FT中文网精选：AI热潮与互联网泡沫：跨越25年的对比与启示

Core Viewpoint - The article discusses the significant drop in Nvidia's market value due to the emergence of China's DeepSeek, which raises concerns about a potential valuation bubble in the AI industry, drawing parallels to the internet bubble of the early 2000s [4][5][6]. Group 1: Nvidia's Market Performance - On January 27, 2025, Nvidia experienced a record single-day drop of 17%, losing approximately $600 billion in market value, marking the highest single-day loss for a company in U.S. stock market history [4]. - Nvidia's stock had previously surged by 239% in 2023 and an additional 171% in 2024, leading to investor skepticism regarding whether its valuation had peaked [4]. Group 2: DeepSeek's Impact - DeepSeek's launch of a low-cost, open-source model, DeepSeek-R1, is seen as a catalyst for Nvidia's market decline and highlights the competitive pressure from Chinese companies in the global AI landscape [4][6]. - The technological advancements and cost control demonstrated by DeepSeek are intensifying global competition and prompting a reevaluation of AI industry valuations [3][4]. Group 3: Market Reflections and Comparisons - The article draws a comparison between the current AI investment frenzy and the internet bubble of 25 years ago, suggesting that both phenomena exhibit similar market dynamics and risks [5][6]. - Historical context is provided, noting that the NASDAQ index reached a peak of 5048 points in March 2000, followed by a significant market correction that resulted in a loss of $6.5 trillion in market value over two years [4][5].