第一财经·2025-10-29 09:22Core Viewpoint - The article discusses the significant market capitalization milestones achieved by major tech companies like Microsoft, Nvidia, and Apple, driven by the ongoing AI revolution, while also raising concerns about the sustainability of their growth momentum and the potential for an AI bubble [3][4][16]. Group 1: Market Capitalization Milestones - On October 28, 2023, Nvidia reached a market capitalization of $4.89 trillion, Microsoft surpassed $4 trillion, and Apple was close to $4 trillion, highlighting the impact of AI on their valuations [3][4]. - Nvidia's rapid rise in market value from $4 trillion to nearly $5 trillion in just three months is attributed to its advancements in chip architecture and strategic investments in companies like OpenAI and Intel [4][5]. Group 2: AI Investment and Growth Potential - The article emphasizes the critical role of AI in reshaping the tech industry, with Nvidia leading in upstream computing power, Microsoft in midstream ecosystem support, and Apple in downstream consumer products [4]. - Microsoft announced a new agreement with OpenAI, extending its investment in the company to approximately $135 billion, which is expected to enhance its Azure cloud services [6][7]. Group 3: Sales Performance and Consumer Demand - Apple's strong sales performance for the iPhone 17 series, which saw a 14% increase in sales compared to the iPhone 16 series, is a key driver of its market valuation [10][11]. - The demand for the iPhone 17 Pro Max in the U.S. has been particularly strong, indicating a positive consumer response to the new product line [10]. Group 4: Challenges and Competitive Landscape - Nvidia faces challenges in the Chinese market, where its market share has dropped significantly, and it must navigate increasing competition from companies like AMD and Google, which are also investing heavily in AI technologies [12][14]. - Microsoft is dealing with operational challenges, including layoffs and adjustments in its Azure cloud business, which have affected its growth expectations [13][14]. Group 5: AI Bubble Debate - The article highlights the ongoing debate about the existence of an AI bubble, with some investors expressing concerns about the sustainability of high valuations in the tech sector, while others argue that the current investments in AI infrastructure are justified [16][18]. - Prominent figures in finance, such as Larry Fink and Cathie Wood, suggest that the current AI spending is not indicative of a bubble, but rather a necessary investment for future growth [17][19].