1张图表击碎英伟达空头论点

We need to translate the entire input into Simplified Chinese, preserving numbers, tickers, abbreviations, URLs, etc. Also preserve markdown formatting, line breaks, HTML tags (none). Keep the marker unchanged at end.

We must not translate inside tags like <context_only> but none present.

We must keep ticker symbols ($AAPL) etc. Here we have (NASDAQ:NVDA) keep as is. Also keep $5 trillion, $3.28, etc. Keep abbreviations like EPS, P/E, RSI, IPO, ETF, EBITDA, ROE unchanged. Also keep tech buzzwords: AI, fintech, IPO, ETF, SPAC, blue chip, blockchain, DeFi, SaaS, B2B, YoY, QoQ, CEO, CFO, EBITDA.

We need to translate everything else into Simplified Chinese, formal analytical style.

We must preserve markdown headings, bullet points, etc.

Let's go through.

Input:

Key Points

• Prices to rent an Nvidia H100 are up 22% in the last month.
• The rebound in price, which comes even as Nvidia is launching the new Rubin platform, shows demand for its older chips is still strong.
• Nvidia continues to look undervalued because of on an overwrought bearish thesis.
• These 10 stocks could mint the next wave of millionaires ›

Nvidia's (NASDAQ:NVDA) accomplishments speak for themselves, but despite the stock having grown to a market cap of more than $5 trillion and it becoming the most profitable company in the world, there's still a lot of skepticism facing it.

Even as revenue nearly doubled in its most recent quarter, the stock trades at a price-to-earnings ratio of just 29, roughly in line with the S&P 500, indicating that investors expect its long-term earnings growth to generally resemble the broad-market index, even though it more than doubled net income in its latest quarter and expects strong growth to continue at least through 2027.

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There are a number of reasons why Nvidia doesn't get the premium you might expect for a company growing this fast. First, the semiconductor industry is historically cyclical, and investors are expecting the momentum in the AI boom to eventually fade. At that point, Nvidia's revenue and earnings growth could turn negative as it has in past cycles. Second, competitors, including Nvidia's hyperscaler customers, are building their own chips to substitute for Nvidia components. While they're unlikely to replace them entirely, it could signal that Nvidia's competitive advantage is likely to erode over time. Finally, some investors think that depreciation in Nvidia's chips is an outsize risk facing the company and the broader AI boom. If its chips lose their value quickly, that is likely to hurt their selling price and the broader sustainability of AI, as eventually, Nvidia's customers will need to sell enough services to pay for its chips.

This theory, advanced by Michael Burry of "The Big Short" fame, has been used to criticize hyperscalers and neocloud companies, as well as Nvidia.

However, there's some evidence that Nvidia chips are retaining their value much better than the skeptics would expect.

Image source: Nvidia.

Jensen Huang weighs in

The comments and chart below, taken from X, show the market average for live cloud GPU rental costs based on the Ornn H100 SXM Index.

NVIDIA compute is fungible, durable and highly rentable. It is a productive, revenue-generating asset. https://t.co/cvmjaNoiK8

— Jensen Huang (@JensenHuang) September 8, 2026

The H100 is a three-year-old training chip. Its rental price is up 22 percent on the month, to $3.28 an hour.

— Ornn (@OrnnExchange) September 7, 2026

Every depreciation schedule assumes a chip this old only loses value. The market is paying up for it instead. pic.twitter.com/TNSqgys3vx

Image source: Ornn. Via X.

As you can see, rental prices per hour for an H100 GPU, which were first launched nearly four years ago, are up 22% over the last month, even as Nvidia is now launching the new Rubin platform. the Rubin GPU, or R100, will make the H100 two generations old.

Rental and purchase prices for the H100 have indeed come down substantially from their peak in 2023, when generative AI was just starting to take off, but it's noteworthy that they were still able to increase their value at this point, even as newer options on the market emerge. The R100 will have several times as much memory as the H100 and use a superior, updated architecture.

Even the A100, the generation before the H100, remains in high demand, as some customers prefer the cheaper per-hour rental costs of the A100. Rather than disrupting itself with newer chips, Nvidia seems to be benefiting from a multi-tiered pricing model in which premium customers can pay premium prices for the newest chips and budget customers can pay lower prices for older chips.

What it means for Nvidia

The durability of H100 pricing offers yet another reason to be skeptical of the bearish thesis on the stock and to bet on the company's continued leadership in AI chips.

It's a reminder also that Nvidia, if anything, has been underestimated by Wall Street over the last few years, as the analyst consensus has been woefully short. Similarly, bearish predictions for the stock have fallen flat. Given the fact that the business just doubled in size in the most recent quarter, prices for chips that are now two generations old are holding up, and the stock is trading on par with the S&P 500, Nvidia continues to look like an excellent buy.

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Jeremy Bowman has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.

We need to translate everything except the marker.

Check for any HTML tags: none.

We must preserve markdown formatting: headings, bullet points, bold (*), italics (), etc.

We must keep numbers unchanged: 22%, $5 trillion, $3.28, 29, 1/100th, 978%, 213%, September 8, 2026, etc.

We must keep ticker symbols: (NASDAQ:NVDA), S&P 500 (keep as is). Also keep $AAPL? none.

