Nvidia's target price has been halved, which is lowered from $400 to $200; analysts exclaimed, "We've had enough."

On the 12th, according to Bloomberg, well-known equity research firm Bernstein downgraded Nvidia's stock rating from "outperform" to "market perform", and cut the target price from $400 to $200.

"We acknowledge the enormous struggle we went through to reach this judgment, and we can understand the "buy the dip" argument," analysts including Stacy Rasgon wrote in the report. "But our intuition tells us that we may not have fully figured out the whole story; we have had enough and would prefer to wait on the sidelines."

Previously, US investment institution Baird had downgraded Nvidia's rating from "outperform" to "neutral", and lowered its target price from $500 to $200. The firm told investors that due to the recent lack of clear market outlook, forecasts related to data centers for 2027 will be postponed. The potential slowdown in growth is mainly caused by supply issues, and there is also a risk of weakening demand — the capital expenditure growth rate of AI hyperscale data centers may drop to 40% or lower in 2027.

"Jensen Huang accounts for roughly 30% of Nvidia's total market value," well-known tech bull and Dan Ives, managing director of Yorkville Ives, made the above judgment on Tuesday (local time, November 10), according to Business Insider. He noted that if Jensen Huang leaves his post, Nvidia's stock price will fall by 25% to 30%, corresponding to a stock price of roughly $122.

Ives wrote in a research note: "We believe that if Jensen Huang is removed from his position as CEO, Nvidia's corporate value and stock price will suffer a sharp impairment (down 25% to 30%). This will change the company's future development path, and at the same time completely reshape the competitive landscape of the AI GPU sector in the United States and across the globe."

Ives pointed out the key person risk: a considerable part of Nvidia's value is tied to the personal influence and public image of Jensen Huang, and Nvidia has not disclosed its succession plan to the public for the time being.

"Jensen Huang is the core gene of Nvidia. Nvidia's achievements and vision in the AI field are highly dependent on him continuing to serve as CEO. Jensen Huang is irreplaceable," Ives said, "No one in the existing management echelon can seamlessly take over as CEO."

The views in this article are for reference only and do not constitute investment advice. Investment involves risks, and caution is advised when entering the market.

This article is from the WeChat Official Account "China New Finance (ID: jwview)", author: Luo Kun, editor: Dong Wenbo, chief copy editors: Wei Wei, Chang Tao, published with authorization from 36Kr.