汇丰银行将英伟达评级下调至“持有” 大幅下调目标价

Group 1 - Nvidia's stock has declined by 27% this year, raising concerns about the sustainability of its growth momentum [1] - HSBC analyst Frank Lee expresses caution regarding Nvidia's future stock performance, suggesting limited upside potential [1] - Despite consistently exceeding earnings expectations, Nvidia's earnings and guidance surprises have been shrinking over the past three quarters due to ongoing uncertainties in the Blackwell supply chain [1] Group 2 - The average selling price of Nvidia's GPUs has significantly increased, with gaming GPUs rising from approximately $1,000 to $13,500 for the first-generation AI GPU platform Ampere, and subsequent platforms Hopper and Blackwell seeing increases of 96% and 51% respectively [2] - However, there has been no notable average selling price growth between the B200 and B300 GPUs, as well as between the GB200 and GB300 NVL72 rack architectures, indicating a shift in focus from performance enhancement to incremental improvements [2] - Based on expectations of declining server rack shipment volumes, Lee has revised down the earnings per share estimates for fiscal years 2026 and 2027 by 8% and 18% respectively, aligning with market expectations, and downgraded Nvidia's stock rating from "Buy" to "Hold" with a target price reduction from $175 to $120 [2]