Nvidia once again posted jaw-dropping earnings — $46.7B in Q2 revenue, a 70%+ margin and guidance of $54B for this quarter. All of it without selling chips to China. But behind the spectacular numbers lies a shift: growth is slowing, especially in data center’s. That’s why the stock slid over 3% after hours, even with a $60B buyback on the table.
Meanwhile in China, Cambricon just delivered a 44-fold revenue surge, swinging from loss to profit, backed by giants like Alibaba, ByteDance and DeepSeek. The stock has soared 180% since July, but with a PE of 514, risk is sky-high. SMIC is climbing too.
So, is the chip rally changing hands — from Silicon Valley to Beijing? What does this mean for global AI bets, US-China tensions, and valuations across markets? Could softening yields save the day? Attention shifts to US growth and inflation numbers.
作者：Ipek Ozkardeskaya，文章来源FXStreet，版权归原作者所有，如有侵权请联系本人删除。
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