Goldman Sachs: Maintains Nvidia ($NVIDIA ) target price of $285, valuation already reflects ASIC market share risk, chip pullback is buyable, but no longer a "basket buy"

Macro market analysis: Goldman Sachs notes the PHLX Semiconductor Index has significantly outperformed the S&P 500 and Nasdaq this year. Elevated valuations mean subsequent earnings cannot afford any missteps. Investors' allocation strategy should shift from "broad semiconductor index" to "sector-specific selection."

Nvidia fundamentals: Addressing market concerns over intensifying competition and customer self-developed chip substitution, Goldman Sachs directly states that Nvidia's current risk discount is excessive. Even facing competition, its robust revenue growth momentum remains unabated. The Vera Rubin platform, set for mass production in the second half of the year, will be a decisive indicator of maintaining its technological leadership.

Sector subsectors and individual stock recommendations: Goldman Sachs currently favors infrastructure expansion beneficiaries with higher demand visibility, such as CPUs, ASICs, memory, and semiconductor equipment. It highlights AMD's server CPU growth momentum and Applied Materials' advantage in advanced process capital expenditure, while maintaining a cautious stance on the smartphone supply chain and companies with high valuations and weak demand.