According to online reports, Guosheng Securities released a research report saying that behind Nvidia's financial report is the long-term sustainability and growth of AI hardware demand. Whether it is from various perspectives such as technology-driven, demand structure and competitive landscape, the long logic of the AI narrative can be demonstrated. There has been no wavering. The bank pointed out that in the short term, the flow of funds tends to the AI application field, and the valuation of AI hardware is suppressed. But from the perspective of industry cycles, the value of hardware will eventually be re-priced and returned to a reasonable level. The bank pointed out that AI applications and hardware complement each other, and the growth of hardware demand and the implementation of AI applications will form a positive feedback loop.