NVIDIA Corp

NVDA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$883.00	Wlj	Zdybnzhrg

Nvidia: We Maintain Our $480 Fair Value Estimate Despite Tighter U.S. Restrictions

Brian Colello

Oct 17, 2023

We maintain our $480 fair value estimate for wide-moat Nvidia despite an announcement by the U.S. Department of Commerce that will further restrict the shipment of various semiconductors and related equipment into China. This policy will likely include a portion of Nvidia’s fast-growing business of selling graphics processing units into data centers for artificial intelligence. As of now, we think the restrictions will at worst provide some modest long-term headwinds to Nvidia’s exponential growth; they will not be a death blow. We reiterate our Very High Uncertainty Rating, as Nvidia’s valuation will hinge on the nascent and skyrocketing AI GPU end market.

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