曾经风光无限的"AI股王"英伟达，如今股价遭遇断崖式下跌，8000亿美元市值凭空蒸发，投资者纷纷用 脚投票，就连背后的资本大佬也集体跑路。 这波暴跌来得又快又猛，让整个市场都始料未及，毕竟此前英伟达还靠着AI风口一路高歌，成为全球 投资者追捧的香饽饽。 曾经的AI神话为何突然失宠？这8000亿市值蒸发，是AI风口退潮还是另有隐情？这场资本狂欢的急刹 车，背后藏着的行业变化，可能比我们想象中更关键。 市值雪崩 科技行业历来信奉"预期先行于业绩"，但当预期被推到脱离现实的高度，泡沫的破裂只是时间问题。 英伟达的崛起堪称教科书式的赛道红利捕获，AI算力需求的爆发式增长，让其GPU芯片成为无可替代 的核心硬件，股价也随之承载了太多超出业务本身的想象空间。 从被奉为"AI时代终极赢家"到27天内市值蒸发近3500亿美元，这样的剧烈震荡看似突然，实则早已埋下 伏笔。 黄仁勋此前在内部会议中坦言的"无赢局面"，与其说是巨头的审慎，不如说是对行业潜规则的清醒认 知。 在科技领域，单一赛道依赖从来都是高风险游戏，当一家公司的估值完全绑定某个风口，任何细微的风 吹草动都可能引发市场的过度反应。 就像曾经的互联网泡沫、新能源造车热 ...

Core Viewpoint - Investing in artificial intelligence (AI) infrastructure is a sound strategy that can be potentially lucrative, with the AI infrastructure market projected to grow from $35.42 billion in 2024 to $223.45 billion by 2030, at a compound annual growth rate of 30.4% [3]. AI Infrastructure Market - The AI infrastructure market is expected to experience significant growth, indicating a shift in investor focus from traditional chipmaking companies to broader infrastructure investments [3]. Data Center REITs - Investing in data centers through real estate investment trusts (REITs) offers a way to diversify investments away from chip stocks while generating a consistent revenue stream [4]. Digital Realty Trust - Digital Realty Trust is the fifth-largest publicly traded REIT in the U.S., owning over 300 data centers across multiple continents, with major clients including Microsoft, Amazon, and Nvidia [5]. - In Q3, Digital Realty's revenue increased by 10% year-over-year to $1.6 billion, with earnings of $64 million, or $0.15 per share, compared to $0.09 per share a year prior [7]. - The company offers a dividend yield of 3% and is required to distribute 90% of its earnings to shareholders [8]. Equinix - Equinix reported $395 million in annualized gross bookings for Q3, a 25% year-over-year increase, and plans to double its computing power capacity by 2029 [9]. - The company operates 273 data centers globally, with total revenue of $2.31 billion, up 5% from the previous year [10]. - Equinix's net income rose by 26% to $374 million, with earnings per share increasing by 23% to $3.81 [12]. Iron Mountain - Iron Mountain has expanded from records storage to owning over 30 data centers, providing 1.2 gigawatts of computing power [13]. - The company reported a 12.6% year-over-year revenue increase to $1.8 billion in Q3, with its data center and digital businesses growing by over 30% [14]. - Iron Mountain expects full-year revenue between $6.79 billion and $6.94 billion, projecting a 12% improvement from 2024 [17].

Core Viewpoint - Michael Burry is aggressively betting against Nvidia, claiming that the AI boom is a bubble and attempting to convince others of his bearish thesis [2][3][15]. Group 1: Burry's Allegations and Strategy - Burry holds over $1 billion in bearish put options on Nvidia and Palantir, indicating a strong belief that their stock prices will decline [3]. - He accuses Nvidia of costing shareholders $112.5 billion through stock-based compensation, which he claims reduces owners' earnings by 50% [3]. - Burry suggests that AI companies are manipulating financials by overstating the useful lives of Nvidia's GPUs, leading to inflated capital expenditures [3]. - He argues that the demand for AI products is misleading, as customers are allegedly funded through a circular financing scheme [3]. Group 2: Nvidia's Response - Nvidia has issued a seven-page memo to Wall Street analysts, countering Burry's claims and stating that his calculations are incorrect, particularly regarding stock buybacks [5]. - The company asserts that its employee compensation practices are consistent with industry peers and emphasizes that it is not comparable to Enron [5]. Group 3: Market Implications and Historical Context - Burry's warnings have gained traction, leading to speculation about whether he could influence investor sentiment and trigger a sell-off in Nvidia's stock [15][16]. - Historical examples show that prominent critics can accelerate the unraveling of companies with underlying issues, as seen with Enron and Lehman Brothers [15]. - Nvidia's market cap is currently at $4.5 trillion, having increased twelvefold since early 2023, making it the most valuable company in the world [8].

All right, welcome back to the tech corner. I'm George Silis, senior markets contributor here with the Schwab network. Today we're going to re-evaluate Nvidia Incorporation.In fact, if you want to watch the first video on Nvidia back in March, you can click above. Now, Nvidia Incorporation is a leading infrastructure computing technology company known primarily for its innovations in accelerated computing. The company operates through two main segments, computing and networking as well as graphics.Now, the ...

Nvidia (NASDAQ: NVDA) is under pressure as the chipmaker faces allegations over inflated revenue numbers.Namely, the ‘Big Short’ investor Michael Burry, this time backed by another legendary figure, Jim Chanos, is once again raising concerns over Nvidia’s business practices, questioning whether its investments in customers are inflating sales figures.The $NVDA memo to its Wall Street sell-side analysis cited me as the first source. I attached the front page of the memo here. Also, part of my response addres ...

