一个月蒸发8000亿美元，英伟达“市值神话”为何被谷歌击穿？

Core Insights - Nvidia's CEO Jensen Huang expressed concerns about the company's position in a "no-win situation" due to high market expectations, indicating that even a slight miss in quarterly results could lead to significant market repercussions [1] - Following the release of Google's Gemini 3 model, which is perceived to have surpassed OpenAI's GPT model, Nvidia's stock experienced a sharp decline, losing over 7% in a single trading session and resulting in a market cap drop of nearly $350 billion [1][3] - Despite Nvidia's claims of maintaining a technological edge and being the only platform capable of running all AI models, investor confidence has waned, leading to significant sell-offs by major investors [4][6] Financial Performance - Nvidia reported a 62% year-over-year revenue increase to $57 billion and a 65% increase in net profit to $31.9 billion for the third quarter of fiscal year 2026, exceeding market expectations [8] - The company's stock price has fallen approximately 16% from its historical high of $212 per share, resulting in a market cap reduction of over $800 billion [1] Market Dynamics - The competitive landscape for AI infrastructure is shifting, with Google making significant advancements in AI chip development, potentially reducing reliance on Nvidia's GPUs [7][8] - Concerns have been raised regarding the sustainability of AI demand and the ability of AI investments to translate into sufficient revenue, as highlighted by prominent investors questioning the underlying demand for AI capabilities [4][9] Strategic Positioning - Nvidia has publicly defended its market position, asserting that its technology remains superior to specialized ASIC chips, emphasizing performance, versatility, and better substitutability [3][6] - The company is facing increasing competition from self-developed AI chip manufacturers, with competitors like Anthropic planning to deploy Google TPUs for their AI models, further intensifying the competitive pressure on Nvidia [8]