Nvidia (NVDA, Financials) shares climbed nearly 2% Monday, closing just below their all-time high, as analysts pointed to growing demand for sovereign artificial intelligence infrastructure as a long-term catalyst.
Oppenheimer estimated the global sovereign AI market could reach $1.5 trillion in a Sunday note, including $120 billion in Europe. The firm cited CEO Jensen Huang's recent European tour, during which Nvidia announced several new government-related AI partnerships.
Last week, Nvidia partnered with Deutsche Telekom to support Germany's sovereign AI efforts and industrial applications. The company also launched a collaboration with the European Broadcasting Union in Paris and made an appearance at London Tech Week.
Shares of Nvidia are up roughly 30% since the end of April.
