Nvidia(US:NVDA) Zhi Tong Cai Jing·2025-10-10 13:37Core Insights - Morgan Stanley recently held discussions with Nvidia's management, highlighting the company's expanding market share in cloud capital expenditures. Analyst Joseph Moore maintains an "Overweight" rating with a target price of $210 [1] - Nvidia's management expressed confidence in both short-term and long-term prospects, attributing demand growth primarily to the strong upward trend in cloud capital expenditures, which is reflected in the shift from CPU to GPU in existing application workloads [1] - Emerging AI applications in sectors such as healthcare, legal services, and industrial automation are seen as the "next wave of significant growth" [1] Industry Trends - Long-term projections suggest that the AI infrastructure market could reach $3 trillion to $5 trillion by 2030, exceeding current forecasts and aligning with the view that AI will have a transformative impact on the global market [2] - Nvidia's investment strategy focuses on leveraging points that accelerate innovation, such as investments in CoreWeave and a sovereign fund in the UK, aimed at enhancing data center capacity and innovation processes [2] - Despite AMD's increased competitive efforts, particularly its collaboration with OpenAI, Nvidia's management remains unconcerned due to cloud service providers' continued reliance on Nvidia for GPU capacity [2] Competitive Landscape - Nvidia's full-stack approach and the flexibility of its GPUs create a formidable competitive advantage, making it difficult for competitors to challenge its leading position, even as they develop high-performing chips for specific functions [2]