O Que É PENG

On August 27, news emerged that Fu Peng, Chief Economist of New Fire Group, published an article stating that despite Nvidia's latest earnings report exceeding expectations for 15 consecutive quarters, the market has reacted indifferently to the financial data itself. Indicators such as stock prices and options volatility show that market investors are currently 'more concerned about the future: specifically, whether the free cash flow of the future index center can be smoothly delivered, and how long the momentum of AI growth can be sustained. These questions are actually more significant than the performance of a single quarter's earnings report, so even if this performance exceeds Wall Street's expectations by a few points, it won't change the denominator of the valuation.' Fu Peng believes that Jensen Huang's statement during the conference call, which clearly indicated that 'the inflection point for AI has arrived,' is essentially meant to reassure the market, aiming to strengthen confidence in the formation of a closed-loop AI industry chain and alleviate concerns about over-investment. Moving forward, investors should observe, 'how long it takes for the market to digest this round of confidence boost, how long it takes to absorb the elevated expectations brought by Huang, and how quickly this sentiment will fade. If the sentiment dissipates quickly, it indicates that the current market mentality is typically one of 'no rabbit, no hawk,' meaning that the impact of repeated confidence reinforcement and encouragement from manufacturers is gradually weakening. This can be observed from the duration of market volatility following each conference call.'

On August 27, news emerged that Fu Peng, chief economist of New Fire Group, published an article stating that despite Nvidia's latest earnings report exceeding expectations for 15 consecutive quarters, the market reacted indifferently to the financial data itself. Indicators such as stock prices and options volatility show that market investors are currently 'more concerned about the future: specifically, whether the free cash flow of the future index center can be smoothly delivered, and how long the momentum of AI growth can be sustained. These questions are actually more significant than the performance of a single quarter's earnings report, so even if this performance exceeds Wall Street's expectations by a few points, it won't change the denominator of the valuation.' Fu Peng believes that Jensen Huang's statement during the conference call, which clearly stated that 'the turning point for AI has arrived,' is essentially a way to reassure the market, aimed at strengthening confidence in the formation of a closed-loop AI industry chain and alleviating concerns about over-investment. Moving forward, investors should observe, 'how long the market takes to digest this round of confidence boost, how long it takes to absorb the heightened expectations brought by Huang's remarks, and how quickly this sentiment will fade. If the sentiment fades quickly, it indicates that the current typical market mentality is 'no rabbit, no release of the eagle.' The impact of manufacturers repeatedly reinforcing confidence and encouraging the market is gradually weakening, which can be observed from the duration of market volatility after each conference call.'

On August 27, news emerged that Fu Peng, Chief Economist of New Fire Group, published an article noting that despite Nvidia's latest earnings report exceeding expectations for 15 consecutive quarters, the market has reacted indifferently to the financial data itself. Indicators such as stock price and options volatility show that market investors are currently 'more concerned about the future: specifically, whether the free cash flow of future stock index centers can be smoothly delivered, and how long the momentum of AI growth can be sustained. These issues are actually more significant than the performance of a single quarter's earnings report, so even if this performance exceeds Wall Street's expectations by a few points, it won't change the denominator of the valuation.' Fu Peng believes that Jensen Huang's statement during the conference call, which clearly indicated that 'the inflection point for AI has arrived,' is essentially meant to reassure the market, aiming to strengthen confidence in the formation of a closed-loop AI industry chain and alleviate concerns about over-investment. Investors should observe how long it takes for the market to digest this round of confidence boost and the elevated expectations brought by Huang. If the sentiment dissipates quickly, it indicates that the current market mentality is typically 'no rabbit, no hawk,' meaning the impact of repeated confidence reinforcement and encouragement from manufacturers is gradually weakening. This can be observed from the duration of market volatility after each conference call.