Nvidia’s incredible run since the start of last year has finally come to an end, at least in the eyes of New Street Research analyst Pierre Ferragu. Ferragu downgraded Nvidia to neutral from buy, arguing that the chipmaker’s stock is now “fully valued” after gaining 240% last year and 157% so far in 2023. Shares fell 1.91% to close at $230.88 on Friday. Nvidia’s gain this year is the second-best performer in the S&P 500 Index, trailing only fellow AI stock Super Micro Computer Inc. Nvidia has added $190 billion to its market capitalization this year, briefly making it the world’s most valuable company. New Street has a $135 price target on Nvidia for a year out.