Nvidia is well placed to provide the tech necessary to develop new AI models, and it's got an edge with big enterprise customers, BofA analysts note.

A BofA analyst sees room for Nvidia Corp. shares to tack on another 40% or so to their explosive rally, as a “generational opportunity” further unfolds.

Consensus estimates forecast Nvidia to end the ongoing fiscal year 2025 with $125.5 billion in revenue, which would be a 125% increase from the previous year. However, analysts at KeyBanc are forecasting the company's revenue to come in at $130.6 billion in the current fiscal year (which will end in January 2025).

The AI arms race has powered Nvidia to be the second most valuable company in the world. Nvidia is not the only growth stock worth owning right now. Amazon and Alphabet are solid businesses that are not short on growth opportunities.