Nvidia(US:NVDA) 智通财经网·2025-09-06 07:43Core Viewpoint - Nvidia's stock price has dropped nearly 3%, marking the first significant risk of falling below the $4 trillion market cap in two months, amid concerns over economic downturns and competition from Broadcom's AI ASIC market growth [1][9] Group 1: Nvidia's Market Position - Nvidia's stock has seen a decline of nearly 10% from its August peak, resulting in a market cap loss of approximately $470 billion, despite still being the highest valued company globally [9] - The company is facing increased competition from Broadcom, which has reported strong earnings and growth projections, leading to adjustments in Nvidia's long-term performance expectations by analysts [2][5] Group 2: Broadcom's Performance - Broadcom's semiconductor revenue related to AI infrastructure reached approximately $5.2 billion in Q3, with a year-over-year growth of 63%, exceeding Wall Street's expectations [4] - The company has secured over $10 billion in AI infrastructure orders from a major client, OpenAI, and anticipates a revenue growth rate of 50% to 60% for AI-related revenue in fiscal 2026 [5] Group 3: AI ASIC vs. AI GPU - AI ASIC and Nvidia's AI GPU represent two distinct technological paths in AI chips, with AI ASIC offering significant cost-effectiveness and energy efficiency advantages for large-scale cloud computing giants [3][15] - The rapid rise in demand for AI ASICs, driven by major tech companies, is expected to erode Nvidia's market share in the AI chip sector, which currently holds a 90% market share [13][15] Group 4: TSMC's Role - TSMC remains a critical player in the chip manufacturing sector, benefiting from the surge in demand for AI GPUs and ASICs, with expectations of a 30% sales growth by 2025 due to increasing AI chip orders [17][18] - The company is experiencing supply constraints in advanced packaging capacity, particularly for 5nm and below processes, which is impacting Nvidia's production capabilities [18]