Nvidia(US:NVDA) Zhi Tong Cai Jing·2025-03-27 05:45Core Viewpoint - Tesla and Nvidia experienced significant declines exceeding 5%, contributing to a broader downturn in the Nasdaq 100 index, which fell by 1.83% on March 26, 2023, amid concerns over new tariffs on imported vehicles and data center demand issues [3][4]. Group 1: Market Performance - The Nasdaq 100 ETF (159660) opened lower and was down 1.61% with a trading volume of 80 million yuan, while it saw a net inflow of 5 million shares during the day, marking 20 consecutive days of substantial inflows totaling over 600 million yuan [1][3]. - Major US stock indices, including the Nasdaq, S&P 500, and Dow Jones, all closed lower, with Nvidia's market value dropping by approximately 1.2 trillion yuan due to a 5.74% decline [3]. Group 2: Tariff Impact - The US government announced a 25% tariff on all automobiles not manufactured in the US, effective April 2, 2023, which is a significant increase from the current 2.5% tariff [3][4]. - Components produced in the US will be exempt from these tariffs if the entire vehicle is not manufactured domestically [3]. Group 3: Data Center Demand - A report from TD Cowen indicated that while data center demand is still growing year-over-year, Microsoft has canceled or postponed more data center leases than initially expected, leading to concerns of oversupply in the market [3]. - The total power consumption of the canceled projects amounts to 2 gigawatts, highlighting a potential mismatch between supply and demand in the data center sector [3]. Group 4: Investment Outlook - Analysts from Guosen Securities believe that US stocks have reached a sufficient price-performance ratio, suggesting that the S&P 500 could be a good buy at 5,700 points, with a potential floor at 5,300 points in the second quarter [4]. - Citic Securities noted that uncertainties such as tariffs and potential recession risks have been adequately priced into the market, indicating that tech stocks with significant prior declines may see a technical rebound [4]. Group 5: ETF Advantages - The Nasdaq 100 ETF (159660) is expected to benefit from the strong performance and capital expenditures of leading tech companies, with a management fee of 0.5% per year, which is lower than the market average [5][6].