While Wall Street keeps hunting for the next artificial intelligence winner, Bank of America's top chip analyst says the best AI trade remains the market's most obvious one.

The next Nvidia Corp. (NVDA) is still Nvidia.

Why Bank Of America Remains Bullish On Nvidia

The bank's semiconductor analyst Vivek Arya reiterated a Buy rating on the chipmaker and maintained a $350 price target following appearances by Nvidia executives at the Bank of America Global Technology Conference, calling the stock the firm's “top sector pick.”

The target implies roughly 60% upside from Thursday's closing price of $218.66.

Arya hosted NVDA Chief Financial Officer Colette Kress on Thursday, days after CEO Jensen Huang's 'GTC Taipei' keynote on Monday.

The message from management was consistent: Nvidia keeps widening the moat by attacking more of the AI rack with every product generation.

Arya called Nvidia the “king of diversity,” noting the company supplies every major hyperscaler and every major model maker while holding a deep incumbency in enterprise and industrial workloads.

The bank highlighted Nvidia's growing presence across AI compute, networking, CPUs, software and complete rack-scale systems.

Management indicated content per gigawatt of AI infrastructure could rise from roughly $40 billion with Blackwell systems today to $60 billion-$80 billion with Vera Rubin and Rubin Ultra, potentially reaching $100 billion or more with the future Feynman architecture.

The CPU Story Wall Street Underrates

The keynote sharpened Nvidia's push into central processors.

Bank of America said Nvidia is steadily increasing its share of AI spending by adding more components and capabilities with each product generation.

The firm also pointed to Nvidia's growing CPU ambitions.

Management said its expected $20 billion Vera CPU opportunity in the second half of fiscal 2027 is roughly split between traditional AI server head-node processors and standalone CPUs used for emerging agentic AI and reinforcement-learning workloads.

Nvidia estimates its AI-related CPU total addressable market at $200 billion.

Valuation Still Attractive?

Despite Nvidia's status as the world's most valuable company, Arya argues the stock remains attractively valued relative to its growth prospects.

The analyst notes Nvidia trades at roughly 16 times expected calendar 2027 earnings, representing a PEG ratio of approximately 0.4, well below the Magnificent Seven average of 1.9. Bank of America maintained Nvidia as its top AI pick, citing rising AI infrastructure content, expanding CPU opportunities and strong visibility into future demand.

For investors searching for the next Nvidia, Bank of America's message is straightforward: the original may still be the best bet.