BofA raised the firm’s price target on Nvidia (NVDA) to $160 from $150 and keeps a Buy rating on the shares after Nvidia and AMD (AMD) separately announced multi-year AI infrastructure projects with HUMAIN, a subsidiary of the Saudi Arabia Public Investment Fund. The firm, which sizes the projects to be likely around $3B-$5B annually, or $15B-$20B over a multi-year period, thinks “Sovereign AI” could help address limited power availability for data centers in the U.S., plus offset headwinds from restrictions on U.S. companies shipping to China.
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