According to Bank of America analyst Vivek Arya, as of July 7, Nvidia's stock has only risen 3% year-to-date, while the Philadelphia Semiconductor Index (SOX-US) has gained 80% over the same period. Arya believes that despite market concerns, investor sentiment has become overly pessimistic, overlooking the company's strong pricing power and supply chain commitments. He expects Nvidia's next-generation Rubin platform to be priced higher than the current Blackwell product, and despite rising memory component costs, it can still maintain a gross margin close to 75%. Nvidia's stock closed up 3.7% on July 9 at $204.12 per share. Arya noted that the company's forward P/E ratio is 18.69 times, near its 11-year low.