New Street Research analyst Pierre Ferragu believes that Nvidia's rapid rise since the beginning of last year has come to an end, and there is currently no room for further growth in the stock. Ferrague downgraded Nvidia's rating from buy to neutral and stated that the stock, which rose nearly 240% in 2023, has "fully reflected its valuation" after soaring 154% this year. The stock fell 1.9% on Friday, compared to a 1% increase in the Nasdaq 100 index. He added that additional upward space "will only be achieved in a bull market, with a significant improvement in the outlook after 2025, but we do not have confidence in this happening.".