Nvidia initiated with an Outperform at CICC on AI computing leadership

As previously reported, CICC analyst Tianqing Huang initiated coverage of Nvidia with an Outperform rating and $870 price target. Nvidia is a “pioneer” of accelerated computing that has advantages in artificial intelligence technologies and ecosystem and will likely benefit from the accelerating infrastructure construction for AI-generated content, the firm tells investors. Nvidia is reaping benefits from its increasing cloud capex and the short supply of computing power for the training of large language models, or LLMs, in the market and the firm expects it to maintain its leading position in AI computing on technological strengths and ecosystem advantages.