Nvidia named as one of BofA’s top semiconductor picks for 2024

BofA named Nvidia as one of the firm’s five top picks in semiconductors for 2024 and argues that despite a 230% year-to-date move, shares are trading at a “depressed” PE multiple, implying many are skeptical in the sustainability of genAI investments. However, the firm believes it’s “early to predict a peak” as these trends take decades to play out. Nvidia remains its overall top pick in the sector and the firm keeps a Buy rating and $700 price target on the shares.