Could Nvidia Stock Double in the Next Year?
Nvidia (NASDAQ: NVDA) stock has been on an unprecedented run for a company its size. In 2023, the stock rose nearly 240%. While 2024 hasn't been nearly as good, it has still been impressive, with Nvidia's stock rising around 108% so far.
Investors have gotten a bit spoiled by Nvidia's performance over the past two years, and the status quo may lead some to think Nvidia could double again in the next year. Is this possible?
Nvidia's rise has been directly tied to the rise of artificial intelligence (AI) computing. Its graphics processing units (GPUs) are instrumental in training AI models, as they can process multiple calculations in parallel. Nvidia's products are pretty much undisputed as the best choice in the space, so it naturally became the top pick for any company looking to build out its AI computing infrastructure. The key here is that these companies don't buy one or two GPUs; they connect thousands of these devices to create a machine that can quickly process incredible amounts of information.
Source Fool.com
