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Core Viewpoint - Nvidia, once hailed as the "AI stock king," has experienced a dramatic decline in stock price, resulting in an evaporation of $800 billion in market value, leading to investor exodus and concerns about the sustainability of its previous success [2][3]. Market Dynamics - The tech industry often operates on the principle that expectations precede performance, and when these expectations become unrealistic, a market correction is inevitable [3]. - Nvidia's rise was fueled by explosive demand for AI computing power, making its GPU chips essential, but this led to an inflated stock price detached from actual business fundamentals [3][7]. Industry Competition - Nvidia's CEO Huang Renxun acknowledged a "no-win situation," indicating a recognition of industry dynamics where reliance on a single market can be risky [5]. - The emergence of competitors, such as Google's Gemini3 and fourth-generation TPU chips, has begun to disrupt Nvidia's previously dominant position in the AI training and inference market [8][10]. Technological Evolution - The rise of Application-Specific Integrated Circuits (ASICs) is a natural progression as AI technology matures, with specific computing needs becoming more nuanced, highlighting the limitations of general-purpose GPUs [10]. - The shift towards self-developed chips and proprietary models by tech giants is fostering a more diverse and healthy AI computing ecosystem, moving away from Nvidia's previous monopoly [12]. Market Demand - The recent market fluctuations have prompted questions about the genuine demand for AI computing power, with concerns about whether the orders from leading tech companies reflect true market needs or are merely strategic positioning [14]. - Current applications in industrial quality inspection, medical diagnostics, and consumer AI demonstrate that the demand for computing power is real, albeit not yet fully monetized [14][16]. Future Outlook - The decline in speculative capital can redirect resources towards technological research and practical applications rather than mere stock price speculation [16]. - The evolution of the AI industry is characterized by a transition from capital-driven hype to a focus on value creation, where companies that can effectively translate AI technology into real-world solutions will emerge as leaders [14][17].