[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod10c8113":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciod10c8113","“若黄仁勋离开，将标志一个时代的终结”：花旗一句话，给英伟达(NVDA)价值砍掉两成","\u002Fdoc\u002Fdciod10c8113","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，花旗在11月12日发布的最新研报中，将英伟达(NVDA)目标价从285美元下调至225美元，降幅21%，但仍维持“买入”评级。压垮估值的不是芯片需求，而是掌门人。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>据媒体11月11日报道，英伟达董事会正在讨论CEO黄仁勋的去留。此前有指控称，他因与一名英伟达高管的关系而受到调查，加之此前一段涉及疑似情报人员关系的审查，令其处境更为敏感。花旗直言，若黄仁勋被迫离开，将标志一个时代的终结。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在花旗看来，若黄仁勋被迫离开，将标志一个时代的终结。在他执掌期间，英伟达成为AI基础设施的主导力量、全球AI支出周期最直接的受益者，也是全球市值最高的公司之一。这种影响力并非职位赋予，而是长在战略判断、产品愿景、客户关系与投资者信心里的。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>正因如此，花旗认为领导层交接会给股价带来持续压制。报告预计，在董事会评估外部人选期间，首席财务官科莱特·克雷斯可能出任临时CEO。但外部人选即便资历出众，短期内也难以复制黄仁勋对供应链与客户的号召力。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在花旗的框架里，关键不只是“会不会换人”，还有“不确定性会持续多久”。从董事会审议、外部人选搜寻到正式交接，每一步都在拉长压制期。对一家靠多年路线图锁定客户的公司，模糊期本身就是成本。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>更现实的影响在客户端。超大规模云厂商的采购决策通常绑定多年的算力路线图，人事变动会让部分订单从“承诺”退回“观察”。这类延迟不会立刻体现在财报上，却往往先体现在估值倍数上。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>估值动作同样印证了这一点225美元对应约15倍2027财年市盈率，比该股一年均值折让约20%，这块折价，就是为“人”的不确定性付的钱。花旗之所以仍给“买入”，是因为股价已跌到约11倍，与上一轮周期底部相当，坏消息已被消化不少。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>需要说明的是，相关指控仍在调查阶段，结论未定，但市场从不等结论。对一家市值4万亿美元、被视作AI交易风向标的公司而言，治理层的任何风吹草动，都会被放大成估值问题。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>于是问题被拆成两半AI需求还在不在，花旗说在；黄仁勋还在不在，模型算不出来。前者决定公司值多少钱，后者决定市场愿意为它付多少。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]