The Zhitong Finance App learned that on November 9, Bernstein's US semiconductor team maintained Nvidia's target price at $400, rated it “outperforming the market.” The entire report has been rewritten as a risk warning in the investment conclusion: the opportunities for data centers are still huge, but recent allegations against the CEO have brought “additional key personnel risks and a ceiling that could last for quite some time.” The sentence weighs a lot more than “maintaining a buy.” It is tantamount to admitting that in Nvidia's valuation model, there is a variable that has never been separately priced before — Hwang In-hoon himself.

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