英伟达GPU定价优势或将减弱

Core Viewpoint - HSBC's report indicates that NVIDIA is losing its pricing power over GPUs, leading to a downgrade of its stock rating from "Buy" to "Hold" and a price target reduction from $175 to $120 [1][2]. Group 1: Pricing Trends - The average selling price (ASP) of NVIDIA's B200 and B300 Blackwell AI GPUs has not shown significant growth, raising concerns about demand for these products [2]. - The lack of substantial price increases for the B200 and B300 GPUs, as well as the GB200 and GB300 NVL72 server racks, suggests limited upgrades in GPU specifications [2]. Group 2: Market Performance - NVIDIA's stock has declined by 24% year-to-date, with a further drop of 4.9% on the day of the report's release, attributed to recent tariffs imposed by the Trump administration affecting the U.S. and global markets [1][2]. Group 3: Company Response - NVIDIA's CEO Jensen Huang defended the pricing of the company's GPUs, emphasizing their efficiency and the complexity of manufacturing as reasons for their high costs [3]. - The company is collaborating with TSMC and Foxconn to manufacture GPUs domestically in the U.S., while also lobbying the government to lift restrictions on AI GPU sales to most countries [3].