Bank of America still sees major upside ahead for this AI stock that's had a massive year-to-date rally, despite cyclical headwinds for the chip industry.
Bank of America still sees major upside ahead for Nvidia , despite the stock's massive year-to-date rally and a series of recent cyclical headwinds that have impaired the semiconductor industry. Pointing to the firm's "underappreciated" pipeline of generative artificial intelligence products, analyst Vivek Arya reaffirmed Nvidia as his top sector pick in a Monday note.
mountain Nvidia ytd stock chart "In part, NVDA's compressed valuation already reflects investor concerns about sustainability of genAI capex, geopolitical concerns and competitive risks from AMD / INTC ," Arya wrote. Over the long term, the analyst expects Nvidia's earnings potential and several catalysts will continue to drive its share price higher.
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