突然，全球疯传。。

Group 1 - The core argument presented by financial market researcher Shanaka Anslem Perera is that Nvidia is involved in a $610 billion Ponzi-like funding cycle, raising concerns about its financial health [2][5]. - Perera highlights Nvidia's accounts receivable, which amount to $33.4 billion, showing a year-on-year increase of 89%, and notes that the collection period has extended from 46 days to 53 days, indicating potential cash flow issues [5][9]. - He suggests that there is a circular flow of funds within the AI industry, where investments from large companies like Nvidia and Microsoft are being recycled among startups, leading to inflated revenue figures without corresponding cash inflows [9][12]. Group 2 - The current market sentiment is fragile, as evidenced by the significant drop in tech stocks and the subsequent reactions from the Federal Reserve, which has taken measures to reassure the market [4][12]. - Perera's predictions include a timeline for Nvidia's potential financial collapse, suggesting that by February 2026, overdue accounts will be revealed, leading to credit rating downgrades and financial restatements within a short period [9][12]. - Despite the alarming claims, the underlying industry data remains strong, with continued demand for enterprise AI and high profit margins, indicating that the market correction may be a shift from "overly optimistic" to "normally optimistic" rather than a drastic downturn [13][12]. Group 3 - The A-share market has shown signs of weakness, with significant net inflows into stock ETFs, indicating a shift in investor sentiment towards more stable investments amidst market volatility [15][21]. - Recent trading data shows that on November 21, the Shanghai Composite Index fell by 2.45%, while stock ETFs saw a net inflow of 40.755 billion yuan, reflecting a trend of buying on dips [15][16]. - For the month of November, ETF funds have accumulated a net inflow of 103.16 billion yuan, with specific ETFs like the CSI 500 ETF and the ChiNext ETF receiving substantial investments, highlighting a preference for sectors with solid performance [21][22].