Nvidia Stock Is Jumping Today: Is the Artificial Intelligence (AI) Growth Stock a Buy for 2024?
Nvidia (NASDAQ: NVDA) stock is making big gains in Monday's trading. The company's share price was up 5.3% as of 2:30 p.m. ET, according to data from S&P Global Market Intelligence.
Nvidia stock is gaining ground due to the company's product announcements and excitement surrounding this year's CES consumer electronics event. In addition to excitement about new hardware products that could be revealed during the show, Nvidia's share price also appears to be climbing higher due to investors putting less focus on macroeconomic and geopolitical uncertainty.
Multiple reports emerged from analysts today suggesting that the Federal Reserve will pursue significant rate cutting initiatives over the next couple of years. While the recent forecasts for the schedule of rate progressions differ, the broader consensus outlook points to expectations for a significant rate reduction on the horizon. If that comes to pass, Nvidia and other growth-dependent stocks could enjoy significant expansion for their valuation multiples.
Source Fool.com
