给出100美元目标价！英伟达“唯一的空头”：这不是我第一次看到泡沫

Core Viewpoint - Seaport Global Securities analyst Jay Goldberg is the only one among 80 analysts covering Nvidia to issue a "sell" rating, setting a target price of $100, expressing skepticism about the current AI hype and drawing parallels to the dot-com bubble [1][2]. Group 1: Analyst's Perspective - Goldberg compares the current situation to the telecom infrastructure boom during the dot-com bubble, warning that once the massive spending that supports high valuations slows down, the market landscape could quickly reverse [2][3]. - He highlights that Nvidia's remarkable growth is primarily driven by substantial capital expenditures from a few tech giants, including Microsoft, Alphabet, Amazon, Meta, Oracle, and OpenAI, which collectively are expected to spend nearly $400 billion by 2025 [3]. - Goldberg emphasizes that the actual returns from these massive investments have been limited so far, similar to the expectations that led to Cisco's stock price surge during the dot-com era [3][6]. Group 2: Market Dynamics - Goldberg questions the sources of incremental power needed for new data centers, suggesting that the accumulation of leverage around data center development could lead to a chain reaction if a seemingly insignificant company fails [7]. - Despite his "sell" rating, Goldberg admires Nvidia and its CEO Jensen Huang, clarifying that his rating indicates he expects Nvidia's performance to lag behind peers like Broadcom, Qualcomm, and AMD [7]. Group 3: Broader Market Sentiment - Concerns about an AI bubble are not isolated to Goldberg; other market voices, including Goldman Sachs CEO David Solomon, have drawn comparisons to the dot-com bubble, and a recent Bank of America survey indicated a record high of respondents believing AI stocks are in a bubble [8]. - Despite Goldberg's warnings, the prevailing sentiment on Wall Street remains bullish, with 73 out of 80 analysts giving Nvidia a "buy" rating, and some analysts projecting significant future demand for AI accelerators [9].