Nvidia(US:NVDA) 3 6 Ke·2025-10-27 00:47Core 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 AI hype and comparing the current situation to the dot-com bubble [1][2][7] Group 1: Historical Comparison - Goldberg believes Nvidia's growth is heavily reliant on massive capital expenditures from a few tech giants, including Microsoft, Alphabet, Amazon, Meta, Oracle, and OpenAI, which have created a market cap of $4.5 trillion for Nvidia [2] - The projected capital expenditures for these companies are expected to approach $400 billion by 2025, with OpenAI committing over $1 trillion [2] - Goldberg warns that the actual returns from these massive investments have been limited, drawing parallels to the telecom infrastructure boom during the dot-com bubble, where companies like Cisco saw stock prices soar based on unrealized internet traffic expectations [2][5] Group 2: Market Dynamics and Concerns - Goldberg questions the sources of incremental power for new data centers, suggesting that the current market sentiment assumes Nvidia's AI chips are sold out, leaving little room for further price increases [6] - He highlights the accumulating leverage around data center development, indicating that the failure of a seemingly insignificant company could trigger a chain reaction throughout the supply chain [6] - Despite his "sell" rating, Goldberg admires Nvidia and its CEO Jensen Huang, clarifying that his rating reflects an expectation that Nvidia will underperform compared to peers like Broadcom, Qualcomm, and AMD [6] Group 3: Wall Street Sentiment - While Goldberg is the only analyst with a "sell" rating, concerns about an AI bubble are echoed by others on Wall Street, including Goldman Sachs CEO David Solomon, who has compared the current AI craze to the dot-com bubble [7] - A recent Bank of America survey indicated a record high percentage of respondents believe AI stocks are in a bubble, with even OpenAI's CEO Sam Altman acknowledging the possibility of an AI bubble [7] - Despite these concerns, the majority of analysts remain bullish on Nvidia, with 73 out of 80 analysts rating it as a "buy," and some, like HSBC's Frank Lee, setting target prices as high as $320 based on anticipated demand for AI accelerators [8]