Nvidia NVDA remains one of Baird’s highest-conviction large-cap ideas, with five-star analyst Tristan Gerra reiterating a Buy rating and $500 price target, implying roughly 126.5% upside from recent levels. Gerra’s bullish case rests on Nvidia maintaining its AI-compute leadership even as hyperscalers increasingly experiment with Google TPUs, Amazon Trainium and custom chips.

The most important evidence comes from Anthropic. The Claude developer reportedly agreed to a $35 billion cloud-computing deal with Nvidia-backed Lambda, adding another major source of Nvidia GPU demand as Anthropic rapidly expands its infrastructure footprint.

Despite Anthropic using multiple architectures, Gerra estimates Nvidia has secured roughly twice as much…