The entire semiconductor industry Both rely on two companies One is OpenAI and the other is Anthropic Nvidia sells data center equipment to Amazon and other companies Amazon sells computing power to O and A again O and A are not yet fully profitable Mainly relying on financing, blood transfusion, payment, computing power procurement The market doesn't have that much money to invest in O and A After circling around, only wealthy companies like Nvidia and Amazon were found So Microsoft, NVIDIA, Amazon invested in O and A successively Closed loop Actually, now Nvidia and Amazon also feel like they can't invest anymore What to do So they all issued bonds to the market Transfer the entire financial risk to the whole society If A and O's income grows rapidly Capable of profitable coverage of costs So these equity and debt risks are not high either But now the revenue growth of O and A is not as expected So the equity appreciation and debt risk will be significant This is the core of the current semiconductor crash The reason why the fall has not stopped since the OA financial report came out The market is very scared The to c end of AI has reached a growth bottleneck But the profit is still far from coming Large scale investment yet continuous investment Can save the market O and A will provide another revenue data that exceeds expectations And the expected growth in the future