Nvidia stock could soar as the chipmaker's dominant position in AI is poised to reshape the tech industry, Bank of America says

• Bank of America raised its price target for Nvidia, citing the firm's dominant position in AI. 
• The bank said the company has an opportunity to help accelerate the adoption of AI across many markets. 
• Analysts said their view is echoed by some of the largest players in tech as they seek to expand in AI. 

Shares of Nvidia are set to surge on the chipmaker's dominant position in the growing field of artificial intelligence, Bank of America analysts wrote this week.