On July 9, it was reported that NVIDIA's (NVDA.O) stock performance has significantly lagged behind the overall chip industry this year. Bank of America believes this is not a risk signal but rather a 'more attractive buying opportunity.' Analyst Vivek Arya pointed out that while there are concerns in the market, the reaction has been excessive. Regarding concerns about gross margin due to rising costs of HBM components, Arya believes investors have overestimated cost pressures while underestimating NVIDIA's pricing power, scale advantages, and approximately $119 billion in supply chain commitments. He expects that the pricing of NVIDIA's next-generation Rubin platform will be significantly higher than the current Blackwell series, enough to offset the impact of rising HBM costs, with gross margins expected to remain in the mid-70% range. As for investors' concerns about competition from custom chips, such as Google's TPU designed in collaboration with Broadcom, Arya believes this concern is also exaggerated. Google's TPU has been around for over a decade, during which NVIDIA's GPU revenue has grown 700-fold. In the long term, NVIDIA is expected to still account for 65% to 70% of AI infrastructure spending by hyperscale cloud service providers. Additionally, NVIDIA's forward price-to-earnings ratio is approximately 18.69 times, nearly half of its average over the past 10 years and at an 11-year low.