Core Viewpoint - The debate surrounding the potential AI bubble is intensifying, with contrasting opinions on whether the current AI investment climate represents a sustainable technological evolution or a speculative financial game [1][2]. Group 1: AI Bubble Debate - SoftBank's founder Masayoshi Son argues that AI could generate returns equivalent to 10% of global GDP in the long term, suggesting that the current investments are justified [1]. - Concerns about an AI bubble have been fueled by SoftBank's recent decision to sell all its shares in NVIDIA, which some interpret as a sign of capital retreat from the AI sector [1]. - NVIDIA's CEO Jensen Huang asserts that the current AI landscape is fundamentally different from the internet bubble, emphasizing that AI is transforming existing workloads without evidence of a bubble [2]. Group 2: Market Reactions and Concerns - OpenAI's CEO Sam Altman has expressed concerns about an overheated AI market, indicating that it may be on the verge of a bubble [2]. - Goldman Sachs has released reports warning of signs similar to those preceding the internet bubble, suggesting that the current AI sector may be experiencing even greater levels of speculation [2]. - Criticism has emerged regarding the "circular financing" model in AI, where suppliers invest in customers who then purchase from suppliers, potentially leading to inflated valuations and future demand issues [3]. Group 3: Structural Changes in the AI Industry - Baidu's founder Robin Li highlights a shift in the AI industry structure from an unhealthy "pyramid" to a healthier "inverted pyramid," where the value distribution is more equitable across different levels of the industry [3]. - Li argues that for a sustainable ecosystem, the value generated by models and applications must significantly exceed that of the underlying chips [3]. Group 4: Confidence in AI in China - Despite the global concerns about an AI bubble, analysts in China maintain that the domestic AI industry has not reached a bubble stage, attributing strong investments to the robust financial health of tech giants [4]. - The real challenge in the AI sector is identified as a shortage of computing power rather than an oversupply, indicating ongoing growth potential [4]. - 360 Group's chairman Zhou Hongyi believes that the discourse around AI bubbles serves to refocus the industry on its core values, suggesting that while some companies may fail, the true winners will emerge post-bubble [4]. Group 5: Perspectives on AI Investment - Alibaba's chairman Joe Tsai acknowledges the possibility of a financial bubble in AI but asserts the technology itself is reliable, drawing parallels to the internet bubble where strong companies emerged stronger post-crisis [5]. - Concerns about "pseudo-demand" driven by capital enthusiasm are raised, particularly in sectors like embodied intelligence, where real-world applicability remains uncertain [5].