始团队仍然持有大约\u003C\u002Fspan> 56% \u003Cspan>股份。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>如果按照\u003C\u002Fspan> 82 \u003Cspan>亿美元估值计算，对应大约\u003C\u002Fspan> 46 \u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>再扣掉约\u003C\u002Fspan> 15% \u003Cspan>的员工期权池，团队对应约\u003C\u002Fspan> 12 \u003Cspan>亿美元，四位联合创始人对应约\u003C\u002Fspan> 34 \u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>如果简单平均计算，相当于每位联合创始人约\u003C\u002Fspan> 8.5 \u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>两年半，\u003C\u002Fspan>8.5 \u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>当然，实际持股不会完全平均，最终到手金额也不能这么简单计算，但这个数字已经足够说明这笔交易有多夸张。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>更值得琢磨的是，买家其实早就在股东名单里了。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AMD Ventures \u003Cspan>此前已经参与\u003C\u002Fspan> World Labs \u003Cspan>的\u003C\u002Fspan> B \u003Cspan>轮和\u003C\u002Fspan> C \u003Cspan>轮融资，现在\u003C\u002Fspan> AMD \u003Cspan>直接把整个公司买下来。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这其实是一种很值得关注的打法：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>大厂先用自己的\u003C\u002Fspan> VC \u003Cspan>部门投资，观察技术、团队和产品，一旦证明方向成立，再直接收购。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>某种意义上，相当于提前买了一张未来收购的“期权”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>而这笔交易里最漂亮的\u003C\u002Fspan> VC \u003Cspan>赢家，可能是\u003C\u002Fspan> a16z \u003Cspan>和\u003C\u002Fspan> Radical Ventures\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>两家机构在\u003C\u002Fspan> World Labs \u003Cspan>创立初期就支持李飞飞，\u003C\u002Fspan>2024 \u003Cspan>年\u003C\u002Fspan> 4 \u003Cspan>月左右进入时，公司估值大约只有\u003C\u002Fspan> 3 \u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>如果最终按照约\u003C\u002Fspan> 80 \u003Cspan>亿美元估值退出，粗略计算，早期投资对应的账面倍数可以非常惊人。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>所以这件事最值得美股投资者注意的，其实不是“李飞飞两年赚了多少钱”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>而是\u003C\u002Fspan> AMD \u003Cspan>愿意用几十亿美元真金白银告诉市场：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>大模型之后，下一个需要疯狂吃算力的东西，可能就是让\u003C\u002Fspan> AI \u003Cspan>真正理解三维世界的具身智能。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>机器人、自动驾驶、智能眼镜，最终都绕不开这一层。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这才是这笔收购真正值得盯的地方。\u003C\u002Fspan>#\u003Cspan>美股\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$AMD $INTC\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>━━━━━━━━━━━━━━━━━━━━━━\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>【原创声明】\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本文由美股投资网（\u003C\u002Fspan>TradesMax.com\u003Cspan>）研究团队原创完成。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>原创机构：美股投资网\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>英文品牌：\u003C\u002Fspan>TradesMax\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本文基于公开财报、\u003C\u002Fspan>SEC\u003Cspan>文件、市场数据、机构资金、期权交易及产业链信息进行独立分析\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如需引用本文，请注明：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>“美股投资网（\u003C\u002Fspan>TradesMax.com\u003Cspan>）原创研究”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>━━━━━━━━━━━━━━━━━━━━━━\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FAMD\u002FAMD.jpg","2026-09-29T01:40:33","2026.09.29","2026\u002F09\u002F29",40022,[22],"AMD","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]