美媒：英伟达也技穷了？华尔街陷入分裂，AI泡沫破裂进入倒计时？

Core Insights - Nvidia's recent earnings report, which initially caused a surge in stock price, ultimately led to a decline, indicating a shift in market sentiment and expectations [3][4] - The market's threshold for "good news" has significantly increased, with investors questioning sustainability and profitability despite Nvidia's strong performance [5][6] Market Sentiment - Wall Street is experiencing a divide between optimistic and skeptical investors, with the former viewing recent pullbacks as a temporary adjustment in a bull market [6][7] - Skeptics are concerned about high valuations and systemic risks associated with "circular financing," where major companies invest in startups that in turn purchase services from them, creating a false sense of prosperity [7][9] Financial Data - Major tech companies like Microsoft, Amazon, Meta, and Alphabet contribute over 40% of Nvidia's revenue and plan to increase capital expenditures by 34% to a total of $440 billion in the next 12 months [9] - Despite Nvidia's optimistic guidance, concerns arise regarding the ability of these companies to convert high spending on GPUs into sustainable profits [9][10] Stock Performance - CoreWeave Inc. has seen a 46% drop in stock price, while Oracle's shares fell by 24%, marking the largest monthly decline since the 2001 internet bubble burst [11][12] - The semiconductor sector is also under pressure, with related indices dropping 11% in November and popular stocks like AMD and Arm experiencing declines over 20% [16] Future Outlook - The AI investment cycle is still perceived as in its early stages, but the era of easy capital and storytelling to attract investment may be coming to an end [17][18] - Investors are urged to seek clear paths to return on investment, as the current environment is fraught with uncertainty and potential volatility [18]