William Blair analyst Sebastien Naji initiated coverage of Nvidia with an Outperform rating. Nvidia has a “long and storied history” of designing parallel computing systems to handle complex processing tasks, which historically has positioned Nvidia as a leader in niche markets like gaming, automotive, visualization, and high-performance computing, or HPC. However, the “rising AI tide has catapulted parallel computing to the forefront of the tech industry” and has driven massive demand for the company’s GPUs and parallel computing stack. Nvidia’s data center revenue grew 217% in fiscal 2024 and is expected to grow 132% in fiscal 2025, exceeding $110B in revenue from $15B in fiscal 2023, the analyst noted.
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