美股IPO·2025-10-29 07:37Core Insights - The market is showing signs of fatigue regarding the AI trading frenzy, despite significant stock price increases for companies like Nvidia and Microsoft [3][9] - Concerns about "circular investment" are emerging, indicating skepticism about the sustainability of revenue and the authenticity of demand within the AI ecosystem [9][10] - The S&P 500 index reached a historical high, but 398 constituent stocks declined, marking a record for the number of declining stocks at such a peak [3][10] Group 1: Market Performance - Nvidia's market capitalization surged by $245 billion in a single day, driven by over 15 major collaborations announced on October 28 [3][5] - Microsoft also saw a significant increase in market value, adding $80 billion following its partnership announcements with OpenAI [3][9] - The Nasdaq 100 and Philadelphia Semiconductor Index both reached all-time highs, reflecting the concentrated gains among a few AI-related giants [3][9] Group 2: Major Collaborations - Nvidia announced a $1 billion equity investment in Nokia, resulting in a 23% increase in Nokia's stock price and a $10 billion rise in its market capitalization [5][6] - Other companies collaborating with Nvidia include Uber, Eli Lilly, Super Micro, and Palantir, among others, indicating a broad interest in AI applications across various sectors [7][8] - PayPal's partnership with OpenAI to expand payment functionalities in ChatGPT led to a 4% increase in its stock price, adding $3 billion to its market cap [6] Group 3: Market Skepticism - Despite the positive stock performance, market participants are increasingly skeptical about the sustainability of these gains, with "circular investment" being a primary concern [9][10] - Nvidia's CEO Jensen Huang attempted to dispel fears of an AI bubble by highlighting $500 billion in revenue visibility through upcoming product lines, but this did not fully alleviate market doubts [10] - The divergence between the equal-weighted S&P 500 index and the market-cap weighted index indicates a significant concentration of gains among a few AI leaders, raising concerns about overall market health [10]