GeForce customers include "gamers that don't mine, gamers that casually mine, and professional miners," BofA says. Meanwhile, the creation of the crypto mining processor is a boon.Each new generation, Nvidia is able to upgrade 40-60% of gamers, and there's plenty of room to growth with Ampere penetration at 4%.And Huang noted as a rule of thumb, gamers who bought x圆0 GPUs likely move to an xx70 model the next time. "And this is key to sustainability of NVDA gaming biz - 10-15% annual ASP (average selling price) growth as gamers buy up the stack," Vivek Arya and team write.There was confidence to be heard around the gaming cards: Adoption of the newest Ampere gaming GPUs has lagged that of the prior Pascal generation due to supply constraints, but Nvidia management noted that in terms of manufacturer suggested retail price, Ampere has been "way faster" than both Pascal and Turing.BofA met with CEO Jensen Huang, CFO Colette Kress and IR head Simon Jankowski to talk over the company's recent Computex announcements, which covered the data center opportunity as well as new gaming cards that should "smooth out" a cryptocurrency cycle that led to shortages of the company's graphic chips.That would be Nvidia (NASDAQ: NVDA), where it says investors underappreciate the size of the enterprise contribution to the business as well as the sustainable growth in the gaming business.
A meeting with top management along with a new facility tour has bolstered BofA's confidence in its top compute pick.
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