The U.S. stock market's AI market has entered a "gear shifting period"? Wall Street frequently adjusts its stakes in tech stocks in the third quarter.

On November 19th, local time in the United States, the technology giant NVIDIA released its financial report. The company achieved a revenue of $57 billion in the third quarter, a year-on-year increase of 62%; and a net profit of $31.9 billion, a year-on-year increase of 65%, once again exceeding Wall Street's already high expectations. NVIDIA also provided revenue guidance of $65 billion for the next quarter, indicating that the demand for AI is not yet at its peak. Since November, the technology industry has been leading the decline in the US stock market. Previously, several well-known institutions had been significantly reducing their holdings of NVIDIA. Concerns about the tech valuations bubble created by AI have been growing. After the financial report was released, NVIDIA's stock surged over 5% in after-hours trading, seeming to alleviate the market's anxiety about the "AI bubble" to some extent. From the perspective of industry fundamentals, institutions such as J.P. Morgan and Goldman Sachs believe that AI demand is still growing exponentially, and the key hardware supply bottleneck is difficult to resolve in the short term, indicating that the industry's business cycle has not yet reached a turning point. The "AI bubble theory" may need time to be validated, but the shift from concentrated bets to rebalancing in Wall Street's holdings indicates that the investment logic for AI is entering a new stage of differentiation.