1 Cheap Artificial Intelligence (AI) Stock to Buy Right Now Before It Starts Soaring Like Nvidia
Nvidia (NASDAQ: NVDA) has been a bellwether for artificial intelligence (AI) companies this year as its graphics processing units and processors are providing the basic building blocks for building powerful servers capable of handling AI workloads.
The demand for Nvidia's chips is so strong that customers are reportedly having to wait at least six months to get their hands on them. This massive demand explains why Nvidia delivered outstanding results for the second quarter of its fiscal 2024 (for the three months ended July 30, 2023), with its revenue doubling year over year to $13.5 billion and adjusted earnings soaring 429% to $2.70 per share.
Nvidia's growth is set to accelerate further in the current quarter as the company forecasts $16 billion in revenue, a 171% increase over the prior-year period. A key reason why Nvidia is putting up such amazing numbers is because of its powerful chips, which play a central role in the training and application of AI models.
Source Fool.com
