Nvidia Still Reigns Supreme: Analyst Sees Strong Narrative Despite Short-Term Headwinds

Nvidia (NVDA) continues to be a captivating story in the world of artificial intelligence (AI) semiconductors, according to Morgan Stanley analysts. While acknowledging some short-term hurdles, they maintain a bullish outlook on the company's long-term prospects.

Nvidia's Narrative Remains Compelling

Despite a recent run-up in share price, Morgan Stanley sees Nvidia as the "most compelling narrative in the AI semis space." They point to the upcoming launch of Nvidia's new Blackwell chip lineup later this year as a key catalyst for future growth. Additionally, the ongoing demand for existing products like the H100 series is expected to remain robust.

Near-Term Visibility and Backlog

The analysts acknowledge potential concerns about a slowdown before the launch of Blackwell. However, positive data points from their recent trips to Taiwan and China suggest strong demand in the near term. This translates to a healthy backlog of orders for Nvidia, indicating continued revenue growth.

Higher Bar for Nvidia

With Nvidia's market capitalization soaring in recent months, the company now faces a "higher bar" according to Morgan Stanley. However, they believe the company can continue to deliver, citing the significant headroom for growth in the AI market.

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Disclaimer: I am not a financial advisor and this is not financial advice. Please consult with a qualified financial professional before making any investment decisions.