Barcelona, a Barclays analyst, has suggested that investors are underestimating the value of Nvidia shares due to its underperformance this year due to a shift away from megacap technology stocks due to concerns about high valuations and the longer-term viability of AI infrastructure spending. The chipmaker's shares have been trading sideways since December after a strong performance in recent years, with the company's shares down less than 1% year to date. Barclays believes that the market is underestimating how much tech hyperscalers, like Microsoft and Google parent Alphabet, will need to spend in the next few years. The firm's model suggests that the current AI spending cycle is far from peak and that Nvidia's shares are too cheap. However, the firm believes that this flat performance is a buying opportunity.