Morgan Stanley elevated Nvidia to its preferred semiconductor stock, saying the company trades at 15 times the bank’s projected fiscal 2028 earnings despite its central role in artificial-intelligence infrastructure. Nvidia shares rose 1.09% to $230.86 on Friday, near their 12-month high of $236.54, after analyst Joseph Moore met with CEO Jensen Huang, CFO Colette Kress and investor relations director Toshiya Hari in New York and Boston. Nvidia’s board approved an additional $150 billion share-repurchase authorization on September 28, taking total capacity through 2028 to $235 billion and potentially allowing the company to retire about 2.8% of outstanding shares. Second-quarter earnings reached $2.22 per share against a $2.09 consensus, while revenue climbed 106% year over year to $96.22 billion. Morgan Stanley said roughly half of Nvidia’s revenue comes from customers beyond hyperscale cloud providers and leading AI-model developers, including other modeling firms, newer cloud operators, government organizations, original design and equipment manufacturers, and corporations. The company has 80 cloud-service partners worldwide, 55 outside the United States. Morgan Stanley expects Nvidia’s 2028 Feynman architecture to increase revenue per gigawatt from $40 billion to more than $50 billion as data-center construction and financing become a larger deployment constraint. Barclays raised its 2027 hyperscaler-revenue forecast to about $401 billion from $370 billion, while Cantor Fitzgerald maintained an overweight rating and a $350 price target. The broader analyst consensus remains "Buy," with an average target of $324.14, although investors continue to examine Nvidia’s financing arrangements with AI customers, their credit quality and China’s development of software ecosystems for Huawei’s rival AI processors.