Of the 64 research houses that cover Nvidia, 58 have a “Buy” rating on the stock.
It has been 9 months since anyone issued a “Sell” on Nvidia.
And that lone voice?
Sandeep Gupta, a 14-year veteran in Barclays Credit Research, a bulge bracket bank. His call isn't getting that much coverage, other than the Financial Times, because credit research just isn't as hotly covered as equity research.
Gupta gives 3 reasons why he is underweight Nvidia.
Reason #1: Nvidia's 98% share of data centre GPUs will end
Competition for generative AI hardware is rising, and Nvidia's near monopoly will not last.
In addition, end-user deployments of AI are not as chip-intensive as its training phase. This means that AI chips demand will normalise.
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