大行評級|大摩:上調英偉達目標價至162美元 預計Blackwell將在年底前全面發力
摩根士丹利在最新報吿中指出,雖然英偉達近期的財報顯示出一些挑戰,但整體表現依然強勁,並對未來充滿信心。報吿中提到,儘管毛利率面臨壓力和出口管制的挑戰,這些都是暫時性的問題,並不會影響英偉達的長期增長潛力。
報吿指出,Blackwell的需求將持續強勁,並預計在年底前全面發力。隨着推理工作負載的增加,Blackwell架構芯片在AI領域的作用將愈發重要。大摩認為,市場對AI支出可持續性的擔憂並不成立,AI支出並非泡沫,而是具有周期性,未來6到9個月內市場熱情將重燃。儘管毛利率受到Blackwell架構芯片推進過程中產生的額外成本影響,但大摩認為這些影響是暫時的,英偉達管理層對毛利率恢復至75%的水平充滿信心。
展望未來,科技巨頭們計劃在AI資本支出上投入鉅額資金,這將有助於緩解市場的擔憂。此外,英偉達需要展示如何在其已經擁有的強大優勢基礎上繼續發展,這將成為3月GTC大會的主要議題,預計將重點介紹Blackwell系列之後的後續產品。總體而言,摩根士丹利對英偉達的未來持樂觀態度,並將其目標價上調至162美元,顯示出對其在AI芯片領域持續領先地位的信心。
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