Nvidia (NASDAQ: NVDA) remains one of Wall Street’s favorite AI trades, and a fresh analyst update suggests at least one firm believes the rally still has room to run.

Despite ongoing concerns over economic conditions, debt markets, and supply-chain constraints, Cantor Fitzgerald reiterated its bullish stance on the chipmaker, arguing that demand tied to artificial intelligence infrastructure remains firmly intact.

The investment firm reaffirmed its Overweight rating on Nvidia and maintained a $350 price target. Based on the stock’s press-time price of $277, the target implies upside of nearly 27%.

In support of its outlook, Cantor Fitzgerald analyst C.J. Muse pointed to continued strength in AI infrastructure spending…