摩根士丹利认为 Nvidia 风险回报比最佳，但 2027 年 91.7% 营收依赖基础设施需求。其研究预计超大规模云厂商 2027 年支出 1.58 万亿美元、增长约 60%，其中近 7000 亿美元流向 Nvidia，而 SpaceX 与 AWS 约占其 2027 年超大规模营收的 54% 和增长的 72%。
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