1 Massive Reason to Buy Nvidia Stock Right Now, and It's Not Artificial Intelligence (AI)
Artificial intelligence (AI) has been the biggest catalyst for Nvidia (NASDAQ: NVDA) in 2023 as the rapid adoption of this technology has led to a sharp spike in the company's revenue and earnings. But the chipmaker is set to receive a nice shot in the arm from another key market as we approach the end of the year.
Nvidia made its name as a manufacturer of graphics processing units (GPUs) for gamers, but its reliance on that market has declined ever since its chips started getting deployed in data centers. Still, gaming accounts for a nice chunk of Nvidia's top line and is its second-largest business. It produced $2.5 billion in revenue in the second quarter of fiscal 2024 (the three months ended July 30), which was almost 19% of the company's total revenue.
The good part is that this business has stepped on the gas lately thanks to improving conditions in the PC market, and it could play an important role in helping Nvidia sustain its solid momentum, both in the short and long run.
Source Fool.com
