智通财经网·2025-06-27 12:52Core Viewpoint - Nvidia is on the verge of becoming the first company to reach a market capitalization of $4 trillion, following its previous milestone of being the first chip manufacturer to hit $1 trillion two years ago [1] Group 1: Market Performance - Nvidia's stock price has rebounded to historical highs after a significant drop earlier this year due to concerns about slowing investments in AI infrastructure [1] - Since its low in April, Nvidia's market capitalization has increased by 64%, reaching $3.78 trillion, surpassing Microsoft [1] Group 2: Customer Demand and Future Projections - There is a growing demand for Nvidia's latest AI accelerators, with investors believing there is substantial upside potential for the stock [4] - Loop Capital analyst Ananda Baruah raised Nvidia's target price from $175 to $250, suggesting a market cap of approximately $6 trillion, with expectations that AI spending will reach nearly $2 trillion annually by 2028 [4] Group 3: Competitive Landscape and Risks - Despite initial concerns about customer spending cuts due to cheaper alternatives like DeepSeek, major tech companies are increasing their capital expenditures, with an estimated $350 billion planned for the upcoming fiscal year [5] - Nvidia's chips are produced by TSMC, making the company susceptible to changes in U.S. trade policies, particularly those related to tariffs [5] - There are concerns that Nvidia's largest customers may alter their investment strategies, including developing their own chips to reduce reliance on Nvidia [6] Group 4: Valuation and Long-term Outlook - Nvidia's stock has a price-to-earnings ratio of 32 times expected earnings for the next 12 months, compared to the S&P 500's 22 times [6] - Despite potential volatility in performance and consumer spending, Nvidia is viewed as a significant beneficiary of long-term structural changes driven by AI technology [6]