Can Nvidia Stock Top $600 in 2024?
Nvidia (NASDAQ: NVDA) has been one of the top stocks to own in 2023, rising from $142 to around $480 now -- about a 230% gain. I don't think anyone is expecting Nvidia stock to repeat its performance of last year and triple its size; if it did, it would become the world's largest company by market cap.
Still, many wonder if Nvidia can once again be a top stock in the market and reach $600 in 2024, which would be about a 25% return. That's still a phenomenal year by most standards, but is it realistic?
Nvidia's rise in 2023 resulted from one thing: the artificial intelligence (AI) arms race. Creating an AI model takes immense computing power, and Nvidia's GPUs (graphics processing units) are the hardware of choice for the job. While consumers may buy a single GPU to power their gaming computer, businesses creating a supercomputer or data center purchase thousands of these GPUs. By linking these devices together, an incredibly powerful computer can be created.
Source Fool.com
