如何看待美股AI估值争议？

Core Viewpoint - Nvidia reported better-than-expected Q3 earnings, with revenue of $57.01 billion, surpassing market expectations of $54.92 billion, and a year-over-year growth of 62%. Net profit reached $31.91 billion, a 65% increase year-over-year, which may alleviate concerns about AI valuations in the stock market [1] Group 1: Nvidia's Financial Performance - Nvidia's Q3 revenue was $57.01 billion, exceeding market expectations of $54.92 billion, representing a 62% year-over-year increase [1] - The company's net profit for Q3 was $31.91 billion, reflecting a 65% year-over-year growth [1] Group 2: AI Industry Valuation Concerns - Recent discussions in the capital markets have focused on whether AI industry valuations are excessively high, with Nvidia's strong earnings potentially easing these concerns [1] - The current AI boom in the U.S. is largely driven by supply-side investments from tech giants like Microsoft, Google, and Meta, who are heavily investing in Nvidia's GPUs to build computing power centers [2] Group 3: Historical Context and Future Outlook - The competitive capital expenditures in AI infrastructure have led to a situation where supply exceeds current demand, drawing parallels to the internet bubble of 2000 [2] - Historical tech revolutions often experience bubbles as a necessary phase, providing funding for technological advancements, suggesting that the current accumulation of computing power may be essential for the development of General Artificial Intelligence (AGI) [2] Group 4: Challenges Ahead for Tech Giants - Tech giants are entering a challenging phase where the marginal benefits of simply stacking computing power are diminishing, and there is increasing pressure for revenue and profit margins [3] - Investors are shifting focus from future potential to actual revenue data, indicating a critical moment in the dynamic competition between technology advancement and commercialization [3] Group 5: Need for Patience and Confidence - A potential resolution to the valuation debate could involve a "time for space" process, where gradual technology application helps justify high valuations, requiring investor patience and confidence in long-term technological cycles [4]