1 Solid Artificial Intelligence (AI) Stock Not Named Nvidia to Buy Right Now Before It Soars
There is no doubt that Nvidia (NASDAQ: NVDA) has been one of the hottest stocks on the market over the past year thanks to huge demand for artificial intelligence (AI) chips the company sells. But this is precisely the reason why investors may be looking for other ways to tap the AI boom.
After all, Nvidia stock's 239% surge in 2023 made the stock expensive. It now sports a price-to-sales ratio of about 27 and a trailing earnings multiple of 65. Nvidia seems capable of justifying those multiples with impressive growth.
The company is expected to finish the current fiscal year with a 118% jump in revenue to $59 billion, followed by another jump of 56% in the next one. It may even grow at a faster pace than what consensus estimates are projecting. But still, some investors may be on the hunt for cheaper alternatives.
Source Fool.com
