This Magnificent Nvidia Competitor Could Jump 135%, and It Is Incredibly Cheap Right Now
While Nvidia has turned out to be a top semiconductor play in 2023 thanks to the company's dominant position in the market for artificial intelligence (AI) chips, with the stock jumping an eye-popping 200% so far this year, there is one area where the company has struggled to gain traction.
Nvidia's automotive business hasn't been able to shift into top gear yet despite the company's large customer base in this niche and the growing demand for automotive semiconductor solutions to power applications such as advanced driver assistance systems (ADAS), connected car applications, and virtual cockpits.
For instance, Nvidia's automotive revenue in the second quarter of fiscal 2024 (which ended on July 30, 2023) increased 15% over the prior-year period to $253 million. It is also worth noting that the segment's revenue fell 15% sequentially on account of "lower overall automotive demand, particularly in China." However, there is one pure-play automotive semiconductor company that has been growing at a much faster pace than Nvidia's automotive business -- Indie Semiconductor (NASDAQ: INDI).
Source Fool.com
