# 英伟达

Nvidia’s data center revenue is 75.2 billion, and it is highly concentrated in a few mega cloud providers: Microsoft, Google, Meta, and Amazon. The fundamentals have completely shifted to enterprise procurement on a large scale. So should its valuation be benchmarked against AI infrastructure companies or high-end manufacturers? This is the fundamental reason behind the divergence in the stock price—because the market simply doesn’t know what label to put on it.
The harm to the crypto market is that if Nvidia’s valuation logic shifts from a “growth myth” to a “large-scale procurement stabilize