S&P Global Ratings upgraded Nvidia’s (NASDAQ:NVDA) rating to “A+” from “A” on expectations the chipmaker will be able to generate stronger top-line growth over the next several years.

Nvidia is seen as “a major beneficiary of the rapid investments in generative artificial intelligence (AI) by cloud providers and enterprises.”

The new rating reflects a “full-stack solution across silicon, systems, and software, which we believe creates a significant barrier to entry and serves as a major competitive advantage over the intermediate term.”

“The stable outlook reflects our view that NVIDIA’s sustainable competitive advantages and leading position in the rapidly growing data center market will support continued above-average semiconductor industry growth over the intermediate term. We believe the company will maintain a consistent shareholder return strategy in lieu of acquisition opportunities but expect its balance sheet will remain strong despite the still-evolving technology landscape,” S&P Global Ratings analysts said.

S&P also raised the company’s outstanding debt to “A+”.

Nvidia stock closed at $391.71 on Monday, up 168% year-to-date. Shares are down 0.5% in early Tuesday trading.