Di Yi Cai Jing·2025-11-24 10:58Core Viewpoint - The stock price of Industrial Fulian has been declining, influenced by the fluctuations in Nvidia's AI chip demand and ongoing discussions about the "AI bubble" [1][5] Group 1: Stock Performance - Industrial Fulian's stock price has dropped 30.77% from October 30 to November 24, resulting in a market value loss of over 400 billion yuan [1] - As of November 24, Industrial Fulian's stock closed down 7.8% [1] Group 2: Earnings and Market Reactions - There are rumors regarding Industrial Fulian lowering its fourth-quarter performance targets and cabinet shipment expectations, which have raised investor concerns [3] - Industrial Fulian clarified that its fourth-quarter operations, including shipments of Nvidia's GB200 and GB300 products, are proceeding as planned, with strong customer demand [3][4] - Both Industrial Fulian and Nvidia reported quarterly earnings exceeding market expectations, with Nvidia achieving revenue of $57 billion and net profit of $31.9 billion for the third quarter of fiscal 2026, marking year-on-year increases of 62% and 65% respectively [4] - Industrial Fulian's third-quarter revenue reached 243.172 billion yuan, a year-on-year increase of 42.81%, and net profit was 10.373 billion yuan, up 62.04% [4] Group 3: Institutional Actions - Some institutions have reduced their holdings in Nvidia, with Bridgewater significantly cutting its stake by nearly two-thirds in the third quarter [4] - Thiel Macro Fund sold approximately 537,000 shares of Nvidia, representing nearly 40% of its investment portfolio [4] Group 4: Competitive Landscape - Nvidia's partnership with OpenAI is under scrutiny, especially as Google has made significant advancements in AI with its Gemini 3 model, potentially impacting OpenAI's economic position [5] - Google's progress in AI may alter the competitive landscape, as it has developed chips that reduce reliance on Nvidia's GPUs [5] - As a core supplier to Nvidia, Industrial Fulian's server shipments will be closely tied to Nvidia's AI chip demand, with Morgan Stanley estimating that 28% of Nvidia's HGX/DGX servers in 2024 will come from Hon Hai and its subsidiary Industrial Fulian [5]