Nvidia(US:NVDA) Wind万得·2025-11-20 23:29Core Viewpoint - The market sentiment has shifted from enthusiasm to caution following Nvidia's impressive earnings report, leading to a significant decline in U.S. stock indices, particularly in technology stocks [2][5][9]. Market Performance - On the day of the report, the Dow Jones Industrial Average fell by 386.51 points (0.84%) to 45,752.26, the S&P 500 dropped 1.56% to 6,538.76, and the Nasdaq Composite decreased by 2.16% to 22,078.05, showcasing a dramatic reversal from earlier gains [2][3]. - Nvidia's stock initially rose by 5% after reporting a 62% year-over-year revenue increase to $57.01 billion, but closed down nearly 3% due to increased selling pressure [9][10]. Nvidia's Earnings Report - Nvidia's CEO Jensen Huang highlighted unprecedented demand for their new AI chip, code-named "Blackwell," and dismissed concerns about an AI bubble [5][10]. - Despite strong fundamentals, analysts expressed concerns about Nvidia's valuation, with Deutsche Bank stating the stock is "fairly valued" at current levels [9][10]. - The earnings report not only demonstrated robust business expansion but also addressed market concerns regarding AI scalability, demand, and supply chain issues [10][11]. Market Reactions - Nvidia's strong performance initially boosted related stocks like AMD and Broadcom, but the overall market decline led to a reversal in these gains [11]. - The release of the September non-farm payroll report, showing an increase of 119,000 jobs, dampened expectations for a Federal Reserve rate cut in December, further impacting market sentiment [5][6]. Sector Rotation - As technology stocks faced pressure, defensive stocks like Walmart saw gains, reflecting a shift in investor focus from high-valuation tech stocks to more stable consumer stocks [7][11]. - The market is currently navigating the balance between growth and value stocks, as well as between risk assets and safe havens, amid fluctuating interest rate expectations [7][11].