Hua Er Jie Jian Wen·2025-11-23 07:21Core Insights - The "success breeds success" model in the AI sector is facing skepticism from investors [1] - Despite Nvidia's latest earnings exceeding market expectations, its stock price fell, indicating a shift in market sentiment [1][5] - Investors are increasingly cautious about long-term AI investment strategies, focusing instead on short-term profitability [3][5] Group 1: Market Sentiment Shift - Current market sentiment has shifted from the belief that AI investments will inevitably yield returns to a more cautious approach [3] - Investors are less interested in long-term strategies that require significant upfront investment, preferring AI business models that can achieve profitability in the near term [3][5] Group 2: Reevaluation of Spending for Growth - AI service providers are facing a core issue where the cost of providing services exceeds what customers are willing to pay, leading to greater losses as customer numbers increase [4] - The strategy of subsidizing customer growth through shareholder funding is being scrutinized, as investors are reluctant to continue funding high-risk, uncertain returns [4] Group 3: Focus on Short-Term Profitability - The market's focus is shifting from long-term visions to immediate profitability, with companies like Alphabet demonstrating a clear path to monetization [5] - This transition is putting pressure on companies that rely on long-term narratives, such as Meta Platforms and OpenAI, as investors demand clearer profitability pathways [5]