2 Cheap AI Stocks -- That Are Not Nvidia -- to Buy Hand Over Fist Before They Soar Higher
The artificial intelligence (AI) craze has Wall Street in its grip as multiple companies look to make the most of this technology to supercharge their businesses. Nvidia (NASDAQ: NVDA) is the top choice for AI-interested investors at the moment, given the massive impact that AI is having on its business.
Nvidia's revenue in the ongoing quarter is forecast to jump an impressive 64% over the year-ago quarter to $11 billion thanks to customers queuing up to buy its AI chips. That points toward a remarkable turnaround from the 13% year-over-year decline in Nvidia's revenue in the first quarter of fiscal 2024 (ended April 30, 2023).
Analysts expect Nvidia to sustain its outstanding growth for the remainder of the year, and it won't be surprising to see the company continue this high pace of growth in the coming years since the AI chip market has a lot of room to expand. However, buying Nvidia stock right now is an expensive affair -- it is trading at a rich 204 times trailing earnings and 38 times sales.
Source Fool.com
