摩根士丹利称英伟达风险回报最佳，但2027年91.7%收入依赖基础设施需求
Morgan Stanley rates Nvidia AI’s best risk/reward, though 91.7% of its 2027 revenue is exposed to infrastructure demand.
摩根士丹利认为英伟达在AI板块中风险回报最佳，但其2027年收入的91.7%依赖基础设施需求。该行预计超大规模云厂商和AI云服务商2027年支出达1.58万亿美元、增长约60%，其中近7000亿美元流向英伟达，而SpaceX与AWS约占其2027年超大规模客户收入的54%和增长的72%。摩根士丹利按2028财年15倍市盈率认为股价便宜，但其电力模型预计到2028年美国数据中心电力缺口达32GW，需求为97GW。
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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.