2026年2月26日 星期四

從晶片到藥瓶:NVIDIA × 大藥廠 Lilly 的合縱連橫,如何重塑 RXRX 等 AI 平台的生存空間 (Yu-Chih Edward Hwang)? 新聞: NVIDIA與禮來宣布聯合創新人工智慧實驗室,重塑人工智慧時代的藥物研發 新聞摘要:NVIDIA and Lilly bring together a world-leading, multidisciplinary team of scientists, AI researchers and engineers to address the hardest problems in drug discovery.

 NVIDIA與禮來宣布聯合創新人工智慧實驗室,重塑人工智慧時代的藥物研發


新聞摘要:


NVIDIA與禮來攜手組建世界領先的跨學科團隊,匯聚科學家、人工智慧研究人員和工程師,共同攻克藥物研發領域最棘手的難題。


此聯合創新實驗室的基礎設施將基於NVIDIA BioNeMo平台和NVIDIA Vera Rubin架構建構。


NVIDIA和禮來將率先運用機器人技術和實體人工智慧,加速並擴大藥物研發和生產的規模。


摩根大通醫療保健大會—NVIDIA和禮來公司今日宣​​布成立首個人工智慧聯合創新實驗室,致力於運用人工智慧技術應對製藥業一些最棘手的挑戰。


該實驗室將禮來在藥物發現、開發和生產方面的世界領先優勢與NVIDIA在人工智慧、加速運算和人工智慧基礎設施領域的領先地位相結合。兩家公司將在未來五年內投資高達10億美元,用於人才、基礎設施和運算資源,以支援這項全新的人工智慧聯合創新實驗室。該實驗室位於舊金山灣區,將匯聚禮來公司在生物學、科學和醫學領域的專家,以及英偉達頂尖的人工智慧模型建構者和工程師,讓他們能夠並肩工作,利用英偉達BioNeMo™這一關鍵平台,產生大規模數據並建立強大的人工智慧模型,從而加速藥物研發。


「人工智慧正在改變各行各業,而生命科學領域將受到最深遠的影響,」英偉達創始人兼首席執行官黃仁勳表示,「英偉達和禮來公司正在攜手兩大行業,共同打造藥物研發的新藍圖——科學家們可以在合成任何分子之前,透過電腦模擬探索廣闊的生物和化學空間。」


「近150年來,我們致力於為患者帶來改變生命的藥物,」禮來公司董事長兼執行長大衛·A·里克斯表示。 “將我們海量的數據和科學知識與英偉達的計算能力和模型構建專長相結合,有望徹底革新我們所知的藥物研發模式。通過在創業環境中匯聚世界一流人才,我們正在創造兩家公司單憑自身之力都無法實現的突破性成果。”


建構藥物研發的持續學習系統


此次合作初期將專注於建構一個持續學習系統,將禮來公司的智慧濕實驗室與運算乾實驗室緊密連接,從而實現全天候人工智慧輔助實驗,為生物學家和化學家提供支援。這種科學家參與式框架旨在使實驗、數據生成和人工智慧模型開發能夠相互促進、持續改進。


借助前所未有的行業運算能力、海量高品質數據生成能力以及英偉達BioNeMo平台加速藥物研發,雙方團隊將致力於建立下一代生物學和化學基礎模型和前沿模型。


這項新計畫是在禮來公司先前宣布的人工智慧超級電腦基礎上擴展而來,旨在充分利用對下一代英偉達架構(包括英偉達 Vera Rubin)的投資。


禮來公司去年秋季宣布的人工智慧工廠是製藥業最強大的人工智慧工廠,它將訓練大型生物醫學基礎模型和前沿模型,以極高的速度和精確度識別、優化和驗證新分子。它還將支援製造、醫學成像和科學人工智慧代理等領域的新型先進應用。


除了藥物發現之外,英偉達和禮來公司還將探索在臨床開發、生產和商業營運中應用人工智慧的機會,以整合多模態模型、智能體人工智慧、機器人和數位孿生技術。


在人工智慧工廠中使用實體人工智慧和機器人技術也將幫助禮來公司提高其高需求藥物的生產能力,並增強供應鏈的可靠性。借助英偉達 Omniverse™ 庫和英偉達 RTX PRO™ 伺服器,禮來公司可以創建其生產線的數位孿生模型,以便在現實世界中進行物理更改之前,對整個供應鏈進行建模、壓力測試和優化。


