英伟达“55亿伤痕”背后：芯片战再升级，瑞银急砍目标价

Group 1 - UBS has revised its price target for NVIDIA from $185 to $180 due to U.S. government export restrictions affecting the company's H20 graphics processors, indicating a potential 72% upside from the new target [1] - NVIDIA is expected to incur a $5.5 billion charge related to the export of its H20 GPUs, as the U.S. government has mandated that licenses are required for exports to multiple countries, including China [1] - The semiconductor industry faces systemic risks, with NVIDIA's stock down 22% year-to-date, and the economic recovery being weaker than previous rebounds [1] Group 2 - AMD's price target has been lowered to $155, with the export ban potentially having a more significant impact on AMD compared to NVIDIA [1] - AMD's MI308 product, designed specifically for the Chinese market, now also requires similar export licenses, which may lead to a de facto ban [2] - AMD anticipates up to $800 million in losses related to inventory, purchase commitments, and reserves, with an estimated $1 billion revenue impact due to inventory-related losses [2]