Nvidia still has a little more room to maneuver By Investing.com

Despite becoming one of the world’s most valuable public companies, NVIDIA Corporation (NASDAQ:) stock has “a little more room to run,” Cantor Fitzgerald analysts said Wednesday.

“We have never seen a more rapid pace of technological innovation and subsequent reduction in compute costs as we are seeing today – all driven by NVDA and its complete systems approach,” they wrote.

These dynamics are creating a strategic inflection point in the proliferation of AI, with no signs of slowing due to accelerating product cycles, continued software innovation, and cross-stack optimizations that enable significant scale of computing units, analysts explained.

As such, Nvidia’s already strong competitive advantage continues to strengthen, forcing its peers to continue playing catch-up.

“Based on the above and NVIDIA’s clear technology push at scale, we continue to look for stock upside,” Cantor analysts said.

Over the past decade, Nvidia has delivered a million-fold increase in AI performance, surpassing Moore’s Law and dramatically reducing compute costs to enable AI adoption.

Despite their early stages, advances like ChatGPT mark the beginning of AI’s growth, with future improvements in logic, multimodal functions and cultural adaptations, analysts said.

Nvidia CEO Jensen Huang predicts another million-fold increase in performance over the next decade, highlighting ‘a clear path from here to progress toward AI ubiquity’ , Cantor’s team said.

“As such, we continue to see the business opportunity grow from a % of data center capex to a % of global IT spend and soon to a % of GDP spend,” he said. he continued, reiterating the Top Pick rating on the title and increasing the rating. price target of $140 to $175.