singaporecambodiaseagamesfootball|美银：英伟达基本面稳定，短期盘整不改长期向好格局

Source: Zhitong Finance and Economics

Since the annual GTC conference last month, $Nvidia (NVDA)Singaporecambodiaseagamesfootball(.US) $shares have fallen about 11%, but Bank of America says this is nothing new for investors and does not mean that fundamentals have changed.

Analyst Vivek Arya wrote in an investor report: "although Nvidia shares are always likely to undergo short-term consolidation in the summer (as we saw from August to December last yearSingaporecambodiaseagamesfootballBut we think the fundamentals are still steadily on the right track, and the consolidation period (sideways trading) tends to prepare the stock for a strong trend in the future. " Currently, Arya has a "buy" rating on Nvidia, with a target price of $1100.

According to the data, Nvidia's decline is the ninth decline of 10 per cent or more since the launch of ChatGPT in late 2022.

Arya added that Nvidia's current share price level was "convincing", with a price-to-earnings ratio of 28 times expected 2025 earnings and a compound annual growth rate of 40 per cent. There is no need to worry about competitive factors.

Arya also explained that the growing number of rumors about competition is not a concern for him, especially $Google-A (GOOGLSingaporecambodiaseagamesfootballUs) $/ $Google-C (GOOG.US) $announced yesterday's internal Axion CPU.

"since Nvidia doesn't sell any CPU to Google, we don't think it has any impact on Nvidia, but we do think the competitive environment between $INTC.US $and $AMD.US $is more intense," Arya said.

It is reported that Google's new CPU is designed to help accomplish some tasks, such as providing power for Google's search engine of the same name and artificial intelligence-related work. (Google also announcedSingaporecambodiaseagamesfootballThe expected update for its TPU v5).

In addition, on Tuesday, Intel launched the Gaudi 3 AI chip, which costs "a fraction" of the cost of the Nvidia H100 chip. Although the company announced that it had won contracts from companies such as $DELL.US $, $HPQ.US $and $00992.HK $, it did not mention any positive developments in cloud computing, so Arya believes that Gaudi 3 will have less than 1% of the artificial intelligence accelerator market.

"We adhere to our core view that Nvidia will continue to dominate the $90 billion accelerator market with more than 75 per cent in 2024 (the market will grow to $200 billion by 2027), with custom chips $Trainium/Inferentia, $MSFT.US $Maia, etc.) accounting for 10-15 per cent, with the remaining 10-15 per cent distributed among other merchants (AMD, Intel, private companies)," Arya said.

"so far, we have not seen anything to change this point of view. In fact, Nvidia's Blackwell products with leading training and reasoning capabilities, coupled with the company's strong corporate influence, make us more confident in its ability to maintain / gain market share."

Edit / jayden

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