AI泡沫论再起，但这次不一样 | 小白商业观

Core Viewpoint - The article discusses the concerns surrounding the AI bubble following Nvidia's market capitalization reaching $5 trillion, highlighting the collective weakness in global AI stocks and the renewed debate about market bubbles [2][3]. Group 1: Market Dynamics - The current market correction is largely a recalibration of short-term valuation anchors and profit realization speeds after a period of extreme optimism, representing a financial phenomenon rather than a refutation of the underlying industry logic [2][3]. - The influx of capital into AI infrastructure is likened to an "industrial bubble," where even if the bubble bursts, it will leave behind beneficial legacies such as advanced computing power and models that will support future innovations [4][5]. Group 2: Historical Context - The article draws parallels between the current AI situation and historical bubbles, such as the 17th-century tulip mania and the 2000 internet bubble, emphasizing that while bubbles can lead to significant losses, they can also lay the groundwork for future technological advancements [3][4]. - The infrastructure built during the internet bubble, such as excess fiber optic networks and data centers, ultimately contributed to the success of the mobile internet era, suggesting that the current AI investments may similarly yield long-term benefits [3][4]. Group 3: Future Outlook - The maturity of AI technology, the scale of capital investment, and the authenticity of commercial demand indicate that the current AI wave has a higher certainty of success compared to past technological revolutions [4][5]. - The article posits that the real concern regarding the AI bubble should not be short-term market fluctuations but rather the ability to maintain a long-term perspective, as excessive fear of bubbles could lead to missed opportunities in the next era of innovation [5].