Nvidia(US:NVDA) Zhi Tong Cai Jing·2025-11-19 09:25Group 1 - Concerns over the sustainability and high valuations of AI trading have led to a decline in global stock markets, including the US [1] - Nvidia's upcoming earnings report is viewed as a critical moment for the market, with potential to shift sentiment back to optimism despite recent cooling expectations for AI [1] - The S&P 500 index has dropped over 3% this month, marking its worst monthly performance since March, amid rising market volatility [1] Group 2 - Goldman Sachs' President John Waldron believes the current market pullback is healthy, indicating that the market has accumulated significant gains this year [2] - Waldron highlighted the importance of Nvidia's earnings report and the ongoing debate about whether companies can achieve expected returns on capital investments in AI [2] - Apollo Global Management's CEO Marc Rowan downplayed concerns about systemic risks in the credit market, suggesting that credit indicators are improving rather than deteriorating [2] Group 3 - Bob Diamond, former Barclays CEO, described the recent market turbulence as a "healthy pullback," emphasizing the need to assess the impact of technological changes over a longer time frame [3] - Diamond noted that AI could be a positive force in controlling inflation and enhancing global economic productivity, despite some confusion over valuations [3] - Algebris Investments' CEO Davide Serra expressed a more pessimistic outlook, advising investors to reduce exposure to top global tech companies due to potential significant adjustments [3][4] Group 4 - Serra's pessimism stems from doubts about the revenue potential of the AI revolution, suggesting that achieving sufficient income to justify AI investments by 2030 is unlikely [4] - Concerns about the dollar's status as the dominant global currency have been overstated, according to executives from Singapore's GIC and Franklin Templeton [4] - Temasek's CEO mentioned that a weakening dollar has led to increased hedging costs as many are seeking to mitigate depreciation risks [4]