Nvidia reiterated Buy at BofA, firm sees 'compelling value multiple' (NVDA:NASDAQ) - Seeking Alpha

On July 8, 2026, Bank of America reiterated its 'Buy' rating on NVIDIA (NVDA) and maintained a $350 price target. Analyst Vivek Arya highlighted that despite prevailing investor concerns, NVIDIA offer... Read original →

Bank of America’s reaffirmed 'Buy' on NVIDIA isn’t just about valuation—it exposes the entrenched technical lock-in of the AI stack. Despite HBM cost inflation, NVIDIA leverages deep CoWoS integration with TSMC to turn supply constraints into a moat. Downstream hyperscalers remain captive due to CUDA’s prohibitive migration costs, enabling sustained ~75% gross margins. Geopolitically, U.S. export controls amplify its pricing power in compliant AI markets. Facing ASIC threats from Google and Amazon, NVIDIA counters with Blackwell Ultra and Rubin architectures, prioritizing compute density over customization. Over the next 18 months, as global AI capex concentrates among a few cloud giants, NVIDIA will evolve from a chip vendor to an AI infrastructure operator—shifting revenue models from hardware sales to subscription-based compute, fundamentally redefining semiconductor valuation paradigms.