By Lisa Kailai Han
Publication Date: 2025-12-01 16:36:00
Among the major Wall Street shops, Seaport stands alone with its solitary sell rating on shares of Nvidia . In a Sunday note, Seaport analyst Jay Goldberg reiterated his sell rating on the chipmaker. Goldberg’s $140 price target is about 21% below Nvidia’s Friday closing price of $177 per share. The stock has surged 33% this year, but shares have fallen nearly 12% over the past month. NVDA YTD mountain NVDA YTD chart While Goldberg believes that Nvidia’s business remains solid, the rush of the AI boom has led to a variety of “sales mechanisms” and “fairly opaque accounting.” “Last week, the Internet was full of all accounting theories around Nvidia, which we will address. We do not see anything malicious taking place,” he wrote. “Put simply, we think Nvidia faces growing competitive pressure and has been leaning hard on a variety of sales mechanisms to adapt. These measures are not fully reflected in financials, but they are already material and look likely to grow significantly next year.” For instance, Goldberg pointed specifically to the $26 billion worth of Nvidia’s pre-paid cloud compute expenses, which the chipmaker has expressed will be used for R & D and cloud offerings for its DGX platform. The analyst said R & D would hardly use the entire amount. Instead, he sees it as a form of rebate that Nvidia has offered certain clients. “We think it is much more plausible that this amount recognizes the ‘backstops’ the company has put in place with a number of its…
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