Nvidia Stock Drops Over 10%, but Bank of America Still Bullish on AI Chip Leader's Prospects

• Nvidia stock has fallen over 10% from recent highs, but Bank of America analysts remain bullish with a $1,100 price target (26% upside)

• The recent sell-off marks the 9th time the stock has dropped 10%+ since ChatGPT debuted in November 2022

• Factors behind the decline like inflation, competition, market volatility don't change the positive narrative for Nvidia in AI chips

• Nvidia's new Blackwell chip offers 5x AI performance boost over previous chips, strengthening market dominance

• While facing some competition from Google and Intel, BofA expects minimal impact on Nvidia's top position in AI accelerators