Sou Hu Cai Jing·2025-11-26 03:36Core Viewpoint - The AI trading market is experiencing volatility, with Nvidia showing signs of distress as Google gains momentum in the AI sector [1][8]. Group 1: Nvidia's Market Performance - Nvidia's stock price fell over 7% at one point, closing down approximately 2.6%, marking a new closing low in over two months [2]. - The company's total market capitalization has dropped to $4.32 trillion, having lost nearly $1 trillion from its peak of $5.15 trillion at the end of October [3][4]. - Year-to-date, Nvidia's stock has risen over 32%, while Google's stock has surged by 73%, with its market cap nearing $4 trillion [6]. Group 2: Competitive Landscape - Google's AI advancements, particularly with its Gemini 3 model and TPU chips, are perceived to be challenging Nvidia's dominant position in the AI chip market [9][10]. - There are reports that Meta, a major client of Nvidia, is in discussions with Google to use its chips, which could potentially allow Google to capture 10% of Nvidia's annual revenue, translating to billions in new income for Google [11][12]. Group 3: Analyst Sentiment and Market Dynamics - Nvidia has issued a rare statement asserting that its GPUs remain a generation ahead of competitors, emphasizing their performance and versatility compared to ASIC chips [13]. - Notably, prominent short-seller Michael Burry has reiterated his bearish stance on Nvidia, likening the current AI hype to the internet bubble and suggesting Nvidia is at the center of a potential market collapse [14]. - In response to Burry's criticisms, Nvidia has attempted to clarify its position on various allegations, but this may have exacerbated market fears regarding AI investment and competition [15].