Nvidia: We’re Pleased With the Innovation Discussed by Nvidia at CES 2024; Shares Fairly Valued

We met with Nvidia's management team at CES 2024 in Las Vegas and came away from the investor-only event with modestly more confidence in our existing assumptions that the company will deliver another year of exceptional data center revenue growth in fiscal 2025, which is effectively calendar 2024. We maintain our $480 fair value estimate for wide-moat Nvidia, and shares appear modestly overvalued after a recent runup in share price. We also maintain our Very High fair value uncertainty rating as Nvidia's valuation will remain closely tied to the rapidly evolving artificial intelligence market in the years to come.