280 Billion Reasons to Buy Nvidia Stock Hand Over Fist Right Now
Nvidia's (NASDAQ: NVDA) data center business grew at an eye-popping pace in the previous fiscal year. The company dominates the market for artificial intelligence (AI) graphics cards, which are being deployed in huge numbers by major cloud computing and AI companies.
Data center revenue jumped a whopping 217% in fiscal 2024 (ended Jan. 28, 2024) to $47.5 billion. If you're wondering how much room Nvidia's data center business has to run going forward, analyst Vijay Rakesh of Japanese investment bank recently explained why he believes this segment's red-hot growth is far from over.
According to Mizuho, Nvidia's data center revenue in the current fiscal year could jump 87% to about $89 billion. More importantly, Rakesh predicts Nvidia's data center revenue could jump to $280 billion by 2027 (which will coincide with the bulk of the company's fiscal 2028).
Source Fool.com
