Core Argument - The article argues that NVIDIA, under the leadership of Jensen Huang, is manipulating the AI industry through financial engineering, creating a façade of prosperity while engaging in practices reminiscent of the 2008 financial crisis [2][10][20]. Financial Manipulation - NVIDIA's investment strategy involves providing substantial funding to AI companies like OpenAI, which is tied to the purchase of NVIDIA's chips, effectively creating a closed-loop system that inflates demand and stock prices without genuine market need [10][11][14]. - The company has guaranteed loans for data centers like CoreWeave, compelling them to purchase NVIDIA chips, which mirrors the tactics used in the subprime mortgage crisis [4][6][14]. Market Control - As of 2024, NVIDIA holds a staggering 78% market share in the AI chip sector, with significant orders from major companies like Microsoft and Meta for its new Blackwell B200 chip [7][25]. - Huang's investment in OpenAI includes a clause mandating that 95% of its computing power must come from NVIDIA chips, effectively sidelining competitors [10][11]. Illusions of Demand - The article highlights that the perceived demand for AI chips is artificially created, with companies like OpenAI inflating their valuations based on NVIDIA's investments rather than actual profitability [10][14]. - This has led to a speculative environment where companies are hoarding chips, fearing shortages, which further drives up prices and creates a bubble [11][16]. Risks and Consequences - The article warns of potential risks, including an inventory surplus of 300,000 H100 chips and the looming debt crisis for data centers that may struggle to repay loans if AI demand falters [16][17]. - Regulatory scrutiny is increasing, with investigations into NVIDIA's market dominance, which could disrupt its operations and financial strategies [18][31]. Conclusion - The narrative concludes that NVIDIA's current practices may lead to a significant market correction, similar to the fallout from the 2008 financial crisis, leaving ordinary investors and companies to bear the consequences of this engineered bubble [20][21].

[浮云]他是无数人梦寐以求想成为的对象，人生一路顺风，成为2025最年轻的亿万富豪，但成为富豪的 他却走向了一条不归路。 他身为华裔，却急于给美国递交投名状，为特朗普献计想要将中国AI技术扼杀在发展当中，但结果却让 他大失所望。 为什么他要针对中国AI技术？他真的将中国AI打压死了吗？ 商业帝国的剑一直悬在头上 在硅谷，天才的故事从不稀奇，但亚历山大·王绝对是其中最特别的一个，他的人生履历简直像是开了 挂，出身于物理学家家庭，从小就是数学和计算机竞赛的常客，17岁被麻省理工学院录取，19岁就敢辍 学创业，到了24岁，已经坐拥亿万身家。 他创办的公司Scale AI，听起来高大上，其实干的是人工智能产业里最接地气的活儿——数据标注，说 白了就是AI的"后勤部长"，当谷歌、微软、Open AI这些巨头在前线冲锋陷阵，训练着越来越聪明的AI 模型时，他的团队就在后方为这些模型准备数据库。 也就是海量的、经过人工精细标注的数据，但就是这样一个站在AI浪潮之巅的华裔青年，却做了一件让 无数人跌破眼镜的事，他选择将枪口对准了来自中国的AI同行，尤其是Deep Seek。 他宣称Deep Seek的性能可能与美国最好的魔性 ...

Core Viewpoint - Nvidia's CEO Jensen Huang stated that China is only "a few nanoseconds" behind the US in the chip sector and urged the US to allow tech companies to compete in the Chinese market [2][9]. Group 1: Nvidia's Challenges in China - Nvidia is facing a dilemma in the US-China tech rivalry, particularly after China's market regulator announced an antitrust investigation against the company for not fulfilling commitments made during its $6.9 billion acquisition of Israeli chipmaker Mellanox in 2020 [3][4]. - The investigation marks the second time China has scrutinized Nvidia, with similar issues leading to a case in late 2024 [5]. - Following the announcement, Nvidia's stock price dropped over 2% in pre-market trading [7]. Group 2: Impact of US Export Controls - US export restrictions have severely impacted Nvidia's ability to supply high-end GPUs to the Chinese market, with the company ceasing sales of several models citing these controls [4][11]. - Nvidia's introduction of a "downgraded" H20 chip did not perform well in the market after the bans on the H100 and A100 chips [11]. - In Q1 2025, Nvidia lost an additional $2.5 billion in revenue due to these export limitations [11]. Group 3: Competitive Landscape in China - Chinese chip companies, particularly Huawei with its Ascend series, are rapidly advancing, capturing 79% of the domestic intelligent computing center market in 2022 [11]. - Huawei has announced a roadmap for the next three years to release higher-performance chips, increasing competitive pressure on Nvidia [11]. Group 4: Future of US-China Tech Relations - The Chinese government has expressed a willingness to engage in dialogue and cooperation to stabilize global supply chains, opposing discriminatory measures in trade and technology [12]. - The current situation reflects the complexity of the global tech supply chain, with the effectiveness of US restrictions still uncertain and Chinese companies accelerating their technological advancements [12][14]. - Huang's call for global cooperation in AI chip distribution highlights the need for balance between competition and collaboration in the tech industry [8][14].

