Artificial intelligence is still taking Wall Street by storm, and BofA says it continues 'to see benefits for semis as AI investment ramps.'
Artificial intelligence continues to take Wall Street by storm — Nvidia reported earnings that smashed expectations on the back of demand for AI chips. "We continue to see benefits for semis as AI investment ramps," BofA said in a recent note. It cautioned that it will be prudent for companies to show profitability from AI projects, and that could lead to "cautious data center capex spending patterns." But bright spots could be emerging, according to the bank.
semiconductor firm's double-digit growth of earnings per share, "best-in-semis profitability" and free cash flow generation. It gave the stock a price target of $1,050, or nearly 20% upside. Nvidia: BofA said the firm still has "stronger growth opportunities ahead," as data centers could face strong long-term demand. It gave the stock a price target of $550, or nearly 17% upside.
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