Where Will Nvidia Stock Be in 1 Year?
Nvidia (NASDAQ: NVDA) has been one of the top stocks on the market in the past year, delivering outstanding gains of 142% to investors as of this writing, but a closer look at this semiconductor giant's recent stock price action suggests that its stunning rally may have finally come to a halt.
Shares of Nvidia hit a 52-week high on June 20. However, the stock has pulled back by 22% since then. Concerns have been raised about Nvidia's expensive valuation and its ability to sustain its eye-popping growth beyond next year. Additionally, it looks like not all tech giants have been looking to get their hands on Nvidia's chips to train artificial intelligence (AI) models.
, for instance, recently revealed that it used tensor processing units (TPUs) from Alphabet's Google division to train the large language model (LLM) powering its Apple Intelligence suite of AI features. That could have been a significant Nvidia contract, but AMD won the deal. Developments like this one seem to have weighed down Nvidia's stock lately.
Source Fool.com
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