英伟达有点慌了？

Core Viewpoint - Nvidia is responding to competitive pressures and short-seller criticisms through unusual public and private actions, which may indicate a lack of confidence rather than quell investor concerns [2][12]. Group 1: Market Response - Nvidia's stock fell approximately 2.6% to a new closing low in over two months after a drop of more than 7% during trading, while Alphabet's stock rose 1.6%, nearing a market capitalization of $4 trillion [2]. - Nvidia's unusual communication strategy, including a public post on social media and a private memo to analysts, has been interpreted as a sign of insecurity, as a leading company typically does not need to respond to every market noise [4][11]. Group 2: Competitive Landscape - Nvidia's market share in AI chips exceeds 90%, but concerns arise as major clients like Meta consider adopting Google's custom AI chips, Tensor Processing Units (TPUs), which could indicate a weakening of Nvidia's competitive moat [7]. - Google has stated that both its TPUs and Nvidia's GPUs are experiencing growing demand, highlighting a trend among large tech companies to diversify their AI infrastructure suppliers, which is a concern for Nvidia investors [7]. Group 3: Internal Communications - Nvidia distributed a seven-page memo to Wall Street analysts to counter criticisms from notable investors like Michael Burry, who likened the current AI hype to the late 1990s internet bubble [4][8]. - The memo addressed key points raised by critics, including accounting practices, equipment depreciation, and allegations of circular financing, asserting that Nvidia's business is fundamentally sound and transparent [9][10]. Group 4: Analyst Perspectives - Analysts have noted that Nvidia's defensive actions may backfire, as a confident leader would typically let performance and products speak for themselves rather than engage in extensive rebuttals [11]. - The perception of Nvidia as "stuck" in its responses has heightened existing fears regarding uncontrolled investments in AI, increased competition, and concerns over alleged circular financing [11][12].