3 Reasons to Buy Nvidia Stock Before It Skyrockets
With the release of OpenAI's ChatGPT in late 2022, generative artificial intelligence (AI) shifted from another tech hype cycle to a megatrend capable of revolutionizing many industries by augmenting human labor and creativity. Let's explore three reasons Nvidia (NASDAQ: NVDA) is a great way to bet on this opportunity.
Analysts at Next Move Strategy Consulting expect the AI market to grow 20-fold to almost $2 trillion by the end of 2030 as the technology penetrates industries ranging from supply chains to mobile applications. And if you liken this opportunity to the California gold rush, Nvidia would be selling the picks and shovels instead of prospecting -- a less glamorous strategy that can be safer and more lucrative.
According to Omdia research, Nvidia controls a whopping 80% market share in the advanced graphics processing units (GPUs) used to train AI platforms like ChatGPT, which used 10,000 of its A100 chips. And as generative AI platforms update and become more advanced, they are expected to use an even greater volume of similar hardware.
Source Fool.com
