Recently, Nvidia released its earnings report, which exceeded market expectations, sending its share price soaring. The news has once again sparked debate about whether AI is in a bubble. Here is a measured analysis of the issue. First, Nvidia’s earnings were indeed strong. The figures show that both its revenue and profits significantly exceeded expectations, largely thanks to its investments in AI. According to the report, AI accounted for 40% of Nvidia’s revenue, and that share continues to grow. This clearly demonstrates the enormous potential of the AI industry. However, it has also raised concerns about an AI bubble. On the one hand, macroeconomic indicators such as CPI and interest rates point to slowing global economic growth and tightening market liquidity. On the other hand, ETF inflows and on-chain data show that inflows into AI-related ETFs have declined, suggesting that market enthusiasm for AI may be cooling. Even so, we should remain level-headed. First, as a next-generation information technology, AI has broad prospects. Against the backdrop of the global economic transformation and upgrading, AI could become an important engine of economic growth. Second, history shows that technology bubbles are often accompanied by major innovation and change, and an AI bubble could also give rise to a wave of disruptive companies.

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