华尔街见闻·2025-11-23 11:00Core Insights - The "build first, succeed later" model in the AI sector is facing skepticism from investors [1] - Nvidia's latest earnings report exceeded market expectations, yet its stock price fell, indicating market volatility [1] - The market sentiment has shifted from expecting guaranteed returns on AI investments to a more cautious approach [3] Market Sentiment Shift - Investors are moving away from long-term strategies that involve significant upfront investments, focusing instead on AI business models that can achieve profitability in the near term [3][5] - This shift creates new pressures for AI companies and infrastructure providers that rely on long-term visions [3] Reevaluation of "Burning Cash for Growth" - AI service providers are grappling with the issue of service costs exceeding what customers are willing to pay, leading to increased losses as customer numbers grow [4] - The strategy of subsidizing customer growth through shareholder funding is being questioned, as investors are reluctant to continue funding high-risk ventures [4] Focus on Short-Term Profitability - The market's attitude towards AI investments is evolving from a belief in inevitable returns to a more cautious evaluation of profitability [5] - Despite this shift, major companies like Nvidia and Microsoft have still seen significant stock price increases this year, indicating ongoing interest in AI [5] Demand for Clear Profitability Pathways - The market is moving away from speculative hype and is demanding companies to demonstrate clear paths to profitability [6] - Companies that rely on long-term narratives, such as Meta Platforms and OpenAI, are under pressure due to this shift in investor focus [6]