3 6 Ke·2026-02-27 12:19Core Viewpoint - The dramatic market reaction following Nvidia's record earnings report highlights a significant shift in AI model usage, with China's AI model call volume surpassing that of the U.S. for the first time, leading to a surge in domestic computing power demand and a reevaluation of computing value distribution in the capital markets [1][2][4][5][19]. Group 1: Nvidia's Market Reaction - Nvidia's stock fell by 5.5% on February 26, resulting in a market cap loss of nearly $260 billion (approximately 1.77 trillion RMB) [2][6]. - Despite reporting a record Q4 revenue growth of 73% to $68.1 billion, the market reacted negatively, indicating a shift in focus from short-term performance to long-term sustainability concerns regarding AI capital expenditures [6][25]. - The decline in Nvidia's stock also affected other chip manufacturers, including Broadcom, AMD, and TSMC, which saw varying degrees of stock price drops [6]. Group 2: Surge in Chinese Market - On February 27, A-share and Hong Kong markets experienced a surge in stocks related to computing power leasing, cloud computing, and electricity, with notable gains such as 20% for CloudWalk Technology and 19.91% for Jiawei New Energy [2][10][11]. - The OpenRouter platform reported that during the week of February 9-15, China's AI model call volume reached 4.12 trillion tokens, surpassing the U.S. volume of 2.94 trillion tokens for the first time [19][22]. - By February 16-22, China's call volume further increased to 5.16 trillion tokens, marking a 127% growth within three weeks [19]. Group 3: Shift in Computing Power Demand - The efficient architecture of Chinese models is reducing reliance on high-end GPUs, leading to exponential growth in domestic computing power demand [5][27]. - The "Mixture-of-Experts" (MoE) architecture used by many Chinese models significantly lowers inference costs, allowing for a substantial increase in token usage without a corresponding increase in GPU demand [25][26]. - The cost of processing tokens with Chinese models is significantly lower compared to their U.S. counterparts, with prices as low as $0.3 per million tokens compared to $5 for foreign products [27]. Group 4: Future Outlook - Analysts predict that the demand for domestic computing power will continue to grow exponentially, with a projected compound annual growth rate of 330% for China's token consumption from 2025 to 2030, leading to a 370-fold increase in just five years [27][28]. - The success of Chinese AI models in the global market is expected to validate their performance and cost competitiveness, potentially expanding the domestic computing power market beyond just serving local giants to a global audience [28].