Analyst explains bullish $1,500 call on Nvidia

Nvidia's (NVDA) stock price has been a warpath in the past two years, skyrocketing over 500% within that timeframe with shares hitting an all-time high in the last week alone. Some Wall Street analysts even see Nvidia's market ascending to $10 trillion by 2030.
Bank of America maintains its Buy rating on Nvidia stock while raising its price target on the chip giant to $1,500 per share. Bank of America Senior Semiconductor Analyst Vivek Arya joins Yahoo Finance from the Bank of America Global Technology Conference to talk about his call on Nvidia as the AI chip race from major semiconductor companies broadens out into other industries, such as cloud computing and autos.
"Now we are at the start of what I think could be a decade-long conversion over to accelerated computing," Arya says, explaining the concept of accelerated computing while also adding: "We are just at the start of this cycle. We think that the spending could be anywhere between $250 to 500 billion a year, and Nvidia is leading the charge."
Read up on Nvidia's unveiling of its Rubin AI chip at the Computex 2024 conference in Taipei, Taiwan.
Nvidia is also scheduled to implement a 10-for-1 stock split for current shareholders on June 7, with shares to begin trading publicly at the adjusted price on Monday, June 10.
Catch Yahoo Finance's full interview with Nvidia CEO Jensen Huang.
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