Nvidia could easily race higher.

With the AI boom gaining momentum, strong earnings, and an upcoming 10:1 split, there’s a lot to like about the tech giant.

For one, in its first quarter, the company posted adjusted EPS of $6.12 on sales of $26 billion. Gaming revenue was 18% higher year over year. Data center revenue jumped to $22.6 billion as compared to estimates of $21.13 billion. Total revenue was up 427% year over year.

Looking to the second-quarter, Nvidia expects to generate $28 billion in revenue, plus or minus 2%. Analysts were forecasting $26.8B in revenue.

Two, the stock is about to become even more attractive with a 10:1 split.

Following the split, shareholders of record as of June 6, 2024, will receive nine additional shares of stock for each share they own after the market close on Friday, June 7. The stock will then begin trading on a split-adjusted basis on June 10.

Post-split, NVDA at about $120 a share will be tough to avoid.

Even better, shares could run another 30% higher, says Bank of America. “Despite claims by rivals (AMD, Intel, custom chips or ASICs) we see NVDA with a multi-year lead in performance, pipeline (Blackwell, successors), incumbency, scale and developer support (5mn+),” said the firm, as quoted by CNBC.