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BofA reiterates bullish stance on Nvidia: market overconcerned about HBM costs and ASIC competition, current valuation near 11-year low

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ME AI message, July 9 — A recent research report from Bank of America in the U.S. says that market concerns over NVIDIA facing rising high-bandwidth memory (HBM) costs and competition from ASIC custom chips have been amplified, underestimating the company’s strong pricing power, supply-chain advantages, and ecosystem moat. BofA believes that the upcoming Rubin AI platform is expected to cover the increase in HBM costs through higher selling prices, while NVIDIA’s approximately $119 billion supply-chain commitments will further strengthen its cost advantage, with the company’s gross margin still expected to remain around the mid-70% range. Regarding the ASIC substitution risks that the market is focused on, BofA points out that Google’s TPU has been developed for more than 10 years, but over the same period NVIDIA’s GPU business revenue has grown by about 700 times, showing that custom chips have not weakened the GPU’s dominant position in AI training and inference. The bank expects that going forward NVIDIA will still account for 65% to 70% of global hyperscaler cloud providers’ AI infrastructure spending. On valuation, BofA says NVIDIA’s current forward P/E is about 18.7x, only half of the roughly 37x average over the past decade, close to an 11-year low, with pessimistic expectations already fully priced in. As the Rubin platform advances and the August earnings report approaches, BofA expects NVIDIA to once again validate its product competitiveness and profitability, driving the market to re-rate its valuation premium. (Source: MLion)
NVDA-0.70%
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