Nvidia’s latest earnings call offered fresh evidence that the artificial intelligence boom still has considerable momentum, according to Bank of America.

Analyst Vivek Arya reiterated a Buy rating and described Nvidia as the bank’s “top sector pick as AI demand continues to strengthen,” arguing the stock’s valuation remains “compelling” even as investor skepticism lingers.

BofA highlighted five comments from Nvidia management that the bank sees as central to the long-term AI investment case.

First, Nvidia said “Blackwell sales are off the charts”, with the potential to “exceed $500bn in CY25+CY26 demand”, boosted by incremental deals with Anthropic and Humain.

Second, the company noted that “Cloud GPUs are sold out, including a 6-yr old Ampere GPU,” which BofA said directly addresses concerns about data-center overbuilding.

The third key message was stronger-than-expected adoption of new products: the “Blackwell Ultra ramp… with GB300 > GB200,” which Nvidia said is now contributing roughly two-thirds of Blackwell revenue.