At least one major Wall Street firm expects that the stock prices for Nvidia and Advanced Micro Devices Inc. (AMD) will continue climbing as both companies continue to pursue opportunities in the cryptocurrency mining market.

Nvidia has seen its stock jump almost 180 percent over the last year, while AMD has jumped 112 percent as well, thanks to cryptocurrency miners' extensive need for powerful graphics processing units (GPUs). Global investment banking firm Jefferies believes the market for GPUs will remain strong over the next several months, according to a new report.

According to a client note written by Jefferies analyst Mark Lipacis, the stocks are the market's top performers for the past year – a state of affairs that is expected to continue looking ahead.

In the letter (quoted by CNBC), Lipacis said:

Both companies have taken advantage of cryptocurrency mining by developing and selling GPU models specific to that market. Cryptocurrency mining is an energy intensive process by which new transactions are added to a blockchain, creating new coins in the process as a reward.

In the long-term, Lipacis does not expect either company to have to compete with second-hand equipment being sold by miners after they are through with the machines.

At the same time, Lipacis suggested that GPU prices could dip, an eventuality that may have an impact on the stock prices.

Even if the market for mining GPUs collapses, Lipacis does not believe it will have a major impact on either company's bottom line. He expects AMD to undergo a 3% drop and Nvidia to undergo a 10% decrease in the event of a major catastrophe.

As previously reported, both companies have moved to capitalize on the interest in GPUs among the world's miners. Nvidia's CEO, Jen-Hsun Huang, recently declared that "cryptocurrencies and blockchain are here to stay," signaling his firm's long-term plans for the market.

While AMD hasn't been as outwardly bullish in its own public statements, the company has seen significant interest in its products from miners as well.

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