Nearly three months after Nvidia shocked Wall Street with blowout earnings and forecast thanks to accelerating AI demand , analysts are still going crazy for the chipmaker.
NVDA 3M mountain Nvidia shares over the last three months Curtis justified the run-up in shares this year, noting that more companies are allocating cloud capital expenditure budgets toward AI, and Nvidia shows no signs of a "clear competitor" in the field.
Raymond James analyst Srini Pajjuri said that tight supply issues could limit the near-term upside for Nvidia but that the generative AI story remains intact.
He also called the steep valuation justified given the Jensen Huang -led company's dominance in AI and machine learning.
While Deutsche Bank's Ross Seymore anticipates another "stunning" report and more upside from AI, he retained his hold rating on Nvidia shares.
Persons:
Blayne Curtis, Curtis, Piper, Harsh Kumar, Kumar, Raymond James, Srini Pajjuri, Jensen Huang, Pajjuri, Ross Seymore, — CNBC's Michael Bloom
Organizations:
Nvidia, Barclays, AMD, Deutsche
Locations:
China