Think You Missed Out on Nvidia? 1 Artificial Intelligence (AI) Stock to Buy Before It Jumps.
There is no doubt that Nvidia (NASDAQ: NVDA) is a top artificial intelligence (AI) stock you can buy right now, considering its stranglehold over the market for AI semiconductors.Nvidia commands a whopping 92% share of the AI graphics processing unit (GPU) market thanks to the early move it made in this space by supplying chips to OpenAI for training the hugely popular chatbot ChatGPT.
What's more, Nvidia has been taking steps to ensure that it remains the apex player in the AI chip market with smart moves such as doubling down on its pace of innovation and there are reports that it could be entering the lucrative market for custom AI chips. These are some of the reasons analysts are predicting Nvidia's earnings to increase at a compound annual growth rate (CAGR) of a whopping 102% over the next five years.
Given that the AI chip market is expected to clock a CAGR of 37.5% through 2029 and generate $147 billion in annual revenue, it is not surprising to see that analysts expect Nvidia to grow at a breathtaking pace. This tremendous growth could help Nvidia justify its expensive sales multiple of 40.
Source Fool.com