支持全球生物醫學發現領域的領導地位


NVIDIA 在開源人工智慧領域處於領先地位,為企業提供開發實際人工智慧系統所需的模型、資料和工具。此外,NVIDIA Inception 專案也為新創公司提供技術指導,以及 NVIDIA 軟體和運算資源。


Lilly TuneLab 是一個人工智慧和機器學習平台,為生物技術公司提供基於 Lilly 數十年專有數據構建的精選藥物發現模型。 TuneLab 未來也將整合 NVIDIA Clara™ 生命科學開源基礎模型,作為其工作流程的一部分。


該聯合創新實驗室將為 NVIDIA 和 Lilly 的新創企業生態系統及研究人員提供深厚的專業知識和規模化的運算資源。

NVIDIA and Lilly Announce Co-Innovation AI Lab to Reinvent Drug Discovery in the Age of AI

News Summary:

  • NVIDIA and Lilly bring together a world-leading, multidisciplinary team of scientists, AI researchers and engineers to address the hardest problems in drug discovery.
  • The co-innovation lab infrastructure will be built on the NVIDIA BioNeMo platform and the NVIDIA Vera Rubin architecture.
  • NVIDIA and Lilly will pioneer robotics and physical AI to accelerate and scale medicine discovery and production.

J.P. Morgan Healthcare Conference—NVIDIA and Eli Lilly and Company today announced a first-of-its-kind AI co-innovation lab focused on applying AI to tackle some of the most enduring challenges in the pharmaceutical industry.

The lab brings together Lilly’s world-leading expertise in discovering, developing and manufacturing medicines with NVIDIA’s leadership in AI, accelerated computing and AI infrastructure. The two companies will invest up to $1 billion in talent, infrastructure and compute over five years to support the new AI co-innovation lab.

Based in the San Francisco Bay Area, the lab will co-locate Lilly domain experts in biology, science and medicine with top AI model builders and engineers from NVIDIA, allowing them to work side by side to generate large-scale data and build powerful AI models that can accelerate medicine development, using NVIDIA BioNeMo™ as the critical platform.

“AI is transforming every industry, and its most profound impact will be in life sciences,” said Jensen Huang, founder and CEO of NVIDIA. “NVIDIA and Lilly are bringing together the best of our industries to invent a new blueprint for drug discovery — one where scientists can explore vast biological and chemical spaces in silico before a single molecule is made.”

“For nearly 150 years, we’ve been working to bring life-changing medicines to patients,” said David A. Ricks, chair and CEO of Lilly. “Combining our volumes of data and scientific knowledge with NVIDIA’s computational power and model-building expertise could reinvent drug discovery as we know it. By bringing together world-class talent in a startup environment, we’re creating the conditions for breakthroughs that neither company could achieve alone.”

Building a Continuous Learning System for Drug Discovery
The collaboration will initially focus on creating a continuous learning system that tightly connects Lilly’s agentic wet labs with computational dry labs, enabling 24/7 AI-assisted experimentation to support biologists and chemists. This scientist-in-the-loop framework aims to enable experiments, data generation and AI model development to continuously inform and improve one another.

Harnessing access to unprecedented compute for the industry, massive, high-quality data generation and NVIDIA BioNeMo as the platform to accelerate drug discovery, the teams will focus on building next-generation foundation and frontier models for biology and chemistry.

The new initiative expands on Lilly’s previously announced AI supercomputer and intends to harness investments in next-generation NVIDIA architectures, including NVIDIA Vera Rubin.

The AI factory Lilly announced last fall, which is the most powerful in the pharmaceutical industry, will train large biomedical foundation and frontier models for identifying, optimizing and validating new molecules with exceptional speed and accuracy. It will also support new and advanced applications in manufacturing, medical imaging and scientific AI agents.

Beyond drug discovery, NVIDIA and Lilly will explore opportunities to apply AI across clinical development, manufacturing and commercial operations to integrate multimodal models, agentic AI, robotics and digital twins.

The use of physical AI and robotics in the AI factory will also help Lilly enhance its capacity to manufacture high-demand medications and strengthen supply chain reliability. With NVIDIA Omniverse™ libraries and NVIDIA RTX PRO™ Servers, Lilly can create digital twins of its manufacturing lines to model, stress test and optimize entire supply chains before making physical changes in the real world.

