《大行報告》美銀證券:英偉達(NVDA.US)繼續加速蠶食CPU市場 維持「買入」評級
美銀證券發表研究報告指,英偉達(NVDA.US)於2024年GTC大會的金融分析師問答環節涵蓋五大重點。
第一,每年2,500億美元的加速運算整體潛在市場(TAM),只代表公司傳統資料中心升級至加速資料中心的升級部分,以及GenAI需求的完全增量;第二,圖形處理單元(GPU)特定的TAM遠遠未達飽和或更換週期,而資料中心的營運商或透過更換傳統運算器(CPU)而非舊GPU以獲得更高的效率;第三,Blackwell GPU的平均售價爲3萬美元(下同)至4萬元,增幅可能比預期更爲溫和。第四,Blackwell GM維持於70%的中間水平,並透過銷售更高規格的晶片、NVLink、交換器、系統產品的組合彌補;第五,支持 NVLink系統,並將英偉達的AI主導地位從訓練擴展到推論。綜合以上重點,美銀證券將英偉達的目標價定爲1,100美元,評級「買入」。
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