Nvidia downgraded by Baird as Jensen Huang probe raises concerns

The significance here is less about Nvidia's fundamentals than about governance and political risk becoming a valuation factor for the most systemically important name in the AI trade. Two separate analyst actions in the same cycle, both tied to the same disclosure, suggest the concern is not idiosyncratic to one desk. What matters for crypto and RWA markets is correlation: Nvidia has been a proxy for AI-adjacent risk appetite, so a sustained de-rating could weigh on sentiment across the sector. Whether the congressional hearing produces clarity or escalation is the open question.