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Recently, Nvidia's stock price has been rising steadily, nearing its historical high. On the 9th, it closed at $132.65 per share, just about 2% away from the June peak of $135.58. Nevertheless, some analysts believe that Nvidia's stock remains undervalued.

London-based Impax Asset Management, which manages $50 billion in assets, seized the opportunity to buy shares during Nvidia's massive sell-off earlier this year, aiming to make up for missed opportunities from previous misjudgments. Ian Simm, the founder and CEO of Impax, stated that they previously underestimated the market potential of Nvidia's products and had been looking to invest until the stock’s significant drop.

By the end of June, Impax had increased its holdings in Nvidia to 4.9 million shares, more than doubling from 1.4 million at the end of Q1.

Despite a significant drop earlier this year that nearly shrank Nvidia's market cap to $1 trillion, it has since recovered most of its losses. Simm believes that the company's current market cap of over $3.2 trillion is still below its true value, driven by the anticipated surge in demand for Nvidia's chips due to the rapid growth of AI.

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