Odaily News Nvidia's stock is near its lowest valuation since the AI era, but a growing number of risks are making investors cautious about buying on dips. The latest blow to the chipmaker was a $5.5 billion loss it booked due to chip trade restrictions. The news heightened concerns that spending on AI could slow, especially as the escalating trade war further clouds the overall outlook for economic growth. "The outlook is not as convincing as it used to be, and you really have to make a lot of assumptions about tariffs, hyperscale companies and macroeconomics," said Krishna Chintarapalli, portfolio manager and head of the technology industry at Parnassus Investments. "Because all of these factors are stacked up, uncertainty is much higher than before." Chintarapalli believes the stock is reasonably valued, but added: "If you want to buy here, you're probably betting on hyperscale demand for AI." "While the intention to invest in AI is there, they will always slow down at the margin," "Given the macroeconomic and tariff issues, you can't predict the pace of investment." (Jin Shi)