Golden Finance reports that 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 drivers, demand structure, and competitive landscape, it can be argued that the long logic of the AI narrative has not wavered. The firm pointed out that in the short term, capital flows are inclined towards AI application fields, and the valuation of AI hardware is under pressure. However, from the perspective of the industry cycle, the value of hardware will ultimately be repriced, returning to a reasonable level. The firm noted 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.