当地时间9月26日，黄仁勋在一档科技播客节目"BG2"中表示，中国拥有庞大的人才储备、充满活力的 工作文化以及存在于各省之间的内部竞争环境，他将中国芯片产业称作是"一个充满活力、创业精神、 高科技、现代化的产业"。他还提到，自己曾听到有人说中国造不出人工智能芯片（AI），没有制造能 力，落后美国两三年，"这些听起来太荒谬了……中国现在仅落后美国几纳秒，所以我们必须去竞争。" 今年7月，黄仁勋在北京访问期间宣布，美国政府已批准H20芯片恢复对华出口。H20芯片是英伟达按照 美国对华技术出口管制要求专为中国市场设计的AI芯片，性能远不及其国际市场主流GPU芯片H100。 今年4月，该芯片被美国以国家安全为由，对包括中国在内的一些国家禁售。禁令一出，英伟达因H20 滞销面临45亿美元库存损失，并被迫计提55亿美元减值，市值一度蒸发1600亿美元。 黄仁勋在26日的播客节目"BG2"中接受采访 图源：视频截图 来源：环球时报新媒体 黄仁勋说他希望并相信中国将继续保持"开放的市场"，"对中国而言，最有利的是外国公司在中国投 资、在中国竞争，并且他们自身也能参与到充满活力的竞争中，他们也希望走出中国，参与到全球市场 中来 ...

Core Viewpoint - The article discusses the ongoing competition between the U.S. and China in the semiconductor industry, highlighting the challenges faced by U.S. companies like NVIDIA due to export restrictions and the resilience of Chinese firms in developing their own technologies [1][3]. Group 1: U.S. Government Actions - The U.S. government has implemented a series of export restrictions aimed at curbing the development of China's semiconductor industry [1]. - Earlier this year, the U.S. government prohibited NVIDIA from exporting the H20 chip to China until the company agreed to pay 15% of its sales in China to the U.S. government [3]. Group 2: NVIDIA's Position - NVIDIA's CEO Jensen Huang stated that China is only "a few nanoseconds" behind the U.S. in the semiconductor field, emphasizing the need for competition in the global market [1]. - Huang believes that allowing U.S. tech companies to compete in China would enhance U.S. economic success and geopolitical influence [1]. - NVIDIA has faced declining demand for its specially designed AI chips for China, with major Chinese tech firms refusing to place orders for the RTX6000D chip [4]. Group 3: Chinese Companies' Response - In response to U.S. restrictions, Chinese companies are actively developing alternative AI chips to capture market share previously dominated by NVIDIA [3]. - Huawei has announced a three-year product iteration roadmap for its Ascend AI chips, aiming to meet the growing demand for computing power [3]. - Major Chinese internet companies like Alibaba, Tencent, Baidu, and ByteDance are increasing their investments in chip research and design to gain greater control over the supply chain [3]. Group 4: Regulatory Challenges - NVIDIA is under investigation by Chinese regulators for potential antitrust violations, with the Chinese government expressing concerns over the safety and environmental impact of its H20 chip [4]. - Huang has responded to the investigations by emphasizing the importance of the Chinese market and the need for dialogue to resolve issues [4]. - The Chinese government has reiterated its opposition to discriminatory practices in trade and technology against specific countries [4].

Group 1 - US stock index futures show mixed performance with Nasdaq futures up 0.71%, S&P 500 futures up 0.41%, and Dow futures down 0.12% [1] - European stock indices collectively rise, with Germany's DAX up 0.64%, UK's FTSE 100 up 0.34%, France's CAC up 0.89%, and the Euro Stoxx 50 up 0.74% [1] - Morgan Stanley raises its year-end gold price target to $3,800 per ounce, indicating that a weaker dollar would benefit precious metal prices [1] Group 2 - The SEC and CFTC release a joint statement supporting the trading of spot crypto assets on exchanges [2] - Nvidia denies rumors of shortages for H100/H200 chips, stating that inventory is sufficient to meet order demands [2] - A US federal judge rules that Google is not required to divest its Chrome browser and Android system [2] - Analyst Ming-Chi Kuo predicts that Apple's first foldable iPhone will sell between 8 to 10 million units next year [2] - Amazon will terminate its Prime sharing program starting October 1, limiting it to household sharing only [2] - Macy's reports Q2 net sales of $4.81 billion with a gross margin of 39.7%, both exceeding expectations, and raises its full-year guidance [2] - Salesforce cuts approximately 4,000 customer support positions due to the involvement of AI agents [2] - McDonald's announces an expansion of value meal options in the US to attract low-income consumers [2] - Alibaba's AliExpress is preparing a "highest specification" brand export project, establishing a new brand zone [2] - Yum China announces an additional $270 million stock repurchase plan, with total shareholder returns reaching $1.5 billion for the year [2] - Xpeng Motors reintroduces a limited-time financial policy offering 0% interest, 0 down payment, and 0 fees, with a maximum subsidy of 55,700 yuan [2]

