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Analysis of Recent Nvidia Stock Performance

Nvidia Stock Correction

Nvidia stock has tumbled recently, with the share price correcting by more than 10% from the latest all-time high, but Bank of America is telling investors not to worry about the recent slide as the chip titan is still in prime position to dominate.

Nvidia’s latest Blackwell chip offers a fivefold AI performance boost, which aims to cut AI inference costs and energy use by up to 25 times. This, combined with Nvidia’s strong enterprise foothold, makes the BofA analysts more confident in the company’s ability to maintain and gain market share in the chip space.

BofA Analysts’ Perspective

BofA analysts led by Vivek Arya said in a note Wednesday that despite the 11% plunge since late March, they remain bullish on Nvidia and predict the company will hold onto its top spot as the industry’s leading producer of the chips that power the booming artificial intelligence space.

The bank maintained its price target of $1,100 per share, representing upside of 26% from where the stock was trading during Wednesday’s session. Shares changed hands at $867.62 around 12:45 p.m. Wednesday.

Competition Landscape

While Nvidia faces competition from Google and Intel, the bank believes their processors pose limited threat to Nvidia’s dominance.

Google just announced its ARM-based server CPU, Axion, while Nvidia has its own called Grace. However, since Nvidia doesn’t sell their CPUs to Google, the bank said Google’s new launch has no impact on Nvidia.

Meanwhile, Intel also unveiled its Gaudi 3 accelerator this week, which it says will boast 50% better inference performance compared to Nvidia’s two-year-old H100 chip. However, Bank of America expects Gaudi 3 to capture less than 1% of the AI accelerator market share.

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