摩根士丹利评英伟达风险回报最佳，但2027年91.7%收入暴露于基建需求

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摩根士丹利研究认为英伟达在AI股票中风险回报最佳，但其2027年收入的91.7%暴露于基础设施需求。报告预计超大规模云厂商和AI云提供商2027年支出将达$1.58T，同比增长约60%，其中近$700B流向英伟达；SpaceX和AWS合计约占英伟达2027年超大规模客户收入的54%和增长的72%。

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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.