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Wall Street’s Lone Nvidia Bear Is Doubling Down on His Call, with High Conviction

Seaport Research’s negative view of Nvidia’s stock hasn’t panned out thus far, but analyst Jay Goldberg is emphasizing the recommendation as he looks to 2026.

Wall Street’s Lone Nvidia Bear Is Doubling Down on His Call, with High Conviction

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":511336281101000,"tweetId":"511336281101000","gmtCreate":1765871504812,"gmtModify":1765871508785,"author":{"id":3575466964025351,"idStr":"3575466964025351","authorId":3575466964025351,"authorIdStr":"3575466964025351","name":"Jeff7575","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>Share your opinion about this news…</p></body></html>","htmlText":"<html><head></head><body><p>Share your opinion about this news…</p></body></html>","text":"Share your opinion about this news…","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/511336281101000","repostId":2591624138,"repostType":2,"repost":{"id":"2591624138","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1765870200,"share":"https://ttm.financial/m/news/2591624138?lang=en_US&edition=fundamental","pubTime":"2025-12-16 15:30","market":"us","language":"en","title":"Wall Street’s Lone Nvidia Bear Is Doubling Down on His Call, with High Conviction","url":"https://stock-news.laohu8.com/highlight/detail?id=2591624138","media":"Dow Jones","summary":"Seaport Research’s negative view of Nvidia’s stock hasn’t panned out thus far, but analyst Jay Goldberg is emphasizing the recommendation as he looks to 2026.","content":"<html><head></head><body><p style=\"text-align: start;\">Seaport Research’s Jay Goldberg has some bullish ideas for 2026 — but none are as high-conviction as his longstanding bearish call on <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>.</p><p style=\"text-align: start;\">That stance has garnered some attention this year, even as it hasn’t panned out. Since Goldberg launched coverage of Nvidia with a sell rating in late April, the stock has advanced 62%.</p><p>Nonetheless, when Seaport analysts submitted their top picks for 2026, Goldberg went with shorting Nvidia.</p><p>The artificial-intelligence trade, which has experienced volatility in recent weeks, “is getting a little long in the tooth,” Goldberg told MarketWatch. While Nvidia’s revenues and shares have skyrocketed due to its position powering the current AI boom, “it’s just getting harder and harder for their customers to afford” Nvidia’s offering, Goldberg said.</p><p style=\"text-align: start;\">The bear case, he said, is “as simple as that.”</p><p>Capital expenditures at Nvidia’s top customers such as <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> and <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> are getting “massive,” Goldberg noted, but “it’s a very narrow pool of customers who are doing all this spending.” Eventually, “it’s just natural for them to sort of reassess why they are spending so much.”</p><p style=\"text-align: start;\">At the same time, these customers are ramping up efforts to develop custom chips to reduce reliance on Nvidia, Goldberg said, and he expects some of those chip programs to come to fruition next year. </p><p style=\"text-align: start;\">The heightening enthusiasm for custom chips has driven momentum for <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, which develops application-specific integrated circuits, or ASICs, alongside its customers. The release of Google’s Gemini 3 model in November, for example, not only reaffirmed investor confidence in Alphabet’s AI opportunity but served as a boost to Broadcom, too.</p><p style=\"text-align: start;\">Gemini 3 was trained on Google’s tensor processing units, or TPUs, which it has codeveloped with Broadcom for more than a decade.</p><p>Goldberg’s bullish view of Broadcom has panned out this year, with the stock rising 78% since he initiated coverage in late April. While Goldberg still has a buy rating on Broadcom shares and thinks the custom-chip maker will “continue to do well,” he told MarketWatch that he is “more convicted” in his negative view of Nvidia and the idea that the company is set up for challenges going forward.</p><p style=\"text-align: start;\"><a href=\"https://laohu8.com/S/AMD\">Advanced Micro Devices</a> is another option for customers, having long been seen as Nvidia’s closest competitor in the chip space, though markedly behind. Both Nvidia and AMD design graphics processing units, which compete with ASICs.</p><p style=\"text-align: start;\">Some of AMD’s products are “not as good as Nvidia’s, but if you factor in that they’re cheaper and you sort of do the math that you get just as much compute per dollar as you do with Nvidia, suddenly AMD starts to look much more interesting as an alternative,” Goldberg said.</p><p style=\"text-align: start;\">Goldberg started off with a bullish view of AMD’s stock but switched to a hold stance in a Sept. 4 report. While the stock had gained 69% over the course of his bullish call, the downgrade proved premature, with the stock tacking on another 28% in gains since then.</p><p style=\"text-align: start;\">That said, Goldberg thinks AMD’s “story is still a couple of years out.”</p><h3 id=\"id_2637166252\" style=\"text-align: start;\">The Nvidia web</h3><p style=\"text-align: start;\">Goldberg is also concerned about the intertwined relationships between Nvidia and its customers.