The AI boom is still ongoing, or has it already "prepaid the future"?

NVIDIA's Q4 growth of 73% has many investors applauding while silently thinking: Is this the last frenzy?
The biggest debate in the market now is—Is this genuine demand or just a temporary inventory buildup? Looking at the financial report structure, the data center business remains the core driving force, with cloud providers and enterprise AI deployments continuing to expand. This indicates that, at least for now, it's not just stockpiling but real computational power consumption.
But here’s the question: when all tech giants are buying GPUs, next year's baseline will be even higher. Maintaining high growth becomes more challenging. The capital market is never afraid of good companies; it fears "not meeting expectations."
In other words, NVIDIA's biggest current competitor isn't other companies but its own high standards.
If the AI wave continues to expand, it will be a core beneficiary of infrastructure; if AI enters a rational phase, valuation pressures will also surface. Investing in it is like betting on the rhythm of the entire AI ecosystem.
#英伟达Q4营收增73%