“首先，对加速计算的需求仍然非常强劲。我们倾向于把关注焦点放在超大规模企业（亚马逊、谷歌、微软等），但你会看到企业的需求范围正在扩大，甚至在主权国家也是如此。”Goldman Sachs believes that the key is long-term game, and it is expected that by the second half of 2025, generative artificial intelligence will begin to make substantial contributions to the industry's growth.
AI faith shaken, Nvidia's stock price retreated from its high level, but Goldman Sachs believes that the recent sell-off has been excessive.
On September 9th, Goldman Sachs analyst Toshiya Hari told Yahoo Finance that despite the recent poor stock performance, he remains optimistic about Nvidia:
"Firstly, the demand for accelerated computing remains very strong. We tend to focus on mega-cap companies like Amazon, Google, Microsoft, etc., but you will see that the range of demand from enterprises is expanding, even in sovereign countries."
Hari still maintains a buy rating on Nvidia. When asked if the Goldman Sachs team believes that Nvidia's stock has been oversold, Hari said, "Yes, we believe so."
According to a recent report by Goldman Sachs' stock research team, there has been an "almost 180-degree shift" in investor attitudes towards artificial intelligence since the beginning of 2023. Investors' patience is running out, and they want to see - rather than being told - an increase in revenue streams and profit margins driven by AI.
However, Goldman Sachs' team wrote that making judgments based on short-term cost and return economics is futile when it comes to profound generational technological shifts such as artificial intelligence.
Goldman Sachs believes that the focus should be on the long-term game. The bank estimates that by the second half of 2025, generative AI will begin to make substantial contributions to industry growth.
Hari said that Nvidia's competitive position remains very strong, and in the commercial chip field, Nvidia is the first choice, even compared to custom chips, "they also have an advantage in innovation speed."
At the end of August, Nvidia released an unexpectedly positive financial report, but it was still not good enough for Wall Street, and the stock price began to sustain a continuous decline. Last week, Nvidia plunged nearly 10%, with a market cap shrinking by about $400 billion. On Monday, Nvidia regained some lost ground, rising by 3.5%.
Bank of America recently stated in a research report that it is too early to question AI capital expenditure, at least until 2026:
Corporate capital expenditure is necessary, and AI capital expenditure not only drives new business opportunities, but also crucially affects the existing moats and profit pools of search and social-related companies. Currently, still in the first wave of the large language model craze, with the launch of Nvidia Blackwell, the industry will at least give itself another 1-2 years to focus on building the Blackwell chip.
According to Bank of America, with the recent pullback, Nvidia's stock price has fallen to the lowest quartile range of valuation in the past five years, combining current doubts and adverse factors to bring investors a buying opportunity.
