Is the market’s valuation of AI starting to recover?
Look closely. Behind this round of valuation recovery, there are actually 3 cold truths:
📉 Hardware gets de-rated, not downgraded
NVIDIA’s forward P/E has been pushed down to around 25x, while revenue and earnings remain strong. The market still believes in AI it’s just no longer willing to pay unlimited premiums for hardware.
🚨 Software is entering a make-or-break phase
AI applications still haven’t produced a true “killer app,” while computing costs continue to eat into margins. AI stories without real commercial traction are seeing their valuation bubbles squeezed out.
🔌 Capital is rotating into hard-core infrastructure
Money is shifting from the Mag7 toward edge computing, custom chips, advanced packaging, power, and energy the more fundamental and essential layers of the AI infrastructure stack.
The AI rally isn’t over. Capital is simply becoming more selective about which companies can actually make money.$美国超微公司(AMD)$
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