Nvidia is the way to take advantage of the artificial intelligence boom, says Morgan Stanley. Analyst Joseph Moore changed his top pick to Nvidia from Advanced Micro Devices and raised his price target, saying the former has more immediate upside than other AI stocks. “NVDA has become our top pick, reflecting significant potential for near-term growth — as the only company likely to beat and increase on AI in CY23,” Moore wrote on Friday. “AMD was our top pick and we remain bullish on their AI opportunity in 2024; but the top pick designation is meant to emphasize near-term growth, which is a bigger factor for NVIDIA. As a result, we remain in possession of both shares. , but we’re switching to NVDA for our top choice,” he added. NVDA YTD mountain Nvidia Stock YTD Nvidia stock is already up 191% this year and recently passed the $1 trillion market cap. However, the analyst expects even more growth. His price target of $500, up from $450, means the stock should rise another 17%. Nvidia jumped 1.6% in Friday’s premarket. The analyst said Nvidia remains the top AI pick for 2023, even as investors look for clearer beneficiaries of the trend. “One of the most common questions we keep getting from investors is, ‘What else is there to buy for AI outside of NVIDIA?'” Moore wrote.[We] look at the new AI business largely cannibalizing the non-AI/legacy computing business in the semiconductor industry, so the net impact of AI is unclear in all but one place.” “There is one leader in 2023, and that’s from in terms of rising numbers. we expect this to expand in 2024,” he added. — CNBC’s Michael Bloom contributed to this report.