Di Yi Cai Jing·2025-11-24 11:58Core Viewpoint - The ongoing discussion around the "AI bubble theory" continues as stock prices of several computing power-related companies fluctuate, particularly following Nvidia's recent quarterly earnings report which exceeded market expectations but led to a two-day stock price decline [2]. Group 1: Company Performance - Nvidia reported a revenue of $57 billion for the third quarter of fiscal year 2026, marking a 62% year-over-year increase, with a net profit of $31.9 billion, up 65% [4]. - Industrial Fulian achieved record high quarterly revenue of 243.17 billion yuan, a 42.81% year-over-year increase, and a net profit of 10.373 billion yuan, reflecting a 62.04% increase [4]. Group 2: Market Reactions and Speculations - Industrial Fulian's stock price has seen a cumulative decline of 30.77% from October 30 to November 24, resulting in a market value loss exceeding 400 billion yuan [2]. - There are rumors regarding Industrial Fulian lowering its fourth-quarter performance targets and cabinet shipment expectations, which the company has denied, stating that operations are proceeding as planned and customer demand remains strong [4]. Group 3: Institutional Actions - Some institutions have reduced their holdings in Nvidia during the third quarter, with Bridgewater significantly cutting its stake by nearly two-thirds and Thiel Macro Fund selling approximately 537,000 shares, representing nearly 40% of its portfolio [5]. Group 4: Competitive Landscape - Nvidia's partnership with OpenAI is under scrutiny as Google has made significant advancements in AI with its Gemini 3 model, which has outperformed OpenAI in various benchmarks, potentially impacting OpenAI's economic position [5]. - Morgan Stanley estimates that 28% of Nvidia's HGX/DGX servers in 2024 will come from Hon Hai and its subsidiary Industrial Fulian, indicating a strong link between Nvidia's AI chip demand and Industrial Fulian's server shipments [6].