Nvidia(US:NVDA) 华尔街见闻·2025-12-11 00:08Core Viewpoint - The current AI investment frenzy, while raising bubble concerns, fundamentally differs from the internet bubble due to the existing demand and revenue generation from AI products [1][7]. Group 1: AI Investment Landscape - AI stocks have significantly contributed to the S&P 500 index's gains, and industry capital expenditures are supporting U.S. GDP growth [2]. - Thousands of billions are being invested in the AI race, but the sources of profitability and the ultimate beneficiaries remain unclear [2][8]. Group 2: Investment Strategy - Investors should avoid both extreme positions of fully committing to AI investments and completely abstaining from them; a balanced and selective investment approach is recommended [3][9]. - The potential for AI to be one of the most significant technological developments is widely acknowledged, with substantial funding flowing into AI startups, sometimes without clear products [7]. Group 3: Historical Context and Caution - Historical experiences with bubbles suggest that past losses do not prevent future bubbles from forming, as the allure of revolutionary technology often overshadows caution [5]. - The current AI investment environment shows similarities to past bubbles, particularly regarding the uncertainty of profitability and the competitive landscape [8]. Group 4: Valuation and Market Dynamics - Nvidia's forward P/E ratio of approximately 30 is considered high but not unreasonable for a company generating substantial profits, especially when compared to valuations during the 1999 internet bubble [1][7]. - The AI sector's capital structure is evolving, with some companies incurring debt in the race for leadership, raising questions about financial discipline among lenders [8].