Nvidia(US:NVDA) Zhi Tong Cai Jing·2025-10-14 13:53Group 1 - The core viewpoint of the article is that current AI financing, led by OpenAI and its partnerships, does not resemble a historical bubble, despite concerns about "circular financing" among tech giants [1][2][3] - OpenAI has formed significant partnerships, including a $300 billion cloud infrastructure deal with Oracle, a $10 billion custom chip collaboration with Broadcom, and a $100 billion partnership with NVIDIA for deploying AI systems [1][2] - Concerns about potential bubbles arise from inter-company investments and dependencies, but UBS argues that the scale of these transactions is manageable and tied to performance rather than speculative commitments [1][2] Group 2 - The financial health of leading AI companies is significantly stronger than that of internet companies during the late 1990s, with major tech firms expected to generate $203 billion in free cash flow by 2025 [3][4] - Current AI giants have a forward P/E ratio of approximately 35, compared to around 60 for internet leaders in the 90s, indicating more reasonable valuations and better earnings predictability [3][4] - UBS emphasizes the importance of monitoring AI commercialization rates, financing trends, and GPU investment economics as potential mid-term risks [4][5] Group 3 - Investment strategies should focus on diversified exposure across the entire AI value chain, avoiding concentration in a single segment [5] - Recommended allocation includes 23% in semiconductors, which are critical for next-generation AI systems [5] - Companies should be selected based on strong fundamentals, sustainable cash flows, and scalable innovation capabilities, with a flexible and diversified approach across regions and industries [5]