Jensen Huang rarely admits that NVIDIA is currently facing an unsolvable dilemma: outstanding performance will be accused of fueling the AI bubble, while poor performance will be seen as evidence of the bubble's burst.
As the global market falls into the debate over the "AI bubble," even the most successful NVIDIA is facing unprecedented scrutiny. As a core supplier of AI infrastructure, every move NVIDIA makes is viewed as a barometer of the health of the entire industry.
According to a report by Business Insider on Friday, NVIDIA CEO Jensen Huang candidly stated in an internal meeting on Thursday that "despite the company delivering an 'incredible' earnings report, the market is not appreciative." This chip giant leader rarely acknowledges that NVIDIA is now in an unsolvable dilemma: outstanding performance will be accused of fueling the AI bubble, while poor performance will be seen as evidence of the bubble's burst.
Huang stated in the meeting that the market's expectations for NVIDIA have risen to a level that puts the company in a sort of 'no-win situation.' He bluntly said: "If we deliver a bad quarterly report, even if it's just slightly off, looking a bit unstable, the whole world will collapse."
Caught in a "no-win situation"
According to a recording of the meeting obtained by Business Insider, Huang elaborated on NVIDIA's current predicament during the internal meeting on Thursday. "If we deliver a bad quarterly report, that is evidence of the existence of the AI bubble. If we deliver an excellent quarterly report, we are fueling the AI bubble," he said.
Huang pointed out that the market's expectations for NVIDIA have risen to a level where it is difficult for the company to satisfy investors regardless of its performance. He mentioned discussions online about the company's significant economic impact, saying, "You should look at some of the jokes on the internet. Have you seen any? We are basically supporting the entire planet—this is not untrue."
He also cited some posts claiming that NVIDIA's performance is helping the U.S. avoid an economic recession, highlighting that the market has viewed this chip manufacturer as a key indicator of macroeconomic health.
NVIDIA's financial report released on Wednesday showed a 62% acceleration in revenue growth for the third quarter, with guidance for the current quarter exceeding expectations. Huang refuted the growing narrative about the AI bubble during the earnings release. However, the market's reaction has been volatile: after a rise in stock price on Wednesday (which at one point exceeded 6%), it fell again on Thursday (plummeting 7%). The company's market value has evaporated by about $500 billion in just a few weeks.
Huang jokingly mentioned the "good old days" when the company's market value reached $5 trillion. "Historically, no one has lost $500 billion in a few weeks," he said, "You have to be worth a lot to lose $500 billion in a few weeks."
This fluctuation in market value reflects that investors' confidence in the AI investment boom is wavering, and even in the face of strong performance data, the market still has doubts about sustainability.
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