Another semiconductor rally, another ho-hum day for Nvidia. The leading chip maker is still suffering from the fear that it won’t be one of the main beneficiaries of artificial-intelligence spending in future but analysts at Goldman Sachs preach patience.

Nvidia shares closed up 0.4% to $195.60 Monday. That lagged behind the wider chip sector with the iShares Semiconductor ETF, which popped 2.7% to $581.51.

Nvidia shares have risen less than 5% in 2026 while the chip sector index has nearly doubled, thanks to big gains from memory chip maker Micron, along with leaps from Advanced Micro Devices, Intel, Marvell, and others.

The company’s major issue continues to be that major customers such as Alphabet and Amazon are offering their own custom AI chips to third parties, even as they buy up Nvidia’s processors. Meanwhile, more spending is going toward central processing units from the likes of AMD and Intel to run AI workloads.

Nvidia shareholders have to wait to see whether next-generation Vera Rubin hardware—set for mass shipments in the second half of the year—establishes such a performance gap that the company becomes the clear winner in AI hardware again.

However, there is some comfort in how cheap Nvidia now appears. Goldman Sachs analyst James Schneider notes that Nvidia trades at a price-to-earnings multiple of less than 14 times his forecast for its earnings in 2027.

“Going into next year, even assuming that Asics [custom AI chips] take a good amount of market share and other competitors and the CPU companies gain a little bit of ground…we have them doing $635 billion in revenue or 55% growth,” said Schneider in a podcast.

Nvidia has addressed the issue of a shift from training to AI inference—the process of running AI models—with the introduction of its stand-alone Vera CPUs, which it has estimated could bring in $20 billion in revenue this year and has a total potential market of $200 billion.

“There is a narrative element around things like market share gains and Asics and there is a reality in that but at the rate Nvidia is growing, the valuation is quite compelling,” Schneider said.

Schneider has a Buy rating and $285 target price on the stock.

Nvidia was named a Barron’s stock pick on May 13, when shares were trading at $226.