Up 193%, Is Nvidia Stock Still a Buy?
For decades, big tech has been hunting for the next game-changing technology that could transform people's lives and add trillions to the global economy. Many think generative artificial intelligence (AI) could be the one. And Nvidia (NASDAQ: NVDA) has benefited from a surge in demand for its AI-capable chips to power the new industry.
But with its shares up 193% so far in 2024, is it too late for new investors to bet on the company? Let's dig deeper into what the future could hold.
There is no shortage of grandiose projections for the long-term AI opportunity. Analysts at Bloomberg expect the market to "explode" -- growing at a compound annual growth rate (CAGR) of 42% to $1.3 trillion by 2032. In the near term, they expect expansion to come from training and inference hardware for large language models (LLMs). So far, things seem to be moving at an even faster pace than they expected.
Source Fool.com
