Can Nvidia Stock Hit $1,000 in 2024?
Leading accelerated computing player Nvidia (NASDAQ: NVDA) has emerged as a Wall Street darling amid the artificial intelligence (AI) frenzy of 2023. The launch of OpenAI's famous chatbot ChatGPT also highlighted the role of Nvidia's graphics processing units (GPUs) in training and deploying large language models (LLMs), which drive generative AI applications like ChatGPT. Subsequently, many enterprises started increasingly adopting generative AI technologies, further spurring demand for the company's AI chips. This has been a catalyst for Nvidia in 2023.
Nvidia's share price is up by nearly 219% this year, thanks to its position as a leading GPU provider in the ongoing AI revolution. Can the company continue this pace of share price growth and reach $1,000 per share in 2024? Let's find out.
Nvidia has posted stellar financial performance in its fiscal 2024 third quarter (ending Oct. 29, 2023), with revenues soaring by 206% year over year to $18.1 billion and net income surging by 1,259% year over year to $9.2 billion.
Source Fool.com
