Truist's Will Stein outlines his bullish case for Nvidia's path forward

Market Trend & Investment Opportunities - Truist Securities raised Nvidia's price target to $228, approximately 27% higher than the current price [1] - The analyst believes hyperscalers are more aggregators of demand, reducing the risk associated with concentration of demand [2] - The cloud service providers are distributors, and the end customers are making the decision about which technology is in demand [3] - The analyst upgraded AMD, expecting it to gain a small but stable and growing share of the market [9][10] - Nvidia is significantly ahead and will likely remain ahead in the AI infrastructure market [10] Competitive Advantage & Risks - Nvidia's CUDA software ecosystem is a significant advantage, making its position sticky [6][7] - The number of software engineers trained in CUDA is vastly greater than those trained in Rockom [9] - Nvidia's software and systems moat is strong [8] - AMD's Rockom is trying to build out an ecosystem [7]