Nvidia(US:NVDA) 投中网·2025-11-21 08:22Core Viewpoint - The article discusses the recent performance of Nvidia and its implications for the AI market, highlighting both the strong quarterly results and the ongoing concerns about a potential AI bubble [4][6][22]. Financial Performance - Nvidia reported a third-quarter revenue of $35.1 billion, with data center revenue contributing $30.8 billion, a year-on-year increase of 112%, significantly exceeding Wall Street's expectation of $28.82 billion [9]. - The non-GAAP earnings per share were $0.81, up 103% year-on-year, and net profit reached $19.3 billion, a substantial increase from $9.24 billion in the same period last year [9]. - For the upcoming fourth quarter, Nvidia expects revenue of $37.5 billion (with a 2% margin of error) and a gross margin of 73.5%, indicating strong confidence in future growth [9][10]. Market Reaction - Following Nvidia's earnings report, the stock price surged by 5% in after-hours trading, reversing a previous three-week decline of 10% [6]. - However, the positive market reaction was short-lived, with the Nasdaq dropping 2.15% and Nvidia's stock falling by 3.2% the following day [6][7]. AI Market Dynamics - Nvidia's strong performance is seen as a sign of continued growth in the AI market, alleviating some concerns about an "AI bubble" [6][17]. - The company has delivered 13,000 samples of its new Blackwell architecture chips, which are expected to drive significant revenue in the upcoming quarter [10]. - Nvidia's data center business has surpassed $50 billion in quarterly sales, indicating robust investment in AI infrastructure globally [17]. Investor Sentiment - Despite Nvidia's strong results, investor sentiment remains cautious, with concerns about the sustainability of AI investments and the potential for a market correction [16][20]. - Approximately 45% of global fund managers believe there is an "AI bubble," raising questions about the health of the market [20]. Industry Challenges - Nvidia faces challenges related to supply chain management and the need for substantial capital investments to meet growing demand for AI systems [14]. - The company is also navigating concerns about the sustainability of AI companies that are heavily investing in infrastructure but may not deliver proportional returns [19][23]. Broader Economic Context - The article draws parallels between the current AI investment climate and the internet bubble of the early 2000s, with warnings from economists about potential overvaluation [22]. - However, contrasting views from figures like Federal Reserve Chair Jerome Powell suggest that the current situation differs due to the presence of actual profits among high-valuation companies [22].