摩根士丹利认为 Nvidia 具备最佳的风险回报率，其 2027 年营收的 91.7% 暴露于基础设施需求中。该行预计超大规模企业与 AI 云服务商 2027 年支出将达 1.58 万亿美元，其中近 700 亿美元流向 Nvidia，并主要依赖 SpaceX 和 Amazon Web Services 两大买家。此外，该行预测 2028 年前美国数据中心电力将面临 32GW 的缺口。
Morgan Stanley rates Nvidia AI’s best risk/reward, though 91.7% of its 2027 revenue is exposed to infrastructure demand.
MS research expects hyperscalers and AI cloud providers to spend $1.58T in 2027, up roughly 60%, with nearly $700B reaching Nvidia.
That haul leans on 2 buyers, with SpaceX and Amazon Web Services modeled at about 54% of Nvidia’s 2027 hyperscaler revenue and 72% of growth.
Morgan Stanley still calls the stock cheap at 15 times fiscal 2028 earnings, arguing analysts underestimated 4 past compute cycles by 38% on average.
Its own power model, though, projects US data centers falling 32GW short of the 97GW they need through 2028.
来源：Rohan Paul · x.com