Supporting Global Leadership in Biomedical Discovery
NVIDIA leads in open-source AI, empowering companies with the models, data and tools needed to develop real-world AI systems. In addition, the NVIDIA Inception program provides startups with access to technical mentorship, as well as NVIDIA software and compute.

Lilly TuneLab, an AI and machine learning platform, provides biotech companies with access to select Lilly models for drug discovery built on decades of Lilly’s proprietary data. TuneLab will include NVIDIA Clara™ open foundation models for life sciences as part of a future workflow offering.

The co-innovation lab will provide NVIDIA and Lilly’s startup ecosystems and researchers with deep expertise and scale of computing resources.

The lab’s work is expected to begin in South San Francisco early this year.

About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We’ve been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world’s most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer’s disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we’re motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on FacebookInstagram, and LinkedIn.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.

Lilly Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are references in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Lilly Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Lilly’s co-innovation lab with NVIDIA, the potential abilities, performance, applications, and outcomes from this collaboration, AI, the impact from Lilly’s efforts on using AI to deliver medicines to patients and other initiatives and reflects Lilly's current beliefs and expectations. The words “will”, “believe”, “plan”, “may”, “could”, “can”, and similar expressions are intended to identify forward-looking statements. However, as with any such undertaking, there are substantial risks and uncertainties in implementing technology and in the process of drug research, development, and commercialization. Among other things, there can be no guarantee that Lilly or NVIDIA will realize the expected benefits of the co-innovation lab or the AI investments and initiatives will achieve the results discussed in this release. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly's expectations, see Lilly's Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

NVIDIA Forward-Looking Statements
Certain statements in this press release including, but not limited to, statements as to: AI transforming every industry, and nowhere being the potential for its impact more profound than in life sciences; through collaboration, NVIDIA and Lilly building a blueprint for the future of drug discovery — one where researchers can explore billions of possibilities in silico before a single experiment is run, and turn science into engineering; the benefits, impact, performance, and availability of NVIDIA’s products, services, and technologies; expectations with respect to NVIDIA’s collaboration with Lilly; expectations with respect to technology developments; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, BioNeMo, NVIDIA Clara, NVIDIA Omniverse and NVIDIA RTX PRO are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