Core Viewpoint - Nvidia clarifies rumors regarding the shortage of its H100 and H200 AI chips, stating that it has sufficient inventory to meet all orders [2][3] Group 1: Supply Chain and Inventory - Nvidia emphasizes that it can fulfill all orders for H100 and H200 chips despite market rumors of shortages [2] - The company denies that restarting production of the H20 chip will affect the supply of H100, H200, or the next-generation Blackwell chips [2] Group 2: Market Reactions and Stock Performance - On September 2, Nvidia's stock fell by 1.95% to $170.78, with an intraday drop of 4%, influenced by shortage rumors and broader market pressures [2] - The uncertainty surrounding tariffs imposed by the Trump administration and rising U.S. bond yields are contributing factors to the stock's performance [2] Group 3: Strategic Developments in China - Nvidia is halting production of the H20 chip designed for Chinese companies and is developing a new product tailored for AI data centers, which will be a lower-performance version due to U.S. government requirements [5][6] - The company is in discussions with the Trump administration regarding the approval of this new chip for sale to China [5] Group 4: Geopolitical Considerations - There are divisions within the U.S. government regarding the sale of AI chips to China, with concerns about national security and maintaining a competitive edge in AI technology [6][7] - Nvidia's CEO expresses surprise at the security concerns raised by Chinese officials, asserting that there are no backdoor functions in their chips [7][8] Group 5: Future Outlook - Nvidia is expected to release its quarterly earnings report soon, which is anticipated to significantly impact the market [8]

英伟达：我们拥有足够多的H100/H200芯片，可以毫无延误地满足一切订单。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Group 1: Electronic Industry Overview - The electronic industry experienced a 6.28% increase from August 25 to August 29, ranking third among the primary sectors [2][6] - The electronic industry's price-to-earnings (P/E) ratio stands at 70.91, with the top three sectors in terms of valuation being computer, defense, and electronics [2][6] - Among the sub-sectors, printed circuit boards saw the highest increase at 16.93%, while semiconductor equipment and analog chip design experienced declines [2][6] Group 2: AI Development Strategy - The State Council of China released a strategic blueprint for AI development, aiming for comprehensive AI integration across six key areas by 2027, with a target application penetration rate exceeding 70% [3] - By 2030, AI is expected to significantly contribute to high-quality development, with application penetration rates surpassing 90% [3] - By 2035, AI will be a foundational infrastructure akin to the internet, supporting the modernization of socialism in China [3] Group 3: AI Hardware and Chip Development - Chinese chip manufacturers plan to triple the total production of AI processors by next year to reduce reliance on NVIDIA chips [4] - The DeepSeek company introduced the DeepSeek-V3.1, marking a step towards the era of intelligent agents with enhanced precision for next-generation AI chips [5] - Cambricon, a leading domestic AI chip company, reported a net profit of 1.038 billion yuan for the first half of 2025, indicating a shift from strategic investment to mass production in the high-end AI chip market [6] Group 4: NVIDIA's Financial Performance - NVIDIA's Q2 2026 financial report showed revenue and profit exceeding market expectations, with sales growth projected to remain above 50% [7][8] - The Blackwell platform achieved a record high performance with a 17% quarter-over-quarter increase, and the GB300 chip has entered mass production [7][8] - Global data center infrastructure and computing investments are expected to reach $600 billion this year, with significant growth anticipated in AI infrastructure investments [8]

Core Viewpoint - Nvidia's CEO Jensen Huang emphasizes the importance of the Chinese market for the company's growth, predicting a 50% increase in China's AI industry next year and expressing a desire to re-enter the market despite regulatory challenges [4][8]. Group 1: Nvidia's Market Strategy - Nvidia is considering introducing its advanced Blackwell processors to China, highlighting the potential for significant revenue from this market, estimated at $50 billion this year [4][8]. - Huang acknowledges the competitive landscape in China, stating that local companies are becoming increasingly capable and that Nvidia must act quickly to regain market share [8][9]. - The company has faced export restrictions from the U.S. government, which complicates its ability to sell high-end chips to China, necessitating licenses for exports [9][10]. Group 2: Financial Performance - Nvidia reported a revenue of $46.743 billion for the second quarter of fiscal year 2026, a 56% year-over-year increase, with a net profit of $26.422 billion, up 59% [17]. - Despite exceeding revenue expectations, Nvidia's data center business has seen two consecutive quarters of revenue below projections, raising concerns about future growth [19]. - The new Blackwell chip series has shown a 17% quarter-over-quarter revenue increase, but the overall market dynamics are shifting, leading to a more cautious outlook [19][22]. Group 3: Competitive Landscape - By 2024, major Chinese internet companies like ByteDance, Tencent, Alibaba, and Baidu are expected to account for 87% of H20 chip purchases, indicating a strong local demand for AI chips [12]. - The self-sufficiency rate of domestic AI chips in China is projected to rise from 10-15% in 2023 to nearly 50% by 2026, reflecting the growing capabilities of local manufacturers [12]. - The introduction of the B40 chip, which is designed to comply with U.S. export regulations, shows Nvidia's attempt to adapt to the changing market while maintaining some competitive advantages [20][22].