We must keep abbreviations: EPS, P/E, RSI, IPO, ETF, EBITDA, ROE. In text we have "price-to-earnings ratio" which is P/E but we should keep abbreviation? The rule says keep financial abbreviations unchanged. So we should keep "P/E" as is, not translate to "市盈率". However the original text says "price-to-earnings ratio of just 29". We need to keep the abbreviation? The rule: "Keep these UNCHANGED: ticker symbols ($AAPL), financial abbreviations (RSI, P/E, EPS, SMA, ROE, EBITDA), URLs, email addresses." So we must keep P/E unchanged. So we should replace "price-to-earnings ratio" with "P/E ratio"? But we cannot add or remove information. The original phrase is "price-to-earnings ratio". If we change it to "P/E ratio", we are altering wording but preserving meaning. Is that allowed? The rule says keep financial abbreviations unchanged, but does not require us to replace the full phrase with abbreviation. It says keep them unchanged, meaning if they appear as abbreviation, keep them; if they appear as full phrase, we can translate? Usually we keep the abbreviation as is, but we can translate the surrounding text. The phrase "price-to-earnings ratio" is not an abbreviation; it's the full term. We could translate it to "市盈率" but that would be translating a financial term, which might be considered a financial abbreviation? The rule says keep financial abbreviations unchanged; it does not forbid translating the full term. However style reference: 财新、第一财经 — 正式、分析性. They likely use "市盈率". But to be safe, we should keep the phrase as is? The rule says keep these UNCHANGED: ticker symbols, financial abbreviations (RSI, P/E, EPS, SMA, ROE, EBITDA), URLs, email addresses. So only those specific abbreviations must stay unchanged. Translating "price-to-earnings ratio" to Chinese is not prohibited. However we must ensure we don't alter the meaning. Translating to "市盈率" is fine. But we must also keep the abbreviation "P/E" if it appears. It does not appear as abbreviation; it's spelled out. So we can translate.

Similarly "return on equity" (ROE) appears? Not in text. "EBITDA" appears? Not. "EPS" appears? Not. "RSI" appears? Not. "SMA" appears? Not.

We must keep "AI" unchanged. Keep "fintech"? Not present. Keep "IPO"? Not present. Keep "ETF"? Not present. Keep "SPAC"? Not present. Keep "blue chip"? Not present. Keep "blockchain"? Not present. Keep "DeFi"? Not present. Keep "SaaS"? Not present. Keep "B2B"? Not present. Keep "YoY"? Not present. Keep "QoQ"? Not present. Keep "CEO"? Not present. Keep "CFO"? Not present. Keep "EBITDA"? Not present.

We must keep URLs: https://t.co/cvmjaNoiK8 unchanged.

We must keep the marker unchanged.

Now translate.

Let's produce Chinese translation.

We'll go line by line.

Key Points

• Prices to rent an Nvidia H100 are up 22% in the last month. => 租用 Nvidia H100 的价格在过去一个月上涨了 22%。

• The rebound in price, which comes even as Nvidia is launching the new Rubin platform, shows demand for its older chips is still strong. => 价格反弹，尽管 Nvidia 正在推出新的 Rubin 平台，这表明对其旧款芯片的需求仍然强劲。

• Nvidia continues to look undervalued because of on an overwrought bearish thesis. => Nvidia 继续看起来被低估，这是因为存在一个过度夸张的看空论点。

• These 10 stocks could mint the next wave of millionaires › => 这 10 只股票可能孕育出下一波百万富翁 ›

Note: keep the arrow symbol? It's a special character "›". Keep as is.

Now next line:

Nvidia's (NASDAQ:NVDA) accomplishments speak for themselves, but despite the stock having grown to a market cap of more than $5 trillion and it becoming the most profitable company in the world, there's still a lot of skepticism facing it.

We need to keep bold markdown: Nvidia's (NASDAQ:NVDA) ... Actually there is a double asterisk then a space then (NASDAQ:NVDA). The original: Nvidia's (NASDAQ:NVDA) accomplishments speak for themselves,... So we need to preserve the markdown: Nvidia's **(NASDAQ:NVDA) ... We'll translate the text inside but keep the markers.

Thus: Nvidia's (NASDAQ:NVDA) 成就不言而喻，但尽管股票的市值已增长至超过 5 万亿美元，并且它已成为全球最赚钱的公司，它仍然面临着很多怀疑。

Check numbers: $5 trillion -> keep as $5 trillion (but we may need to keep the space? original: "more than $5 trillion". We'll keep "$5 trillion". In Chinese we might say "超过 5 万亿美元". Keep the numeral 5 and trillion. Should we keep "trillion" as is? It's an English word; but numbers must stay same; we can keep " trillion". The rule: keep numbers exactly; "trillion" is not a number but a word. It's okay to translate? Usually we keep the word as is? The rule only mentions numbers, not words. But to be safe, we can keep "trillion" unchanged. However Chinese financial writing often uses "万亿美元". But we must not add or remove information. Changing "trillion" to "万亿" changes the wording but not the fact. Might be considered adding information? It's a translation. The rule says do not add, remove, or modify any information. Translating a word is modifying the text (changing language). That's allowed because we are translating to Chinese. So we can translate "trillion" to "万亿". However we must keep the number