As previously reported, DA Davidson upgraded Nvidia (NVDA) to Buy from Neutral with a price target of $210, up from $195, citing the belief the growth in AI compute demand will drive enough demand to sustain growth into next year and likely beyond. The firm’s “increasingly optimistic view” of the growth in AI compute demand supersedes its concerns about cross-currents it has highlighted in the past, including the increased competition from customers through ASICs, especially Google’s (GOOGL) TPUs and increased competition and volatility in demand in China, the analyst tells investors.
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