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Bank of America analyst Vivek Arya believes that Nvidia's stock price lagging behind the chip industry is a buying opportunity. The market's concern about the gross profit margin caused by the increase in HBM component costs has been overestimated, and Nvidia has a supply chain commitment and pricing power of $119 billion. Concerns about competition for custom chips have also been exaggerated, with Nvidia expected to account for 65% to 70% of AI infrastructure spending by hyper scale cloud service providers. At present, Nvidia's forward P/E ratio is about 18.69 times, close to an 11 year low.