Nvidia is the 'picks and shovels leader in the AI gold rush' that could expand its market share as competition heats up, Bank of America says
— no matter which company ultimately reigns supreme.
Nvidia is the"picks and shovels leader in the AI gold rush," BofA said, referencing the idea that merchants who sold supplies during the 1850s gold rush did better than the actual gold miners. Nvidia sells AI accelerator graphics processing units, which help power the large language models that are behindAccording to the note, the total addressable market for these chips could grow to $60 billion by 2027, and Nvidia currently dominates about 75% of the market.
The semiconductor company's H100 accelerator has surged in demand in recent months, so much so that they're currentlyAnd while the scarcity of Nvidia's highly sought after H100 chip is bound to bring more competitors to the market, Nvidia is well positioned to fend off potential market share grabbers.
"We remind investors that success in AI requires full-stack computing and scale/experience across silicon, software, application libraries, developers plus enterprise and public cloud incumbency. In other words, it's a 10+ year well-honed turnkey model versus piecemeal silicon-only solutions from many competitors," BofA said.
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