Core Insights - Alphabet Inc's shares have increased by 67% year-to-date, outperforming NVIDIA's 32% rise as of November 25, 2025 [1] - Berkshire Hathaway has taken a new position in Alphabet, making it the 10th largest equity holding in its portfolio as of the end of Q3 2025 [2] - Alphabet is part of the "Magnificent Seven" group, which includes major tech companies known for their AI initiatives, and has shown strong revenue and earnings growth [4] Financial Performance - Alphabet's stock has surged 18.3% in the past month, contrasting with NVIDIA's 4.7% decline [1] - Alphabet's forward price-to-earnings (P/E) ratio is 26.68X, lower than the tech sector's 30.75X and the S&P 500's 24.03X, indicating a cheaper valuation compared to peers like Microsoft, which trades at 32.31X [11] Strategic Moves - Alphabet is expanding into AI chip production, potentially competing with NVIDIA [6] - Meta Platforms is reportedly in discussions to utilize Google's AI chips, which could enhance Alphabet's market position [7][8] - Google has secured a deal to supply up to 1 million tensor processing units (TPUs) to Anthropic, suggesting growing interest in its AI chip technology [10] Market Position - Alphabet has a strong Growth score of "B" and a Momentum Score of "A," positioning it well within the top 13% of its sector and top 33% of its industry [12] - The stock has solid exposure to various exchange-traded funds (ETFs), making it an attractive option for investors following Berkshire's investment strategy [13]

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这两周，摩尔线程是资本市场的大热点。年内A股最高发行价，第二大IPO，不到万分之四中签率，幸运者开始计算首日要以多少CM收益落袋。 摩尔线程（688795）上市进程堪称神速，6月获受理，9月顺利过会，10月拿到注册许可；11月24日完成申购。不出意外，应该在12月上旬挂牌科创板。 公司实控人张建中，以及几位联合创始人，还有核心技术人员，都是原英伟达员工。公司主要产品GPU，和英伟达也是竞品。外界称摩尔线程为"中国英 伟达"一点不为过。 2025年，A股市场并不活跃。从年初至11月末，不到百家企业完成IPO。募资超过百亿元只有一家，央企华电新能（600930），其以182亿元募资额，成为 2025年最大IPO。 | 序号 | 证券代码 | 证券简称 | 首次 皇女 | | | --- | --- | --- | --- | --- | | | 2025年A股首发募资居前企业 | | [币种] 原始币种 [单位] 亿元↓ | | | 1 | 600930.SH | 华申新能 | | 181.7 | | 2 | 688783.SH | 西安奕材-U | | 46.4 | | 3 | 603049.SH | 中策橡胶 ...

Core Viewpoint - Nvidia's fiscal 2026 third-quarter results exceeded expectations, indicating continued robust growth in the AI sector, alleviating concerns about a potential bubble in AI stocks [1][2]. Group 1: Financial Performance - Nvidia's data center revenue surged by 66% year-over-year to a record $51.2 billion, reflecting strong demand for AI chips [4]. - Overall revenue increased by 62% to a record $57 billion, with non-GAAP earnings rising by 60% year-over-year to $1.30 per share, surpassing analyst expectations [5]. - The company forecasts $65 billion in revenue for the current quarter, a 65% increase from the previous year, with a projected gross margin of 75%, up 150 basis points from last year [7]. Group 2: Market Position and Demand - Nvidia is the leading player in the AI chip market, with all cloud GPUs sold out, indicating sustained demand [4]. - The company has received $500 billion in orders for its current and upcoming processors, with $150 billion already shipped, leaving a backlog of $350 billion [9][10]. - This backlog suggests a quarterly data center revenue run rate of $70 billion, positioning Nvidia to significantly outpace competitors like AMD and Broadcom [10][11]. Group 3: Competitive Landscape - Nvidia's growth trajectory is unmatched in the AI chip market, with its stock trading at a lower price-to-earnings ratio compared to AMD and Broadcom, while achieving faster growth [12]. - The company's dominance in the AI chip sector is expected to provide substantial upside for investors [13].

黄仁勋正以不容置疑的姿态，强力推行一场覆盖全公司的"AI化"运动。 在公司公布创纪录财报后的第二天，黄仁勋在周四的全员会议上回应了关于部分管理者要求员工减少使 用AI的问题。据Business Insider获得的会议录音，当被问及此事时，黄仁勋反问道："你疯了吗？" 黄仁勋借此机会向全体员工明确了他的期望与承诺。"我希望每一项可能被人工智能自动化的任务，都 用人工智能去实现，"他强调。同时，他试图打消员工对于AI可能取代其工作的担忧，承诺"你们将有工 作可做"，并指出与行业内其他实施裁员的科技巨头不同，英伟达仍在积极招聘。 这一表态反映出科技巨头们在AI应用上的激进姿态。微软和Meta均计划根据员工的AI使用情况进行绩 效评估，谷歌要求工程师使用AI进行编码，亚马逊也在考虑采用AI编码助手Cursor。 "用它，直到它能行为止" 黄仁勋在会议上表达了对部分管理者指示员工少用AI的强烈不满。"我希望每一项可以通过人工智能自 动化的任务都实现自动化，"他说，"我向你们保证，你们会有工作可做。" 他进一步透露，英伟达的软件工程师已在使用AI编码助手Cursor。对于AI工具暂时无法胜任的任务，黄 仁勋甚至要求在A ...