2026 年 9 月 15 日，美国加州旧金山，英伟达 CEO 黄仁勋在 Dreamforce 2026 大会发表演讲

　　Seaport 认为，受产能约束与行业竞争加剧影响，GPU 龙头英伟达股价上行空间有限。

　　Seaport 分析师杰伊・戈德堡在周四研报中写道：“我们对 NVDA 维持谨慎态度。公司很难再交出超预期的亮眼业绩 —— 台积电产能受限，叠加大数法则约束。时间并不站在他们这边，竞争对手不断崛起，英伟达如今高度依靠资产负债表以及产品捆绑销售来拉动业绩。”

　　戈德堡对英伟达的主要对手博通同样持怀疑态度，他认为博通面临类似的制约因素。

　　他写道：“博通或许能拿下新的定制专用集成电路（ASIC）客户，从而带来惊喜；但除此之外，目前很难看到业绩还有多大上行空间。”

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