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《大行報告》大摩:毋須對NVIDIA(NVDA.US)供貨緊張過慮 維持半導體行業首選股
圖像處理及人工智能芯片巨擘NVIDIA(NVDA.US)隔晚(9日)被拋售收跌4.7%,摩根士丹利發表報告,指這歸咎於其核心代工生產商(OEM)客戶超微電腦(SMCI.US)9月底止季度系統收入指引略為下調。 報告稱,對超微電腦情況不太熟悉,但理解有時候OEM採購庫存的能力受到限制。9月底止季度GPU分配逐漸排好,隨著GPU短缺情況加劇,大部分OEM均需要動用次季庫存,因此如果第三季採購GPU遇阻,則OEM廠商難以擴大收入。NVIDIA通常優先銷售予超大規模雲服務商及其他服務商,以及其內部業務,如數據中心伺服器。 不過大摩稱,不會對此過分解讀,維持予NVIDIA「增持」評級,目標價500美元,屬半導體行業首選股。該行料NVIDIA季績強勁且勝預期,但勝預期的幅度不確定,不過可見度延伸至2024年。任何短期供應鏈限制只是增加市場對NVIDIA進一步上行的信心,問題只是上行空間在現在還是將來發生。
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