Seaport said Nvidia's upside appears limited because of capacity constraints and intensifying industry competition. According to Sina Finance, analyst Jay Goldberg wrote in a Thursday note that he remains cautious on NVDA, saying the company is unlikely to keep delivering standout results that beat expectations because TSMC capacity is constrained and the law of large numbers is also a factor.

Goldberg said time is not on Nvidia's side, with rivals continuing to emerge, and added that the company now relies heavily on its balance sheet and product bundling to drive results. He was also skeptical of Broadcom, Nvidia's main rival, saying it faces similar constraints and that while Broadcom may surprise by winning new ASIC customers, it is otherwise difficult to see much room for further upside in its results.