Bank of America: Nvidia's valuation is at a 7-year low, discounting 30-35% compared to other large tech peers.

Bank of America believes that the market's concerns about storage costs, competition from self-developed ASICs, and ecological investment are excessive, and that the fundamentals of NVIDIA have not reversed. NVIDIA's current valuation is at a 7-year low, with a discount of about 30% to 35% compared to large tech peers, but its sales and EPS growth rates are significantly ahead. Bank of America expects the AI data center market to continue expanding, and NVIDIA is still expected to maintain a share of AI capital expenditure of over 65% to 70%.