Link Capital has downgraded its rating stance on NVIDIA, maintaining a $160 target price while warning that the stock may face weakening momentum.

The firm cited several reasons for the downgrade: poor early market reception of GPT-5 running on NVIDIA's GB200 platform, which has raised concerns about demand for related products; additionally, the scope of export tariffs may expand.

Despite market expectations that NVIDIA's short-term performance guidance will remain strong, Link Capital believes that long-term risks now outweigh upside potential, prompting the decision to adopt a wait-and-see approach.