OpenAI is pushing for 100 gigawatts of new U.S. energy capacity annually—the equivalent of building 100 nuclear reactors every year—while it reportedly lost $12 billion in Q3 2025 alone. Yet AI true believers insist the fundamentals are sound, pointing to accelerating revenue and genuine technological breakthroughs. In this edition, CW tracks who's winning and losing in the AI bubble narrative.
OpenAI正力争让美国每年新增100吉瓦的能源产能，相当于每年新建100座核反应堆，而据报道，该公司仅2025年第三季度就亏损了120亿美元。但对AI深信不疑的人坚称其基本面良好，并指出其收入正在加速增长，且实现了真正的技术突破。在本期报道中，《传统观点》（CW）将追踪这场AI泡沫相关讨论中的赢家与输家。
The CEO of Nvidia, the chipmaker that's become the market's stand-in for the AI boom, beat expectations last month with a record $57 billion in revenues—the stock dropped. This month, Trump let Nvidia sell advanced H200 chips to China—the stock popped. All in all, the shares are significantly down from their late October peak when the company’s market cap touched $5 trillion. At least Huang can joke about the whiplash: "You've got to be worth a lot to lose $500 billion in a few weeks." Internally, though, he told employees in an all-hands meeting that Nvidia's in a "no-win situation"—beat expectations and Wall Street fears an AI bubble, miss them and the bubble is confirmed.
作为AI热潮的市场标杆，芯片制造商英伟达的CEO上月以破纪录的570亿美元营收超出预期，然而股价却应声下跌。本月，特朗普政府允许英伟达向中国销售其先进的H200芯片，该公司股价随即上涨。总体而言，其股价较10月底的峰值已大幅回落，当时该公司市值一度触及5万亿美元。至少黄仁勋还能拿这种剧烈波动开玩笑：“要在几周内亏掉5000亿美元，你得有足够高的价值才行。”但在内部全员会议上，他向员工坦言英伟达正陷入“两难境地”：业绩超预期，华尔街担忧AI泡沫；未达预期，则泡沫坐实。
