During its earnings call on Wednesday, NVIDIA pointed out that the shortage of AI computing power supply will last until at least the end of fiscal year 2028. Currently, there is a comprehensive shortage in wafer capacity, HBM storage, and data center power, with no concerns of industry overcapacity. On the demand side, traditional hyperscale cloud providers have orders exceeding $2 trillion, with continued increases in computing power procurement; the non-cloud market (including sovereign AI, regional NeoCloud, enterprise AI, and tech-innovation AI) has seen year-on-year growth exceeding 100%, becoming a new growth driver for the company.