Nvidia(US:NVDA) Xin Lang Cai Jing·2025-11-21 06:23Core Viewpoint - Nvidia CEO Jensen Huang rejects the notion of an AI bubble, asserting that the company is experiencing a "virtuous cycle" in AI development and demand for computing power is exponentially increasing [1][5]. Group 1: Demand and Orders - The demand for computing power is described as "exponentially increasing," with Nvidia's Blackwell chips selling exceptionally well, indicating strong business performance [1]. - Nvidia has $500 billion in AI chip orders that are scheduled for delivery up to 2026, showcasing robust future demand [1]. Group 2: Client Base and Investment - Major clients include OpenAI, Google, Microsoft, Amazon, and Meta, which signifies substantial investments in computing infrastructure, suggesting that the industry is not experiencing a bubble [2]. - The involvement of tech giants in AI development indicates genuine financial commitment, reducing the likelihood of financial misrepresentation and bubble conditions [2]. Group 3: Market Position and Risks - Nvidia's market capitalization is approximately 1.14 times that of Apple, reflecting significant investor interest, although this does not imply an uncontrollable market situation [3]. - There are concerns regarding the concentration of risk, particularly with OpenAI's leadership and Nvidia's reliance on TSMC for chip production, which could pose challenges if issues arise [4]. - The lifecycle of computing chips is around four years, necessitating continuous purchases from Nvidia by AI firms, which could create dependency risks [4].