$NVIDIA(NVDA.US)Morgan Stanley’s latest report makes one thing clear: despite market skepticism, NVIDIA’s partnership with OpenAI is a game-changer. The deal could bring $350–$400 billion in incremental revenue—far above current expectations—as OpenAI ramps up to build at least 10GW (and potentially 200GW) of AI data centers using NVIDIA hardware.
This is all new business, not just a shift from other cloud players, and positions NVIDIA as OpenAI’s primary compute partner. Even with some cyclical risks, Morgan Stanley calls the valuation reasonable, reiterates an “Overweight” rating, and sees 19% upside from current levels.
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