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《大行》美銀料英偉達(NVDA.US)向OpenAI投資1,000億美元可帶來約3至5倍投資回報率
美銀證券發表報告,重申對英偉達(NVDA.US)「買入」評級,目標價235美元,基於其在人工智能建設中的主導地位,加上其市盈增長率(PEG)低於1倍,相較於大型成長型同業的接近2倍估值具吸引力。 該行指出,英偉達向OpenAI投資1,000億美元,估計將隨著時間推移帶來約3,000億至5,000億美元收入,相當於約3至5倍的投資回報率。OpenAI將以英偉達作為首選計算和網絡戰略夥伴,表面上協議提高博通(AVGO.US)及超微半導體(AMD.US)等其他供應商的競爭風險。 該行認為,公司在2,000億美元收入基礎上約四至五成的自由現金流利潤率,意味公司未來數年將產生數千億美元自由現金流。但投資其他公開資產因缺乏戰略契合度和繁瑣監管程序變得困難,除回饋投資者外,唯一選擇是投資於生態系統,以擴大可觸及市場機會規模,將可能倍增未來收益、加速新產品上市時間,或帶來地緣政治利益。
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