</p><p style=\"text-align: start;\">Cloud-infrastructure provider <a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a> said in September that it had entered a new order form with Nvidia that would have the chip maker buy back compute capacity that it doesn’t sell. Under the existing agreement between the companies from April 2023, when data-center capacity “is not fully utilized by [CoreWeave’s] own customers, Nvidia is obligated to purchase the residual unsold capacity” until April 2032, CoreWeave said in a Securities and Exchange Commissionreport.</p><p>“Accounting-wise, there’s lots of ways you can describe it, but effectively it’s a discount,” Goldberg said.</p><p style=\"text-align: start;\">Goldberg pointed to Nvidia’s latest earnings report in November, where the company reported that its cloud-service agreements had doubled from the previous year. As of October 26, Nvidia said its multiyear commitments were $26 billion — up from $11.3 billion in the third quarter of 2025. While $6.3 billion of that is from CoreWeave, Goldberg said, the remaining increase is from unknown customers.</p><p style=\"text-align: start;\">Nvidia said in its 10-Q filing that some of that capacity “may be reduced, terminated or sold to others by the [cloud service providers], in which case our commitments will be reduced.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street’s Lone Nvidia Bear Is Doubling Down on His Call, with High Conviction</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street’s Lone Nvidia Bear Is Doubling Down on His Call, with High Conviction\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-12-16 15:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">Seaport Research’s Jay Goldberg has some bullish ideas for 2026 — but none are as high-conviction as his longstanding bearish call on <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>.</p><p style=\"text-align: start;\">That stance has garnered some attention this year, even as it hasn’t panned out. Since Goldberg launched coverage of Nvidia with a sell rating in late April, the stock has advanced 62%.</p><p>Nonetheless, when Seaport analysts submitted their top picks for 2026, Goldberg went with shorting Nvidia.</p><p>The artificial-intelligence trade, which has experienced volatility in recent weeks, “is getting a little long in the tooth,” Goldberg told MarketWatch. While Nvidia’s revenues and shares have skyrocketed due to its position powering the current AI boom, “it’s just getting harder and harder for their customers to afford” Nvidia’s offering, Goldberg said.</p><p style=\"text-align: start;\">The bear case, he said, is “as simple as that.”</p><p>Capital expenditures at Nvidia’s top customers such as <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> and <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> are getting “massive,” Goldberg noted, but “it’s a very narrow pool of customers who are doing all this spending.” Eventually, “it’s just natural for them to sort of reassess why they are spending so much.”</p><p style=\"text-align: start;\">At the same time, these customers are ramping up efforts to develop custom chips to reduce reliance on Nvidia, Goldberg said, and he expects some of those chip programs to come to fruition next year. </p><p style=\"text-align: start;\">The heightening enthusiasm for custom chips has driven momentum for <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, which develops application-specific integrated circuits, or ASICs, alongside its customers. The release of Google’s Gemini 3 model in November, for example, not only reaffirmed investor confidence in Alphabet’s AI opportunity but served as a boost to Broadcom, too.</p><p style=\"text-align: start;\">Gemini 3 was trained on Google’s tensor processing units, or TPUs, which it has codeveloped with Broadcom for more than a decade.</p><p>Goldberg’s bullish view of Broadcom has panned out this year, with the stock rising 78% since he initiated coverage in late April. While Goldberg still has a buy rating on Broadcom shares and thinks the custom-chip maker will “continue to do well,” he told MarketWatch that he is “more convicted” in his negative view of Nvidia and the idea that the company is set up for challenges going forward.</p><p style=\"text-align: start;\"><a href=\"https://laohu8.com/S/AMD\">Advanced Micro Devices</a> is another option for customers, having long been seen as Nvidia’s closest competitor in the chip space, though markedly behind. Both Nvidia and AMD design graphics processing units, which compete with ASICs.</p><p style=\"text-align: start;\">Some of AMD’s products are “not as good as Nvidia’s, but if you factor in that they’re cheaper and you sort of do the math that you get just as much compute per dollar as you do with Nvidia, suddenly AMD starts to look much more interesting as an alternative,” Goldberg said.</p><p style=\"text-align: start;\">Goldberg started off with a bullish view of AMD’s stock but switched to a hold stance in a Sept. 4 report. While the stock had gained 69% over the course of his bullish call, the downgrade proved premature, with the stock tacking on another 28% in gains since then.</p><p style=\"text-align: start;\">That said, Goldberg thinks AMD’s “story is still a couple of years out.”</p><h3 id=\"id_2637166252\" style=\"text-align: start;\">The Nvidia web</h3><p style=\"text-align: start;\">Goldberg is also concerned about the intertwined relationships between Nvidia and its customers.</p><p style=\"text-align: start;\">Cloud-infrastructure provider <a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a> said in September that it had entered a new order form with Nvidia that would have the chip maker buy back compute capacity that it doesn’t sell. Under the existing agreement between the companies from April 2023, when data-center capacity “is not fully utilized by [CoreWeave’s] own customers, Nvidia is obligated to purchase the residual unsold capacity” until April 2032, CoreWeave said in a Securities and Exchange Commissionreport.