Bank of America said Nvidia shares are trading about 34% to 50% below its estimated value, arguing that investors may be overstating risks tied to the AI investment cycle and the company's role at the center of AI infrastructure spending. Analyst Vivek Arya reiterated a Buy rating and kept a $350 price target, saying concerns over a slowdown in AI infrastructure investment, the pace of enterprise AI monetization and elevated valuations may be overdone. He argued Nvidia remains central to AI computing infrastructure through its GPUs, software ecosystem and relationships with cloud providers, positioning it to keep benefiting from demand for AI compute. The view adds to BofA's earlier bullish stance on Nvidia's leadership in AI data centers, where the bank has said growing generative AI adoption by enterprises and cloud companies should continue to support the company's performance.