英伟达财报炸场，“AI泡沫论”能否就此平息

Core Insights - Nvidia has successfully calmed the anxious market with its recent earnings report, showing a significant year-over-year revenue growth of 65% for Q3, marking the first acceleration in two years [1][6] - The company's data center revenue reached a historic high, growing by 66% year-over-year, and its Q4 revenue guidance of $65 billion exceeded Wall Street's expectations of $62 billion [1][6] Nvidia's Market Position - Nvidia is considered the cornerstone of the AI capital expenditure chain, with its orders reflecting the total global AI investment [1] - CEO Jensen Huang emphasized the strong demand for cloud GPUs, indicating that both training and inference computing needs are growing exponentially [2][7] AI Capital Expenditure Trends - Major tech companies like Google, Amazon, Meta, Microsoft, and Oracle are projected to increase their annual capital expenditures in AI and data centers to $450 billion [4] - The overall AI capital expenditure is expected to continue rising, with estimates reaching $5 trillion for related infrastructure and facilities [11][14] Concerns and Market Dynamics - Despite Nvidia's strong performance, concerns remain regarding the sustainability of AI investments, particularly in light of OpenAI's significant capital requirements and the potential for a valuation bubble [4][12] - The market is witnessing a sell-off in AI stocks, driven by fears of overvaluation and the sustainability of revenue growth in the face of high capital expenditures [4][16] Future Outlook - The AI arms race is expected to accelerate over the next two years, with capital expenditures in the AI sector likely to continue increasing [10] - Investors are advised to focus on long-term winners in the AI space, particularly those with strong cash flows and sustainable business models [19]