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财联社4月17日讯(编辑刘蕊)美东时间周三,摩根士丹利分析师下调了英伟达的营收预期,理由是担心美国对中国的最新芯片出口限制对英伟达的影响,将比预期的“更具破坏性”。

美国芯片限制将损害英伟达营收

美国时间4月15日,英伟达表示,公司日前收到美国政府通知,H20芯片和达到H20内存带宽、互连带宽等的芯片向中国等国家和地区出口需要获得许可证。

大摩分析师表示,受此影响,他们预计未来几个季度,英伟达的数据中心收入将下降8%至9%。

英伟达周二表示,由于美国政府的决定,预计第一季度业绩中,与H20产品相关的库存、采购承诺及相关准备金费用将高达约55亿美元,这“表明该公司对获得许可并不乐观”。而大摩分析师估计,今年4月,H20芯片占英伟达数据中心收入的12%至13%。

英伟达股价周三大跌近7%,并带领美股一众芯片股和科技股集体跳水,因市场担心出口限制收紧可能会对相关行业产生广泛影响。

英伟达成了特朗普手中的“牌”?

华尔街分析师们认为,除了中美贸易冲突持续升级的背景因素外,中国国产AI大模型DeepSeek的崛起可能也是促使美国方面收紧对华芯片出口限制的原因之一。

Wedbush分析师周三表示,DeepSeek的迅速崛起中美之间“让这场高风险的扑克游戏变得更加紧张”,并补充说,英伟达在人工智能领域的领导地位使其成为“特朗普桌上的一大筹码”。

摩根士丹利表示,尽管对新的出口限制感到担忧,但英伟达的股票仍是他们在美股市场上的“首选”。大摩维持对英伟达162美元的目标价,指出该公司仍将受益于对人工智能硬件不断增长的需求。

美国银行同样重申了英伟达160美元的目标价,称鉴于全球对英伟达芯片的强劲需求,该芯片制造商的股价估值“令人信服”。杰富瑞和瑞银更为乐观,均重申了185美元的目标位。

截至美东时间周三收盘,英伟达股价收报104.49美元。这意味着华尔街分析师们认为它还有约53%至78%的上涨空间。

社交图片巨头Pinterest(PINS.US)的广告变现焦虑浮出水面。据报道,这家以瀑布流视觉内容闻名的平台,曾在今年初酝酿斥资数亿美元收购广告技术公司,试图破解广告收入增长瓶颈。知情人士透露,相关动议最早在今年1月被提上议程,而自去年四季度起,Pinterest已悄然展开与IndexExchange及Criteo(CRTO.US)的广告销售合作测试。

面对媒体求证,公司发言人打起太极:"虽未正式发起收购要约,但始终在探索为广告主创造价值的创新路径,包括深化与技术型广告伙伴的合作。"这番表态与前任企业发展主管的爆料形成微妙呼应——曾在2015至2018年操盘Pinterest战略并购的卡姆兰·安萨里坦言,团队确实评估过广告技术标的,但始终未能锁定理想目标。

时间拨回2017-2018年,Pinterest首次试水与两家广告技术公司联手销售广告位,结局却充满苦涩:不仅营收贡献微乎其微,更出现广告质量低劣、品牌方被迫"贱卖视觉资产"的尴尬场景。

安萨里在采访中提及行业巨头成长路径,暗示Meta(META.US)与谷歌(GOOGL.US)正是通过大规模并购构建护城河,言语间流露出对Pinterest错失时机的遗憾。

值得注意的是,Pinterest正在密集物色关键岗位人选,包括程序化广告副总裁及并购主管。这些人事动作被解读为广告战略升级的前奏:一方面通过技术驱动提升广告匹配效率,另一方面保持对并购机会的敏锐度。

这场围绕广告技术的攻防战,折射出社交媒体平台在流量变现道路上的艰难求索。当视觉内容优势遭遇商业化挑战,Pinterest能否在保持用户体验与追求增长之间找到平衡,将成为决定其估值空间的关键战役。

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