Most AI compute has been driven by Nvidia chips, and we obviously have a deep partnership with Nvidia and will for as long as we can see into the future,” Jassy said on a cal

Because Nvidia is still growing its revenue rapidly, using trailing earning metrics can give a false impression of where the company is headed. However, they're also useful in this case because its future had a wrench thrown into it thanks to DeepSeek's breakthrough.

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Nvidia was one of several technology stocks hit by the emergence of Chinese AI competitor DeepSeek. An analyst sees the pullback as a buying opportunity. The NVDA Analyst: Morgan Stanley analyst Joseph Moore maintains an Overweight rating on Nvidia with a $152 price target.

Shares of the artificial intelligence (AI) chip leader have been crushed this year, but recent developments suggest the best is yet to come.