英伟达近期面临着前所未有的市场质疑声浪。该公司股价在上个月下跌9%，即使第三季度业绩表现亮 眼，也未能重新点燃市场对人工智能板块的热情。日本首富孙正义和知名投资者彼得·蒂尔等纷纷清仓 英伟达股票，AI泡沫担忧情绪在市场中蔓延。 与此同时，谷歌凭借Gemini3模型的发布，其自研TPU芯片正式挑战英伟达GPU的霸主地位。这款备受 瞩目的AI模型完全在谷歌TPU平台上完成训练，而非依赖英伟达的GPU架构。面对竞争压力，英伟达紧 急回应称，公司产品在性能、通用性和替代性方面仍具备明显优势。 摩根士丹利分析师约瑟夫·摩尔本周发布报告，将英伟达目标价从235美元上调至250美元。这一调整意 味着该股相较当前水平仍有38%的上涨空间，成为华尔街最高目标价之一。 摩尔在报告中强调，英伟达在亚洲市场面临的威胁被过度夸大。他指出，亚洲的人工智能解决方案在集 群规模和扩展技术等多个层面存在局限性，当地软件开发商仍倾向于寻求西方技术方案。 尽管摩根士丹利同时上调了博通的目标股价，但摩尔认为英伟达仍是芯片行业的明显领跑者。他预测博 通和AMD的AI处理器收入在2026年增长速度可能略快于英伟达，但这主要反映供应链限制因素，所有 关键 ...

Core Viewpoint - The computing sector is experiencing a pullback, with overseas computing leading the decline, and both communication and consumer electronics ETFs dropping over 4% in intraday trading [1]. Group 1: Downward Factors Analysis - The recent decline in the US stock market was influenced by a significant drop in Nvidia's stock following its earnings report on November 19, leading to a 1.56% drop in the S&P 500 and a 2.15% drop in the Nasdaq [3]. - Major events such as Nvidia's earnings, the US non-farm payroll report, the Federal Reserve's meeting, and Google's Gemini 3 model have heightened market sensitivity, prompting investors to buy put options, which increased implied volatility [3]. - The mechanism known as "Vanna Crush" contributed to the stock price decline, as the rapid drop in volatility led to an increase in Delta, causing market makers to reduce their positions, further driving down stock prices [3]. Group 2: Market Outlook - The AI technology cycle is unlikely to end in the short term, with ongoing focus on the computing sector, as infrastructure investment and performance are expected to resonate positively [5]. - Nvidia's earnings exceeded expectations, indicating that demand for computing is still growing rapidly, while Google's Gemini 3 model has received positive market feedback for its innovative capabilities [5]. - The upcoming year may see a boom in components like optical modules, maintaining a high level of market activity, although short-term pullback risks should be noted [5].