Rohan Paul (@rohanpaul_ai) · 2026/10/20 15:41:29
摩根士丹利看好英伟达 AI 前景但警示算力需求集中风险
摩根士丹利将英伟达评为 AI 领域最佳风险回报标的，预计其 2027 年将从超大规模云服务商的 1.58 万亿美元支出中获取近 7000 亿美元收入。然而，报告指出英伟达 91.7% 的营收暴露于基础设施需求，且高度依赖 SpaceX 和 AWS 两大客户，同时美国数据中心面临严重的电力缺口。
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Rohan Paul (@rohanpaul_ai) · 2026-10-20 07
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 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.
