黄仁勋和马斯克，谁才是“时代的司机”？

Core Insights - Huang Renxun expressed frustration that the market does not fully recognize Nvidia's impressive quarterly performance, indicating that high expectations make it difficult for the company to please investors [2][6] - Nvidia's stock price has dropped 9% in November and over 13% in the past month, despite reporting a 62% year-over-year revenue growth and a 65% increase in net profit, which exceeded Wall Street expectations [6][21] Group 1: Market Perception and Performance - Huang Renxun mentioned that Nvidia is in a "no-win" situation where any poor quarterly report could be seen as evidence of an AI bubble, while a strong report could be interpreted as fueling that bubble [6][15] - The company is compared to past tech giants like Intel and Microsoft, who also faced market skepticism despite strong performance, highlighting a historical pattern of investor concerns over sustainability and future growth [11][12] Group 2: Competitive Landscape - Nvidia is currently the dominant player in the AI chip market, akin to the "Wintel" alliance during the PC era, but faces increasing competition from companies like Google and Amazon, who are developing their own AI chips [21][26] - Google's recent advancements with its TPU chips and the launch of Gemini 3 have raised concerns for Nvidia, as these developments could attract Nvidia's customers and challenge its market position [23][24] Group 3: Industry Dynamics - The AI era is still in its early stages, having only begun in earnest with the emergence of ChatGPT, and the competition for leadership in this space is intensifying [22][28] - Huang Renxun's acknowledgment of the competitive pressures and the need for Nvidia to maintain its innovation pace reflects the broader challenges faced by industry leaders in adapting to rapid technological changes [28]