Author: BIT Brokerage

Last night in the US stock market, Nvidia made a big news announcement.

It teamed up with six Wall Street giants, including Blackstone, BlackRock, Goldman Sachs, and Apollo, to prepare to build a $500 billion AI computing power financing platform. The logic of this platform can be summed up in one sentence: for those customers who want to buy my GPU but don't have enough money, don't worry, I have brought in investors to lend you money to buy my products.

When the news broke, the market did not applaud but instead voted with its feet—the chip and optical communication concept stocks collectively plummeted, and the Philadelphia Semiconductor Index saw a late plunge, dropping over 3% at one point, while Nvidia's own stock price also ended the day down nearly 3%.

Clearly, this was "solving the money problem for customers," so why did it lead to a sell-off?

1. What the Market Fears: Left Hand Passing to Right Hand, an AI Version of the Subprime Crisis?

The answer lies in the market's concerns: this is too much like left hand passing to right hand.

Nvidia lends money to customers, customers use the money to buy Nvidia's GPUs, and Nvidia's revenue continues to grow rapidly—this cycle of "left foot stepping on right foot spiraling up" is essentially using its own balance sheet to back up downstream demand. Is the demand real or "manufactured"? Once the commercial income of downstream customers cannot support these debts, how will the chain break?

More extreme voices have even begun to discuss: could this brew an AI version of the subprime crisis? The starting point of the subprime crisis back then was financial institutions lending money to those who originally could not afford to borrow. Today, replacing "people" with "AI companies that cannot afford GPUs," the structure seems eerily similar.

As we mentioned in previous articles: the narrative of AI trading has already passed the stage of "burning money in a gamble with someone willing to pay." What the market values now is whether the money can be spent wisely and create value, rather than mindlessly burning cash. Nvidia's big news precisely treads on the market's most sensitive nerve—it brought back the old issue of "the true value of AI demand" in a sharper manner.

2. Intel Raises $15 Billion, Tells the Same Story

Coincidentally, yesterday Intel also announced plans to raise approximately $15 billion through a public offering of ordinary shares to strengthen its balance sheet and support AI computing, self-developed chips, advanced packaging, external wafer foundry services, and investments related to "physical AI".

The market also did not buy into this—Intel's stock price ultimately fell by 4%.

One is a $500 billion financing platform, and the other is $15 billion in new share issuance; the forms are different, but the result is the same: as long as it involves "burning money for AI", the first reaction of investors has gone from excitement to vigilance. This again proves that simply telling a story about burning money on AI spending is no longer accepted by the market.

3. A New Consensus is Forming: Focus on "Smart Spending" Companies

Looking at the market movements over the past two days, a new consensus is becoming increasingly clear: valuations of AI-related chip sectors have reached a temporary peak, and the era of "blindly buying computing power" is over.

Going forward, investors need to pay more attention to those companies that spend AI resources more intelligently—every penny spent must correspond to real income, real customers, and real returns.

What kind of companies qualify as "smart spenders"? We have repeatedly mentioned that Google, which has been accumulating shares by Berkshire, is obviously a more stable reference. Its AI investments are directly embedded within mature cash flow businesses like search, cloud, and advertising, where every dollar invested has a clear commercialization exit, rather than relying on financing and narratives to sustain demand. The underlying logic behind Buffett's repeated accumulation of shares is this certainty of "investments having echoes".

4. In Conclusion

The current AI sector is in a typical "trust fragile period": a single financing news can cause the sector to plunge, and a fundraising announcement can lead to a 4% drop in stock prices; any slightest turmoil may be magnified into a sell-off. In this environment, the difficulty of directional judgment is increasing, while the amplitude of fluctuations is growing—what's most uncomfortable is always those who are fully invested and running bare.

At this time, BIT Brokerage's options buying function comes in handy: whether worried about further corrections in the AI sector, wanting to buy protection for the holdings in hand, or seeking low-cost speculation on oversold rebounds after panic, participation is possible, and the maximum loss is locked in the premium at the moment of ordering—In a market where trust is weak and black swans may appear at any time, it is crucial to clarify the worst outcomes before acting.

Additionally, BIT Brokerage's margin trading function offers another perspective: when panic reveals real golden opportunities and valuations return to reasonable ranges, there is no need to be constrained by the scale of capital, allowing for larger positions to seize the opportunity of mispricing, rather than watching the rebound slip away.

The market is transitioning from a "storytelling" phase to one of "accounting", and having comprehensive risk control tools is essential for helping investors navigate through market volatility.

This article is written by an external contributor invited by BIT and reflects only the author's personal views, not the stance of BIT, nor does it constitute BIT's endorsement of related views, data, or conclusions. The analogies to "subprime crisis" and analyses of specific companies mentioned in the text are market opinion transcriptions or public information citations, and do not constitute investment advice for any securities, industries, or products, nor do they represent BIT providing trading services for related targets. BIT has not independently audited the third-party data referenced in the text and makes no guarantees regarding its accuracy or completeness. Financial markets and digital asset markets are both highly risky; investors should independently evaluate based on their financial situation, risk tolerance, and investment goals, and bear all risks and consequences arising from investment decisions.

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