Bernstein Maintains Nvidia’s $400 Target, Flags Potential Political Risk

In a Nov. 9 assessment, Bernstein maintained its $400 price target and Outperform rating on Nvidia, warning that scrutiny surrounding CEO 黄仁勋 could increase political and regulatory pressure on the company.

The firm said the issue is unlikely to directly affect demand for Nvidia’s AI chips. It could still distract management and give U.S. lawmakers from both parties a reason to intensify scrutiny, Bernstein said.

Bernstein also highlighted what it called key-person risk. The firm described Nvidia’s leadership as heavily reliant on 黄仁勋, who it said has long directed company strategy and major operating decisions. 黄仁勋 reportedly has about 60 direct reports, and Bernstein said it is unclear who could succeed him if he could no longer serve.