🧬 從晶片到藥瓶:NVIDIA × 大藥廠 Lilly 的合縱連橫,如何重塑 RXRX 等 AI 平台的生存空間?
BIOTECH with AI 正站在一個關鍵轉折點。
產業已從「AI 夢想敘事」,正式進入「臨床驗證」與「大廠收購」的現實階段。
━━━━━━━━━━━━━━━━━━
◼ 核心架構:AI 藥物開發的新賽局
━━━━━━━━━━━━━━━━━━
一、策略轉折:NVIDIA 出清 RXRX 與轉向 LLY 的深層邏輯
▪ 出清 RXRX 的信號:
NVIDIA 在 2024-2025 年間調整持股,從「早期投資者」轉向「基礎設施供應商」。
▪ 與 Eli Lilly (LLY) 的強強聯手:
這代表 AI 藥物開發進入「工業化」階段。NVIDIA 提供 9 exaflops 的超級計算能力,LLY 提供數十年的專有生物數據。
對比:
RXRX 擁有 60 PB 的實驗數據,但 LLY 擁有的是「臨床結果數據」。
後者在預測藥物在人體內的表現(ADME/PK)上具有壓倒性優勢。
━━━━━━━━━━━━━━━━━━
二、技術護城河:Tune Lab、BioNeMo 與 AlphaFold 3 的差異
━━━━━━━━━━━━━━━━━━
▪ Google DeepMind(AlphaFold 3 / IsoDDE):
解決的是「結構」問題。
它能精準預測蛋白質與配體的結合,是靜態的物理預測。
▪ NVIDIA BioNeMo & Tune Lab:
解決的是「生成與擴散」問題。
Tune Lab 的開放平台策略類似於「Android 生態系」,LLY 提供基礎模型,小生技公司(如 RXRX)在其上跑數據,但各自的資料保密。
價值鏈轉移:
以前 AI 藥物公司賣的是「發現能力」,現在 LLY 透過 Tune Lab 將這種能力「民主化」,迫使獨立平台必須往更下游(臨床試驗)證明價值。
━━━━━━━━━━━━━━━━━━
三、平台大對決:RXRX、SDGR、GH、EXAS 的生存現狀
━━━━━━━━━━━━━━━━━━
下表總結了在 LLY-NVIDIA 聯盟壓力下,各平台的定位與財務韌性:
◼ RXRX
技術核心:自動化實驗數據生成
2026 財務關鍵:營收約 $0.5B(含合作)
核心挑戰:臨床 Phase 2 數據(FAP 等)能否過關
◼ SDGR
技術核心:物理化學模擬(更精準)
2026 財務關鍵:營收約 $2.6B(軟體穩定)
核心挑戰:計算平台向雲端轉型的增長速度
◼ GH
技術核心:液體活檢(診斷端)
2026 財務關鍵:營收預期 >$1.2B
核心挑戰:自由現金流轉正的壓力(燒錢率高)
◼ EXAS
技術核心:癌症篩檢(已商業化)
2026 財務關鍵:已被 Abbott 210億收購
核心挑戰:退出標竿——顯示成熟平台最終歸宿是大藥廠
━━━━━━━━━━━━━━━━━━
四、產業趨勢與衝擊:獨立平台的關鍵時刻
━━━━━━━━━━━━━━━━━━
▪ 大藥廠「內化」AI 能力:
當 LLY 自建超級電腦,對外部 AI 服務的需求會減少。這對 RXRX 是利空;但若 RXRX 的特定靶點發現極具差異化,則會變成收購目標。
▪ 臨床證明(Proof of Clinical Success):
2026 年是 AI 藥物的「審判年」。
AI 在 Phase I 的成功率已提升至 80-90%,但 Phase II/III 的生物學複雜性(非計算能完全解決)才是股價能否回溫的關鍵。
▪ 併購潮再起:
EXAS 被併購是一個信號。在 XBI 指數低迷、融資成本高的環境下,擁有技術但缺乏現金流的 AI 平台(如 RXRX、SDGR)將面臨被強行收購或併購整合(如 RXRX 收購 Exscientia)的壓力。
━━━━━━━━━━━━━━━━━━
◼ 結論:給投資者的觀察點
━━━━━━━━━━━━━━━━━━
​1. 「生態稅」與「收購溢價」的博弈(The M&A Path)
本質上,LLY在做的事情是 Android 的生態系 Play,更恰當的例子是 Data.AI (前身是App Annie) ,免費提供一定程度的工具,換取第三方提供的 DATA來強化自身工具的精準性,形成一個成長循環。
雖然禮來無法直接取得 Data,但同樣也形成一個成長循環。 more users, more data, better tools, more users and repeat。
現在流行的說法是 Data Gravity,但這個玩法十幾年來都是這樣。
一旦做到這件事情,未來就可以收取生態稅。從不斷取得專利面臨專利斷崖的『智慧財』升級成出租模型與算力 or 銷售分潤的『資本財』。
許多獨立的平台商當然也可以選擇正面硬剛,試著收稅,最終拼的過最好的可能在一個Niche裡面收稅,或是著被併購。
2. 「數據純度」vs. 「大模型規模化」(The Data Edge Path)
如果有看過SaaS的象限分析,應該就會記得有一個分野:『是否有專有數據』
如果專有數據走到極致,那模型的對某些專精領域泛化能力會特別好,這會是一個走向,類似 Anthropic 和 OpenAI 現在稍微分開,一個挑了財務、程式撰寫、資安幾個領域,另外一個走向 AGI 的路線。
某些小型廠商也許能走向 Anthropic 的這個路線,但要走 OpenAI 或 Gemini這條路,最理想就是要有強大現金流。
​3. 「聯邦學習」下的主權危機(The Sovereignty Path)
LLY 透過 Tune Lab 推動聯邦學習(Federated Learning),讓小生技公司在貢獻數據的同時換取模型使用權。這是一種「數據收割」。
那應該還是會形成諸侯割據,其他的大藥廠不可能讓LLY 獨佔這塊大餅,最終應該是會形成幾個不同陣營的結盟來分。只是目前LLY 與 NVDIA 這個結盟實在太強,可能需要 Google 或是 Microsoft 攜手其他大藥廠加入戰局來破這個局面。


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