第一财经·2025-11-24 11:16Core Viewpoint - The article discusses the ongoing debate around the "AI bubble" and the volatility of stock prices related to computing power, particularly focusing on Nvidia and its impact on the A-share market, specifically Industrial Fulian [1][3]. Group 1: Stock Performance - Nvidia's stock price fell for two consecutive days after releasing a quarterly report that exceeded market expectations [1]. - Industrial Fulian's stock price has also been volatile, dropping 30.77% from October 30 to November 24, resulting in a market value loss of over 400 billion yuan [1][5]. Group 2: Company Performance and Clarifications - Industrial Fulian clarified rumors regarding a downward adjustment of its fourth-quarter performance targets and cabinet shipment expectations, stating that operations are proceeding as planned with strong customer demand [5][6]. - Both Industrial Fulian and Nvidia reported quarterly results that surpassed market expectations, with Nvidia achieving revenues of $57 billion, a 62% year-over-year increase, and a net profit of $31.9 billion, up 65% [6]. Group 3: Market Dynamics and Competition - Institutional investors have reduced their holdings in Nvidia, with Bridgewater cutting its stake by nearly two-thirds and Thiel Macro Fund selling approximately 537,000 shares, representing nearly 40% of its portfolio [6]. - Nvidia's partnership with OpenAI is under scrutiny as Google has made significant advancements in AI, potentially impacting OpenAI's economic position [7]. - The future server shipments of Industrial Fulian are expected to correlate with Nvidia's AI chip demand, with Morgan Stanley estimating that 28% of Nvidia's HGX/DGX servers in 2024 will come from Industrial Fulian [7].