One signal

Baird has cut its Nvidia price target from $500 to $200 and downgraded the shares to neutral, according to The National. Morgan Stanley also removed Nvidia from its list of top picks, the report says.

Baird analyst Tristan Gerra pushed back his data-centre forecasts for 2027, citing supply issues and the possibility of softer demand. He said AI hyperscaler capital spending could grow by 40 per cent or slightly less that year. That is a concrete sign of analysts reassessing the pace of AI infrastructure spending, not proof that the build-out is stopping. Forecasts, after all, are not purchase orders.

Discuss: Does a 40 per cent spending-growth forecast still look like an AI infrastructure boom, or a meaningful warning that demand is cooling?

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