BoA analysts liked a lot in NVIDIA’s latest earnings report, despite it having disappointed on guidance.

Bank of America analysts wrote in a recent note, “Our positive view on Nvidia is based on its underappreciated transformation from a traditional PC graphics chip vendor, into a supplier into high-end gaming, enterprise graphics, cloud, accelerated computing and automotive markets. The company has executed consistently and has a solid balance sheet with demonstrated commitment to capital returns.”

Revenues soared 46% year over year, to $8.29 billion for the first quarter ending May 1, fueled by an 83% increase in data center sales to $3.75 billion, and a 31% increase in gaming revenue, to $3.62 billion.

Nvidia Founder and CEO Jensen Huang said in a press release, “We delivered record results in Data Center and Gaming against the backdrop of a challenging macro environment. The effectiveness of deep learning to automate intelligence is driving companies across industries to adopt Nvidia for AI computing.”

Although NVIDIA forecasted that revenues in the current quarter would come in lower than anticipated due to COVID lockdowns in China and Russia’s ongoing conflict in Ukraine, BoA analysts noted a “silver lining” was that now the company can, “refocus the business back on data center (now 50% of sales),” and develop new gaming related products in the second half of the year.