$NVDA BofA Reiterates Buy on Sector Top Pick PT $190

Reiterate Buy on our sector top pick, NVDA, ahead of CES tradeshow that starts Jan-6 with keynote and other events featuring NVDA CEO. While the big themes have already been mentioned in the media ahead of the event, we still see CES as a positive catalyst, re-asserting NVDA’s platform dominance/opportunity in high-growth markets. Specifically, we look for updates on: 1) Robotics strategy (Jetson Thor) from silicon to software and emergence of 'physical AI' theme, 2) Launch of RTX 50xx, Blackwell variants of PC gaming cards with enhanced 'neural rendering' and faster GDDR7 memory, 3) Potential entry into AI PC likely via partnership or (small) chance of standalone PC CPU, and 4) Update on data center incl. current-gen Blackwell (GB200, B200), 2H upgraded variants (GB300, B300 – more memory (288GB using 12 stack High HBM 3E) for more accurate AI inference) and teaser on next-gen Rubin (CY26E).