Recently, global chip giant NVIDIA (NVDA) delivered a quarterly report that exhilarated the market. The company not only achieved a record quarterly revenue of $57 billion, a significant 62% increase year-over-year, but also provided a current-quarter financial forecast far exceeding market expectations — projecting revenue to reach $65 billion. This series of impressive figures came like a timely rain, dispelling the investment gloom that had recently enveloped the artificial intelligence field and offering temporary relief to Wall Street, which had been worried about an AI bubble.

Driven by continuously surging demand for high-end AI data center chips, NVIDIA's performance comprehensively surpassed market expectations. Its latest quarterly net profit reached $31.9 billion, a staggering 65% year-over-year increase. Particularly noteworthy was the data center business, where revenue set a record of $51.2 billion, significantly exceeding analysts' expectations of $49 billion. CEO Jensen Huang could hardly contain his excitement during the earnings call, stating, "We are in a virtuous cycle of AI. Artificial intelligence is penetrating every industry and handling various complex tasks."

The timing of this earnings report is particularly crucial. As the AI frenzy sweeps the globe, NVIDIA's quarterly report has transcended the significance of an ordinary corporate earnings release, becoming a highly anticipated "Super Bowl of the financial world" event. The company is not only seen as a bellwether for the technology industry's development but also an important indicator of the overall market's health. Especially in this earnings season, market sentiment is particularly sensitive — hardly any other company's earnings report can attract such a high level of attention and anticipation.

In recent weeks, investor concerns about the AI sector have been brewing. On one hand, the market worries that tech companies, in their race to develop large AI models, are investing too aggressively in infrastructure like data centers and chips, potentially making it difficult to recoup investments in the short term. On the other hand, several recent AI deals have employed structures criticized as "round-tripping financing," where suppliers like NVIDIA make large-scale capital investments in their product-purchasing customers. This business model, highly sought after just months ago, is now raising market alarm.

These concerns were corroborated in Bank of America's latest survey. The survey showed that 45% of global fund managers consider the AI stock market bubble one of the significant risks facing the current market. More unsettlingly, some prominent investors have recently taken bearish positions on AI-related stocks. Masayoshi Son's SoftBank Group liquidated its $5.8 billion stake in NVIDIA, shifting investments to other AI areas; billionaire venture capitalist Peter Thiel's hedge fund also sold off its $100 million NVIDIA holdings in the third quarter.

Particularly jarring for the market was the recent disclosure by Michael Burry, famous for accurately predicting the subprime mortgage crisis, that he is shorting NVIDIA and Palantir, a company heavily invested in AI. This series of moves further intensified market concerns about an AI bubble.

Against this backdrop, NVIDIA's strong performance undoubtedly injected a boost of confidence into the market. Matt Stucky, Chief Equity Portfolio Manager at Northwestern Mutual Wealth Management, commented on this: "There have certainly been some cracks in the AI space over the past few weeks, but NVIDIA's performance proves that, as a primary beneficiary of AI spending, the company still maintains strong growth momentum."

Especially noteworthy is the market performance of NVIDIA's new generation Blackwell series graphics processors. Jensen Huang revealed that sales of this currently most powerful AI chip are "off the charts," indicating that demand for high-performance AI computing power remains robust. This also indirectly reflects the reality of AI technology development — despite bubble concerns, the industry's rigid demand for advanced computing power continues to grow.

Looking at stock performance, NVIDIA's trajectory this year has been volatile. Soaring from a low of $90 in early April to over $200 by late October, more than doubling, although recent bubble concerns led to a partial pullback, the year-to-date cumulative gain remains about 30%. This volatility reflects both the market's ambivalence towards AI's prospects and highlights NVIDIA's central role in the AI ecosystem.

Overall, NVIDIA's earnings report not only demonstrates the company's own robust growth momentum but, more importantly, provides strong confidence support for the entire AI industry. At a time when technological innovation coexists with market skepticism, NVIDIA's performance shows that companies with genuine technological strength and market demand can still maintain a leading position in the AI wave. Of course, this does not mean that investment risks in the AI field have completely vanished; investors still need to remain rational, seizing AI development opportunities while staying vigilant against potential market fluctuations.