从「易中天」到英伟达，AI套现潮来袭

Core Viewpoint - A significant "cash-out wave" is sweeping through the global AI industry, with executives selling shares, raising concerns about potential structural risks in the sector [4][6]. Group 1: Cash-Out Wave - The cash-out trend involves major players across the AI supply chain, from chip manufacturers to cloud computing companies, leading to heightened market vigilance [5]. - Executives, including NVIDIA's CEO Jensen Huang, have been selling shares as part of pre-planned trading strategies, indicating a rational financial decision rather than a negative outlook on the AI industry [8][9]. - Huang has sold approximately 5.325 million shares of NVIDIA this year, cashing out over $920 million, with the selling activity closely aligned with stock price movements [9][11]. Group 2: Market Reactions and Implications - The cash-out actions of NVIDIA executives are part of a broader trend in the AI industry, with other companies like CoreWeave and Chinese firms also experiencing significant insider selling [13][14]. - Despite the large-scale selling, the immediate impact on stock prices is expected to be manageable due to the high proportion of institutional holdings and the structured nature of the sell-offs [15][16]. - The AI industry's explosive growth continues to bolster market confidence, mitigating the risks associated with executive sell-offs [19]. Group 3: Structural Risks - While the cash-out wave does not necessarily indicate a pessimistic view of the AI industry's future, it highlights potential systemic risks, including overvaluation and reliance on external financing [24][28]. - The rapid increase in capital expenditures in the AI sector has not translated into proportional profit growth, raising concerns about the sustainability of current valuations [27][29]. - If external financing costs rise or become difficult to obtain, it could lead to reduced capital expenditures, negatively impacting suppliers and potentially triggering a market correction [30][31].