黄仁勋和马斯克，谁才是“时代的司机”？

Core Viewpoint - The article discusses the challenges faced by Nvidia and its CEO Jensen Huang in the current market environment, highlighting the high expectations from investors and the pressure to deliver consistent performance amidst concerns about sustainability and potential AI bubble risks [4][10][18]. Group 1: Nvidia's Market Position - Nvidia's stock price has dropped 9% in November and over 13% in the past month, despite reporting a 62% year-over-year revenue growth and a 65% increase in net profit, exceeding Wall Street expectations [10][12]. - Huang expressed that Nvidia is in a "no-win" situation, where delivering strong results could be seen as fueling an AI bubble, while any underperformance would be viewed as evidence of a bubble bursting [10][18]. - Huang's comments reflect a broader sentiment among industry leaders who have experienced similar pressures, such as Intel and Microsoft in their respective eras [12][14]. Group 2: Historical Context and Comparisons - The article draws parallels between Nvidia's current situation and the past experiences of Intel and Microsoft, both of which faced market skepticism despite strong performance due to concerns about future growth sustainability [14][16]. - Historical examples illustrate how even strong earnings reports can lead to stock price declines if the market perceives future risks, as seen with Microsoft in 1996 and Intel in 1995 [14][16]. - The transition from the PC era to the mobile era, led by Apple, is highlighted as a time when industry leaders also faced significant market pressures and scrutiny [17][18]. Group 3: Competitive Landscape in AI - The AI era is characterized by intense competition among tech giants like Google, Microsoft, and Meta, all vying for leadership in AI technology and applications [6][25]. - Google's recent advancements with its TPU technology and the Gemini 3 model have positioned it as a strong competitor to Nvidia, with significant implications for Nvidia's market share [26][27]. - The article notes that companies like Amazon are also developing their own AI chips, further intensifying the competition and challenging Nvidia's dominance in the AI chip market [31][32]. Group 4: Future Outlook and Challenges - Huang's acknowledgment of the competitive landscape and the need for Nvidia to maintain its pace of innovation reflects the urgency of the situation, as the company faces potential threats from emerging players [34][35]. - The article emphasizes that the "driver's seat" in the AI era is highly contested, with various companies striving to establish themselves as leaders in this rapidly evolving market [25][36]. - Nvidia's ability to navigate these challenges will be crucial in maintaining its leadership position and addressing the concerns of investors and the market at large [35][36].