Nvidia(US:NVDA) 美股IPO·2025-11-20 13:09Core Viewpoint - Concerns about an AI bubble are not primarily an issue for Nvidia, but rather for companies that are heavily borrowing to build data centers, which may face liquidation in two to three years when capacity becomes saturated [1][3]. Group 1: Nvidia's Performance and Market Sentiment - Nvidia's revenue and forecasts have exceeded market expectations, with CEO Jensen Huang stating that the situation observed is different from the AI bubble narrative [3][6]. - Nvidia has secured $500 billion in orders for advanced chips before 2026, indicating strong demand from major clients like Microsoft, Amazon, Google, and Meta [3][4]. - Some analysts believe that the strong performance of Nvidia only reflects robust infrastructure spending and does not indicate the true maturity of the AI economy [3][6]. Group 2: Debt and Data Center Concerns - Analysts warn that the real risk lies in the financing model of data centers, which are often funded through significant debt by major cloud service providers [5][6]. - The speculative nature of data center investments may lead to challenges when global capacity reaches saturation in two to three years [6][8]. - Concerns are raised about the thin revenue of AI developers like OpenAI compared to their substantial expenditures, which may unsettle investors [6][8]. Group 3: Market Dynamics and Future Outlook - Despite potential challenges for AI startups, Nvidia is expected to continue selling products to large cloud service providers and sovereign AI projects, supporting its market valuation [7][8]. - Analysts express a divided view on whether the current infrastructure boom is sustainable or indicative of a bubble, with some seeing Nvidia's results as a positive signal for long-term growth in AI demand [8][9]. - Nvidia's CEO has countered the AI bubble narrative, emphasizing a different perspective on the market's trajectory [9].