“一夜之间”，每个人都在卖英伟达

Core Viewpoint - Major institutional investors are selling off Nvidia shares, indicating a shift towards risk management despite the ongoing AI hype [1][3][4] Group 1: Institutional Investor Actions - Billionaire Peter Thiel's hedge fund, Thiel Macro LLC, sold all 537,742 shares of Nvidia by the end of Q3, marking a significant exit [1][3] - Bridgewater Associates drastically reduced its Nvidia holdings by 65.3%, from 7.23 million shares to 2.51 million shares, reflecting a strategic shift from trend-following to risk management [3][4] - SoftBank also disclosed the sale of all its Nvidia shares, aligning with the trend of major institutional investors retreating from high-valuation tech stocks [3][4] Group 2: Macro Risks and Market Conditions - The collective withdrawal of institutional investors coincides with warnings from Bridgewater's founder Ray Dalio about rising systemic risks due to increasing sovereign debt and geopolitical tensions [2][4] - Bridgewater's strategy included significant investments in broad market index ETFs while divesting from several emerging market stocks, indicating a cautious approach in a tightening fiscal and monetary policy environment [4] Group 3: Analyst Expectations for Nvidia - Despite the sell-off by major investors, Wall Street analysts maintain optimistic expectations for Nvidia's upcoming earnings report, with projected adjusted earnings of $1.23 per share and revenue of $54.83 billion for the October quarter [2][5] - Analysts from D.A. Davidson and JPMorgan have reiterated buy ratings and set target prices of $250 and $215 respectively, citing strong demand trends in cloud services and computing power [5][6]