[NVIDIA: The supply shortage pattern of AI computing power will continue until at least the end of fiscal year 2028. Wafer production capacity, HBM storage, and computer room power are all in a state of comprehensive shortage.] On August 27, NVIDIA stated in an earnings call after the market closed on Wednesday that the AI ​​computing power supply shortage pattern will continue at least until the end of fiscal year 2028. Wafer production capacity, HBM storage, and computer room power are all in a state of comprehensive shortage. There is no risk of overcapacity in the industry. The demand side shows two-line high growth: traditional ultra-large-scale cloud vendors have orders in hand exceeding US$2 trillion and continue to increase their computing power purchases; the non-cloud market (sovereign AI, regional NeoCloud, enterprise AI, scientific and technological AI) has grown by more than 100% year-on-year, accounting for half of the company and becoming a new growth pole.