Has the semiconductor winter ended?

The semiconductor industry has experienced lows in recent years, with high inventory levels and declining demand. But NVIDIA's 73% revenue growth tells the market: at least in the AI sector, winter is over.
It is worth noting that this growth is not driven by traditional PCs or mobile phones, but by computational power upgrades. In other words, it represents a change in industry structure, not just a simple cyclical rebound.
There are two logical reasons behind this: first, enterprise digital transformation is accelerating; second, generative AI is moving from laboratory experiments to commercial applications. As long as models continue to iterate, demand for computing power will not disappear.
Of course, semiconductors remain a highly volatile industry. Policy environment, supply chain, and competitive landscape will all influence future trends. But NVIDIA's current financial report is more like a successful example of industry structural transformation.
The winter may not be completely over, but at least on the land of AI chips, spring has already begun to bloom. #英伟达Q4营收增73%