This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.Chip designer NVIDIA Corporation is losing its GPU pricing power, according to a fresh note from investment bank HSBC. The note cuts NVIDIA's share price target to $120 from $175 and downgrades the shares to Hold from Buy. NVIDIA's GPU prices, driven by the firm's considerable technological advantages, short supply and high manufacturing costs, have set the narrative around its products and share price. They were at the heart of January's DeepSeek selloff, which wiped off close to $600 billion from the firm's market value as investors wondered whether the GPUs would be in high demand after purported efficiency demonstrations by the Chinese AI startup DeepSeek.HSBC Doesn't See Significant Pricing Boost Between NVIDIA's B200 & B300 Blackwell AI GPUsNVIDIA's shares are among the worst performers in 2025 due to investor skepticism about the firm's AI GPU demand. Year-to-date, the stock has 24% and is down 4.9% at market open today after the Trump administration's latest set of tariffs roiled US and global stock markets.Amidst the chaos, HSBC believes that NVIDIA is losing the pricing power with its AI GPUs. In a fresh analyst note, the firm's analyst Frank Lee analyzes the pricing trend between NVIDIA's B200 and B300 Blackwell AI GPUs and GB200 and GB300 NVL72 server racks. The B300 GPUs are among the latest AI products from NVIDIA and is build on TSMC's N4P manufacturing process node.According to HSBC, there has been no significant average selling price (ASP) bump between the B200 and B300 GPUs. "[W]e have seen no significant ASP boost between B200 and B300 GPU or the GB200 and GB300 NVL72 rack architecture," notes Lee and adds that there appear to be limited upgrades in GPU specifications as well apart from the next-generation Vera Rubin GPUs relying on HBM4 memory.HSBC adds that NVIDIA's systems will support 72 GPUs per rack until 2027, when the firm launches its Rubin Ultra products. As a result, the bank has downgraded NVIDIA's shares to Hold from Buy, a downgrade that appears to have come just in time as the firm's shares extended their losses to 5.34% as trading commenced today.HSBC's latest remarks about NVIDIA follow NVIDIA CEO Jensen Huang's remarks last month where he justified his firm's GPU prices. In an interview after NVIDIA's GTC conference, Huang shared that not only do his firm's GPUs allow users to generate money and save money by being more efficient, by added that they are pricey due to manufacturing complexities.Huang also added that his company is working with TSMC and Foxconn to manufacture GPUs onshore in the US. Trump's latest round of tariffs left NVIDIA out of the loop, and the firm is also reportedly pressuring the US government to scrap the latest set of rules that prevent unlimited sales of its AI GPUs to most countries except for 18 that are determined to be key US allies and partners.Deal of the Day