Nvidia Corp. (NVDA, Financials), the leader in AI accelerators, might be in a semiconductor market that is much earlier in its boom phase than investors believe.

Bank of America estimates that the industry's total addressable market will be $3.2 trillion by 2030, almost doubling as demand permeates memory, data centers and other important semiconductor areas. That's a stunning amount, the forecast says.

The semiconductor industry takes almost 50 years to get to $1 trillion in yearly sales. AI infrastructure is accelerating the next phase of growth.

Data centers are still an important part of that picture, giving Nvidia exposure to one of the greatest areas for investing in the sector. But Bank of America thinks the opportunity might be bigger.

Strong demand for memory and potential recovery in the automotive and industrial semiconductor industries. Spending on server, PC, smartphone and semiconductor equipment also all projected to climb through 2030.

As for the broader semiconductor momentum weakness, the bank cited Nvidia and AMD as resilient compute names. Networking saw Marvell in the spotlight, while among analog names were Analog Devices and onsemi.

The $3.2 trillion projection casts the current AI boom in a new light for investors in Nvidia.

The next question is whether AI infrastructure spending can be robust enough to turn that giant industry projection into continuous revenue growth.