箇条書きでまとめます。
- Nvidiaの時価総額: 6月以降、約9000億ドル（約132兆4000億円）が消失。
- AI投資ブームの冷え込み兆候: 見られるが、状況はそれほど悲惨ではない。
- AI投資の継続: Microsoft、Amazon、Alphabet、Meta Platformsは、AIインフラへの投資を継続する方針。
- Super Micro Computerの見通し: 2025年6月通期の売上高が最大300億ドルを見込む。
- Nvidia株価の下落: 2ヶ月足らずで27%下落。
- 市場の動向: 割高なテクノロジー株から資金が引き揚げられ、小型株やバリュー株にシフトする動き。
- 米景気の減速懸念: 7月の雇用統計が下振れし、景気減速の懸念が強まる。
- マクロ経済情勢の不安材料: エヌビディアや同業他社にとって、四半期決算以上の不安材料。
- AI投資の収益化: 投資リターンが不透明で、投資家を納得させられていない。
- Nvidiaの株価急落とPERの変化: 予想株価収益率（PER）が約44倍から約30倍に下がる。長期投資家にとっては再び魅力的かもしれない。
- 根本的な変化はない: マホニーCEOによれば、根本的には何も変わっておらず、企業に関して少し先走っていただけ。
- Nvidia’s Market Capitalization: Since June, about $900 billion (approximately ¥132.4 trillion) has been wiped out.
- Signs of a Cooling AI Investment Boom: While there appear to be signs, the situation is not as dire as it seems.
- Continued AI Investment: Microsoft, Amazon, Alphabet, and Meta Platforms all plan to continue investing billions of dollars in AI infrastructure.
- Super Micro Computer’s Outlook: Expects revenue of up to $30 billion for the fiscal year ending June 2025.
- Nvidia Stock Decline: The stock has dropped 27% in less than two months.
- Market Trends: There has been a shift away from overvalued technology stocks toward small-cap and value stocks.
- Concerns Over U.S. Economic Slowdown: July employment data underperformed, intensifying fears of a greater-than-expected economic slowdown.
- Macro-Economic Uncertainty: For Nvidia and its peers, macroeconomic uncertainty may be a larger concern than quarterly earnings, potentially dragging down stock prices.
- Monetization of AI Investments: The method of monetizing AI investments remains unclear, leading to uncertainty in investment returns, and investors are not yet convinced.
- Nvidia’s Stock Plunge and PER Changes: The projected price-to-earnings ratio (PER) has dropped from about 44x to about 30x, potentially making it attractive again for long-term investors.
- No Fundamental Changes: According to Mahoney CEO, nothing has fundamentally changed with these companies; they may have just gotten ahead of themselves.