Nvidia estimates 'may prove conservative' as Microsoft, Google mentions of AI more than double

Microsoft Corp. and Alphabet Inc. mentioned “AI” so many times on their earnings conference calls that one bullish Nvidia Corp. analyst is beginning to think his above-consensus estimates may be too conservative.

Jefferies analyst Mark Lipacis, who has a buy rating on Nvidia NVDA , noted that mentions of artificial intelligence on both Microsoft’s MSFT and Alphabet’s GOOG GOOGL earnings calls late Tuesday more than doubled from late 2022, implying that both companies are ramping up spending for infrastructure to handle the massive data loads required to support AI.

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