Guosheng Securities released a research report stating that behind Nvidia's financial report is the long-term sustainability and growth of AI hardware demand. From various perspectives such as technology driven, demand structure, and competitive landscape, it can be argued that the long logic of AI narrative has not been shaken. The bank pointed out that in the short term, the flow of funds tends to be in the AI application field, and the valuation of AI hardware is suppressed. But from the perspective of industry cycles, the value of hardware will ultimately be re priced and return to a reasonable level. The bank pointed out that AI applications complement hardware, and the growth of hardware demand and the implementation of AI applications will form a positive feedback loop.