</p><p>“Accounting-wise, there’s lots of ways you can describe it, but effectively it’s a discount,” Goldberg said.</p><p style=\"text-align: start;\">Goldberg pointed to Nvidia’s latest earnings report in November, where the company reported that its cloud-service agreements had doubled from the previous year. As of October 26, Nvidia said its multiyear commitments were $26 billion — up from $11.3 billion in the third quarter of 2025. While $6.3 billion of that is from CoreWeave, Goldberg said, the remaining increase is from unknown customers.</p><p style=\"text-align: start;\">Nvidia said in its 10-Q filing that some of that capacity “may be reduced, terminated or sold to others by the [cloud service providers], in which case our commitments will be reduced.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","NVDA":"英伟达","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","BK4575":"芯片概念","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","BK4549":"软银资本持仓","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2591624138","content_text":"Seaport Research’s Jay Goldberg has some bullish ideas for 2026 — but none are as high-conviction as his longstanding bearish call on Nvidia.That stance has garnered some attention this year, even as it hasn’t panned out. Since Goldberg launched coverage of Nvidia with a sell rating in late April, the stock has advanced 62%.Nonetheless, when Seaport analysts submitted their top picks for 2026, Goldberg went with shorting Nvidia.The artificial-intelligence trade, which has experienced volatility in recent weeks, “is getting a little long in the tooth,” Goldberg told MarketWatch. While Nvidia’s revenues and shares have skyrocketed due to its position powering the current AI boom, “it’s just getting harder and harder for their customers to afford” Nvidia’s offering, Goldberg said.The bear case, he said, is “as simple as that.”Capital expenditures at Nvidia’s top customers such as Meta Platforms and Alphabet are getting “massive,” Goldberg noted, but “it’s a very narrow pool of customers who are doing all this spending.” Eventually, “it’s just natural for them to sort of reassess why they are spending so much.”At the same time, these customers are ramping up efforts to develop custom chips to reduce reliance on Nvidia, Goldberg said, and he expects some of those chip programs to come to fruition next year. The heightening enthusiasm for custom chips has driven momentum for Broadcom, which develops application-specific integrated circuits, or ASICs, alongside its customers. The release of Google’s Gemini 3 model in November, for example, not only reaffirmed investor confidence in Alphabet’s AI opportunity but served as a boost to Broadcom, too.Gemini 3 was trained on Google’s tensor processing units, or TPUs, which it has codeveloped with Broadcom for more than a decade.Goldberg’s bullish view of Broadcom has panned out this year, with the stock rising 78% since he initiated coverage in late April. While Goldberg still has a buy rating on Broadcom shares and thinks the custom-chip maker will “continue to do well,” he told MarketWatch that he is “more convicted” in his negative view of Nvidia and the idea that the company is set up for challenges going forward.Advanced Micro Devices is another option for customers, having long been seen as Nvidia’s closest competitor in the chip space, though markedly behind. Both Nvidia and AMD design graphics processing units, which compete with ASICs.Some of AMD’s products are “not as good as Nvidia’s, but if you factor in that they’re cheaper and you sort of do the math that you get just as much compute per dollar as you do with Nvidia, suddenly AMD starts to look much more interesting as an alternative,” Goldberg said.Goldberg started off with a bullish view of AMD’s stock but switched to a hold stance in a Sept. 4 report. While the stock had gained 69% over the course of his bullish call, the downgrade proved premature, with the stock tacking on another 28% in gains since then.That said, Goldberg thinks AMD’s “story is still a couple of years out.”The Nvidia webGoldberg is also concerned about the intertwined relationships between Nvidia and its customers.Cloud-infrastructure provider CoreWeave said in September that it had entered a new order form with Nvidia that would have the chip maker buy back compute capacity that it doesn’t sell. Under the existing agreement between the companies from April 2023, when data-center capacity “is not fully utilized by [CoreWeave’s] own customers, Nvidia is obligated to purchase the residual unsold capacity” until April 2032, CoreWeave said in a Securities and Exchange Commissionreport.“Accounting-wise, there’s lots of ways you can describe it, but effectively it’s a discount,” Goldberg said.Goldberg pointed to Nvidia’s latest earnings report in November, where the company reported that its cloud-service agreements had doubled from the previous year. As of October 26, Nvidia said its multiyear commitments were $26 billion — up from $11.3 billion in the third quarter of 2025. While $6.3 billion of that is from CoreWeave, Goldberg said, the remaining increase is from unknown customers.Nvidia said in its 10-Q filing that some of that capacity “may be reduced, terminated or sold to others by the [cloud service providers], in which case our commitments will be reduced.”","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":169,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":30,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}