仅事实
高盛在人工智能投资审查中上调英伟达目标价
摘要
高盛将英伟达目标价从200美元上调至210美元，理由是其在人工智能领域的战略投资，同时对这些合作可能带来的“循环收入”表示担忧。
高盛将英伟达公司（纳斯达克代码：NVDA）的目标价从200美元上调至210美元，维持“买入”评级。分析师詹姆斯·施奈德强调，英伟达对人工智能公司的战略投资，包括对OpenAI的1000亿美元承诺，是巩固公司市场地位和强化其CUDA软件生态系统的关键因素。
然而，施奈德警告称，这些投资可能导致“循环收入”，即投资于人工智能公司的资金通过GPU采购回流至英伟达，可能会夸大报告的增长。他强调，当股权投资来自供应商时，需要额外审查，因为投资者同时也是供应商，角色重叠。
尽管存在这些担忧，施奈德仍对英伟达的增长前景持乐观态度，预计到2027年，“循环”交易收入将占总销售额的比例低于15%。他预计传统数据中心客户和新兴人工智能客户的需求将保持强劲。
截至2025年10月10日，英伟达股价为192.57美元，较前一交易日上涨1.79%。
来源
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Goldman Sachs has raised its price target for Nvidia Corporation (NASDAQ: NVDA) from $200 to $210, maintaining a 'Buy' rating.
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Analyst James Schneider highlighted Nvidia's strategic investments in AI companies, including a $100 billion commitment to OpenAI, as key factors reinforcing the company's market position and strengthening its CUDA software ecosystem.
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Schneider cautioned that these investments might lead to 'circular revenue,' where funds invested in AI companies could return to Nvidia through GPU purchases, potentially inflating reported growth.
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He emphasized the need for additional scrutiny when equity investment comes from a supplier, given the dual role as investor and supplier.
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Despite these concerns, Schneider remains optimistic about Nvidia's growth prospects, expecting 'circular' deal revenue to represent less than 15% of total sales by 2027.
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He anticipates strong demand from both traditional data center clients and new AI entrants.
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