Nvidia (NVDA, Financials) just got a rare Sell rating. Seaport Research Partners thinks the chipmaker's massive AI run may have gone too far. In their view, the excitementand the profitsare already priced in.
They set a $100 target, pointing to concerns that go beyond valuation. Even though Nvidia's new Blackwell chips are sold out, Seaport says it's not all smooth sailing. Cooling systems, hardware setup, and overall complexity could slow down real-world adoption.
The bigger worry? Nvidia's biggest customerslike Amazon (AMZN, Financials) and Alphabet (GOOGL, Financials)are building their own chips. If those efforts succeed, it could chip away at Nvidia's dominance.
Seaport also questioned whether businesses are seeing real returns from their AI investments. So far, many are still figuring out what to do with the tech.
They don't see AI as a bubble, but expect spending to cool by 2026. Nvidia might still thrive in the short termbut Seaport thinks it could lag behind others as the hype settles.
Still, they left the door open. A big breakthrough or surprise customer order could shift the outlook.
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