美国过去三年营收连续翻倍的 Nvidia 在近期面临约 10% 股价回落，尽管公司公布季度营收 570 亿美元、利润近 320 亿美元，并给出下一季度 650 亿美元的指引，高于华尔街 620 亿美元预期。公司仍有约 5000 亿美元未完成订单，显示需求持续大幅超供，但市场对是否出现 AI 泡沫保持警惕。当前约 90% 的公司销售来自数据中心业务，结构性依赖已高度集中。

近期股价在创下 10 月历史新高后下跌，财报公布当日盘后仅上涨约 5%，不足以抵消前期跌幅。投资者担忧 Nvidia 通过对 OpenAI、CoreWeave、xAI 等客户投资来支撑需求，可能形成不可持续的销售循环。公司强调这些投资旨在深化技术合作并确保其 GPU 在未来 AI 平台中的核心地位，并新增对 Anthropic 的投资以推动 Claude 在 Nvidia 芯片上运行。

公司预计当前财年收入增长将放缓至约 64%，相比前两年连续超过 100% 的年增长显著下降。分析人士警告未来电力与供应链瓶颈可能限制数据中心扩建并拖累 GPU 销售。尽管 CEO Jensen Huang 强调各行业将在所有 AI 阶段依赖 Nvidia 的产品，并否认泡沫说法，市场情绪仍趋谨慎。

Nvidia has faced about a 10 percent stock decline despite three years of revenue doubling and quarterly results showing $57 billion in sales and nearly $32 billion in profit, with guidance of $65 billion above Wall Street’s $62 billion estimate. The company holds roughly $500 billion in unfilled orders, indicating demand vastly exceeding supply, while about 90 percent of revenue now comes from data centers.

Shares rose only about 5 percent after earnings, insufficient to offset the prior drop. Investors worry that Nvidia’s investments in customers like OpenAI, CoreWeave, and xAI may artificially reinforce demand. Nvidia argues these investments deepen technical integration, and it added Anthropic to extend the Claude chatbot onto Nvidia chips.

Growth is projected to slow to about 64 percent for the current fiscal year, down from consecutive years above 100 percent. Analysts warn that electricity and supply constraints could hinder data center expansion and GPU sales. CEO Jensen Huang rejects bubble concerns, insisting all industries will require Nvidia chips across all phases of AI, but market skepticism persists.