After a series of gains, the "AI overall leader" Nvidia once again approached its historical high point, causing investors and analysts to cheer.

On Wednesday, Eastern Time, the stock slightly retraced by 0.18%, closing at $132.65, still only a "step away" from the peak of $135.58 set in June.

However, even so, some analysts believe that the market still underestimates Nvidia.

Ian Simm, CEO and founder of Impax Asset Management, a UK-based asset management company, said that considering the boom in artificial intelligence (AI) will drive demand for its chips, Impax still believes that Nvidia's valuation is underestimated.

Simm said that, like other tech giants, Nvidia needs to consume a large amount of energy to drive its growth. From a climate perspective, holding Nvidia also makes sense. He said that as energy demand continues to grow, more efficient models developed by Nvidia and other companies will be more environmentally friendly.

Nvidia said at an event earlier this month that the company's Blackwell chip will begin to be introduced to customers this year, requiring 3 gigawatts of electricity to develop OpenAI's GPT-4 software. The chip maker said that a decade ago, this process would require 55 gigawatts of electricity.

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"Nvidia's ability to save energy makes it more valuable," Simm added.

Impax, headquartered in London, was established in 1998 and has become a giant among asset management companies focusing on the transition to a more sustainable economy. Currently, this $50 billion asset management company holds Nvidia in its five strategies and fund portfolios. According to Simm, this includes its well-known product—the "Global Opportunities portfolio."

It is reported that this portfolio only holds 40 stocks, including some companies with diversified business models, operating in high-growth markets, and "for some reason" not popular.

He said that Nvidia was included because Impax believes that under the "long-term trend of the continuous development of artificial intelligence," Nvidia is underestimated.Simm also stated that, in fact, the entire industry appears to be undervalued at present. He indicated that this situation might change as the likelihood of a soft landing for the US economy increases, which could help restore confidence. Capital costs are declining, and consumer confidence is stabilizing, making stocks "look more attractive."

According to Impax data, as NVIDIA's stock price fell in June, Impax's holdings in NVIDIA increased from 1.4 million shares at the end of the first quarter to 4.9 million shares by the end of September, more than doubling.

"We simply underestimated the market potential of their products," Simm said in an interview. "Impax has been looking for a way into the NVIDIA market, but NVIDIA was too expensive. Until the sell-off occurred."

Simm also stated that Impax is learning from the experiences of the past few years, focusing more on large technology companies as it searches for undervalued opportunities to generate greater returns.

"Frankly, our main strategy has not performed well over the past few years because we have been growing at a reasonable price, away from the momentum and hype of large technology stock investments," he said.

In the past few years, the surge in interest rates, energy crises, and the rise of the "tech seven giants" have turned green investments into a losing bet. So far this year, Impax's stock price has fallen by nearly 30%, while the S&P Global Clean Energy Index has also declined by more than 10%. Meanwhile, the S&P 500 Index has risen by over 20% during the same period.