这场风波最初来自一位在美国社交媒体上较为活跃的"金融市场独立研究员"Shanaka Anslem Perera。他 声称，算法发现英伟达财报的账面数据存在"严重矛盾"。 具体包括：公司应收账款高达334亿美元，一年暴增89%，款项回收周期延长；库存暴增32%至198亿美 元，与芯片短缺的说法相悖；现金转化率仅为75%，远低于半导体行业标准。并且，这些异常是"AI算 法发现了人类没发现的欺诈"。 同时，美国AI巨头之间的循环交易也让投资者对行业真实需求产生疑虑。"目前AI行业的资金循环网络 规模高达6100亿美元。"上述文章称，"这个循环是：英伟达投资AI科技公司、科技公司承诺云服务支 出、云提供商购买英伟达硬件、英伟达确认收入。然而，由于最根本的经济活动——即能产生利润的 AI应用——仍然不足，现金从未完成完整的循环。" 针对以上质疑，一份分析报告认为："上述推论存在断章取义和误读。将一家正处于高速扩张期的科技 巨头的正常运营资本增加（应收账款和存货随营收同步增长）恶意解读为'虚假营收'和'欺诈'，刻意忽 略了营收规模扩大和新产品备货的商业常识。" 有意思的是：尽管Perera在其个人简介中使用了系统架构师、 ...

Group 1: Market Overview - The US stock market experienced a significant adjustment on November 18, with all three major indices closing lower, led by a decline in technology stocks. The Dow Jones Industrial Average fell by 498.5 points, a decrease of 1.07%, closing at 46091.74 points; the S&P 500 dropped by 0.83% to 6617.32 points; and the Nasdaq Composite Index decreased by 1.21%, ending at 22432.85 points. Concerns over technology stock valuation bubbles and a cooling expectation for Federal Reserve interest rate cuts exerted dual pressure on the market [1][2]. Group 2: Technology Sector Performance - The technology sector faced severe losses, with major tech stocks generally declining. Amazon's stock plummeted by 4.43%, resulting in a market value loss of approximately 784 billion RMB, making it one of the most significant losers among tech giants. Additionally, semiconductor leader Nvidia fell by 2.81%, and software giant Microsoft dropped by 2.70%. The Philadelphia Semiconductor Index also declined by 2.31% [2]. - The market showed a mixed performance among popular Chinese concept stocks, with the Nasdaq Golden Dragon China Index rising by 0.42%. iQIYI saw a notable increase of over 6%, while Pinduoduo's stock fell by more than 7% due to slowing growth, making it one of the largest decliners among Chinese concept stocks. Analysts noted that 45% of fund managers view the "AI bubble" as the biggest tail risk in the current market, with ongoing concerns about excessive investments in AI projects by tech companies [2]. Group 3: AI Industry Developments - Amid the downturn in tech stocks, significant collaboration emerged in the AI sector. Microsoft, Nvidia, and Anthropic, a major competitor of OpenAI, formed a three-party alliance, with Anthropic planning to invest $30 billion in cloud computing power from Microsoft Azure over the next decade, all supported by Nvidia hardware. In return, Nvidia committed to investing up to $10 billion in Anthropic, while Microsoft pledged up to $5 billion. This collaboration boosted Anthropic's valuation to approximately $350 billion, nearly doubling from $183 billion in September [5]. - This $45 billion partnership creates a unique "symbiotic cycle": Microsoft's investment will flow back through Anthropic's cloud power purchases, while Nvidia solidifies its hardware dominance by binding with an AI leader. Anthropic aims to implement a "dual cloud strategy" to reduce reliance on a single cloud service provider, further diluting OpenAI's industry influence. Market attention is now focused on Nvidia's upcoming Q4 fiscal year 2025 earnings report, which is expected to reshape market expectations for the AI industry, with projected revenues of $39.3 billion (up 78% year-on-year) and data center revenues of $35.6 billion (up 93% year-on-year) [5].