CICC Starts NVIDIA (NVDA) at Outperform, 'GPU leader well-positioned in AIGC'
CICC analyst Tianqing Huang initiates coverage on NVIDIA (NASDAQ: NVDA) with a Outperform rating and a price target of $870.00.
The analyst comments "AI: Cloud and AIGC drive the rapid growth of data center business; integration of software and hardware helps accelerate the development of computing platforms and strengthens competitive advantages. According to Liftr Insights, NVIDIA had an 82% market share in the field of AI-accelerated computing in 2022. The company has rolled out hardware, software, platforms, and applications related to accelerated computing. In addition, it has created an accelerated computing platform that integrates software and hardware on the collaboration between graphics processing units (GPU), central processing units (CPU), and network hardware products as well as a CUDA programming model-based AI ecosystem. It aims to provide customers with comprehensive and diverse solutions. NVIDIA is reaping benefits from its increasing cloud capex and the short supply of computing power for the training of large language models (LLMs) in the market. Looking ahead, we expect the accelerating commercialization of inference chips to bolster the expansion of the AI hardware market. We expect NVIDIA to maintain its leading position in AI computing on technological strengths and ecosystem advantages."
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Shares of NVIDIA closed at $860.87 yesterday.