Bank of America reiterated a buy rating on Nvidia stock and raised its price target to $190, implying its market cap could explode to $4.7 trillion.

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.

ASML’s outlook sparked an overreaction from investors. It’s creating another buying opportunity for AI stocks.

Nvidia stock is already up 180% this year and more than 31,000% over the last decade as the company became the face of the artificial intelligence revolution.