Nvidia: Risk Building, Earnings Revisions Can Turn Negative

Nvidia remains a high-quality AI leader, but I maintain a Hold rating and lower my price target to $200 from $244. AI spending intentions are softening, with data center and enterprise demand showing early signs of deceleration, pressuring NVDA's forward earnings outlook. My FY27 and FY28 revenue and EPS estimates are below consensus, with growth peaking and limited margin expansion potential, suggesting downside risk.