The same AI narrative has led to two completely different outcomes for A-shares and US stocks. Today, A-share AI computing hardware stocks experienced a complete sell-off: Tianfu, Zhongji Xuchuang, and others fell by over 10%. US semiconductor stocks rebounded slightly from the brink of a crash: Nvidia rose 2%, and AMD rose nearly 5.5%. Is AI failing? A-shares are treating AI as a speculative theme, while US stocks are buying AI based on actual performance. In the same game, some are looking at fundamentals, while others are looking at sentiment. However, the AI bubble has already begun to crack.