NVIDIA Stock Has Significant Upside, Says Cantor Fitzgerald
Despite already being one of the most valuable public companies globally, NVIDIA Corporation (NASDAQ: NVDA) still has considerable growth potential, according to Cantor Fitzgerald analysts on Wednesday.
“We have never seen a faster pace of technological innovation and subsequent reduction in the cost of computing as we are witnessing today, driven by NVDA and its comprehensive system approach,” they noted.
These factors are creating a strategic turning point in the proliferation of AI, with no signs of slowing down due to rapid product cycles, ongoing software innovations, and optimizations across the stack that significantly enhance the scaling of compute units, the analysts explained.
Consequently, Nvidia’s robust competitive edge is continually strengthening, forcing its competitors to keep up.
“Given the above and NVIDIA’s clear technological momentum at scale, we anticipate the shares will continue to rise,” Cantor analysts said.
Over the past decade, Nvidia has increased AI performance a million-fold, outpacing Moore’s Law and significantly lowering compute costs to facilitate AI adoption.
Although we are still in the early stages, advancements like ChatGPT signify the beginning of AI’s growth, with future improvements expected in logic, multi-modal functions, and cultural adaptations, the analysts added.
Nvidia CEO Jensen Huang projects another million-fold performance increase over the next decade, indicating “a clear path forward toward AI ubiquity,” according to Cantor’s team.
“Therefore, we continue to see the company’s opportunity evolving from a percentage of Data Center capex to a percentage of global IT spending and eventually to a percentage of GDP spending,” they concluded, reaffirming a Top Pick rating on the stock and raising the price target from $140 to $175.
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