What the analyst said
Aletheia Capital analyst Stefan Chang downgraded NVIDIA (NASDAQ: NVDA) from Buy to Hold.
“We cut NVDA to Hold from Buy and remove our $340 TP owing to risks associated with its newly minted AI Computing Partner program (AICP) and potential turmoil at the company.
AICP has accelerated NVDA’s financial commitments over ten-fold to $165bn in 2Q27, turning the hardware supplier into a financial enabler for neocloud expansion.
We estimate the top neoclouds — CoreWeave, Nebius, and IREN—alone require $124bn over the next 12–15 months to sustain their 3.5–4GW capex, scaling to $450–500bn to bring an additional 11–12GW online by 2030, while other peers aim to bring another 20GW online by the end of this decade.
Moreover, NVDA’s financial infrastructure guarantee for the Ohio data center project alone accounts for $105bn of this exposure.
Despite NVDA’s commitment to back-stop these expansions, the capital window for neocloud builders remains opaque— an implicit structural risk that NVDA may need to address in its earnings results on November 17.”
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Track record
Firm track recordToo early to score Aletheia Capital: price targets are 12-month calls and fewer than 5 of its targets are a year old. 4 of its 15 open targets have already been reached. How we score
Aletheia Capital on NVIDIA
Aletheia Capital price targets on NVIDIA
2 calls from May 18, 2026 to November 9, 2026. The rating moved from Buy to Hold.
- November 9, 2026 This noteDowngraded to HoldHoldNo target
- May 18, 2026Earliest call shownBuy$270
Other analysts on NVIDIA
MizuhoBuy
Cut price target −21%, kept ratingCut target · Nov 9
$250from $315−21%
RBC CapitalBuy
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BernsteinBuy
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BairdBuy
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Goldman SachsBuy
Kept rating and price targetReiterated · Nov 9
$300maintained