[Baird Downgrades Nvidia to Neutral, Cuts Target Price by 60% to $200] BlockBeats reports that on November 12th, US brokerage firm Baird downgraded Nvidia's rating from "Outperform" to "Neutral," while drastically reducing its target price from $500 to $200, a 60% decrease. This move has attracted attention on Wall Street, as Nvidia has long been favored by the vast majority of analysts, and this downgrade is seen as a relatively rare bearish signal. Baird analyst Tristan Gerra stated in a report that the main reasons for the downgrade include: * Potential Slowing Growth in AI Spending: Large cloud service providers (hyperscalers) are expected to see AI capital expenditure growth slow to approximately 40% or lower by 2027, primarily due to supply constraints, while early signs of softening demand have already emerged. * Risk of Export Restrictions to China: Concerns exist that the US may further tighten chip exports to China. Analysts believe that if H200 chip exports to China are banned, related Asian warehouse inventory could face a write-down risk of up to $5 billion. Furthermore, approximately 10%-30% of orders from Southeast Asian channels may be cancelled due to anticipated restrictions. * Leadership Uncertainty: The investigation into Jensen Huang's extramarital affair and suspected national security issues has created uncertainty regarding his tenure as CEO. Baird believes the probability of a CEO transition before 2027 is increasing, with a greater likelihood of an external candidate taking over. The report also mentions that visibility into the data center business will decrease in 2027, with supply issues remaining a major constraint, although the H300 series chips are currently in short supply. Analysts predict that Nvidia's stock price may remain range-bound in the short term until the investigation results, policy impacts, and financial shocks become clearer.