According to Deltaone, Baird has downgraded NVIDIA from "Outperform" to "Neutral," slashing its price target by 60% from $500 to $200. Citing analyst Tristan Gerra, the post noted that supply constraints, potential demand slowdowns, and declining visibility pose risks to 2027 data center expectations. The shifts in demand and spending represent the analyst's assessment rather than actual order cuts that have already occurred.