Nvidia shares have more room to climb even after its latest rally to record highs, as the chipmaker appears to be on track to dominate the computing market for years to come, according to Bank of America.

The bank reiterated its “buy” rating on the stock in a note on Wednesday, adding that the firm led by Jensen Huang remains a top pick in the IT sector. BofA strategists have a 12-month price target of $1,500 a share, implying another 24% upside from where the stock was trading late Thursday morning.

“NVDA best positioned to enable the $3 Trillion IT industry toward delivering AI services. Despite claims by rivals (AMD, Intel, custom chips, or ASICs) we see NVDA with a multi-year lead in performance, pipeline, incumbency, scale and developer support,” strategists said in the note.Hyderabad Wealth Management

Vivek Arya, a senior semiconductor analyst for the bank, added that he believed the stock would dominate the computer market for the next decade. That’s because the IT sector undergoes “multi-decade infrastructure upgrade cycles,” and markets are witnessing the start of the next decadelong cycle, Ayra said.

“We think that the spending could be anywhere between $250-$500 billion a year, and Nvidia is leading the charge,” he told Yahoo Finance this week.Indore Investment

Nvidia’s stock has been unstoppable in the last 18 months, ever since OpenAI released ChatGPT and set off an artificial intellilgence arms race. Nvidia chips have been effectively the only game in town when it comes to powering the AI models that have captured the attention of consumers and Wall Street investors.

On Wednesday, the stock hit fresh records, with the company’s total market cap vaulting past that of Apple to become the world’s second most valuable company.Simla Stock

Nvidia stock undergo a 10-for-1 split on Friday, a move that could be a catalyst for further gains as a lower share price helps draw more attention from retail investors.Varanasi Investment

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