Nvidia(US:NVDA) Xin Lang Cai Jing·2025-12-03 08:57Core Viewpoint - The market outlook for the computing power chain's beta is cautious, with significant changes in the landscape, particularly due to competition from Google's new AI model, Gemini 3, and growing skepticism towards the Scaling law [1][3]. Group 1: Market Dynamics - The current market logic is heavily influenced by Nvidia's ecosystem, but this is shifting as Google introduces competitive AI models [3]. - The Scaling law, which posits that model performance improves with increased scale, is facing challenges as recent data shows diminishing returns on performance with larger models [3]. Group 2: Impact on Domestic Computing Power Chain - The potential sale of H200 chips by Nvidia to China could significantly impact the sentiment around domestic computing power chains, given Nvidia's strong CUDA ecosystem [3][4]. - The beta for domestic computing power chains is influenced by external factors, including geopolitical considerations and technological advancements [3]. Group 3: AI Edge and Applications - There is a more optimistic outlook for the beta of AI edge and applications, aligning with the strategic positioning of domestic companies [2][4]. - The AI edge represents a complex ecosystem that integrates large models into consumer electronics, applications, data mining, and digital asset cycles, with Chinese manufacturers poised to leverage their production capabilities [2][4]. - The development of AI applications and data resources is expected to create a significant flywheel effect, generating substantial wealth that could benefit the domestic market [4].