Could Nvidia Stock Help You Become a Millionaire?
Nvidia (NASDAQ: NVDA) has reached record highs over the last year as it has become the poster child for a boom in the artificial intelligence (AI) market. Since the start of 2023, the chipmaker's stock has skyrocketed 174%, while quarterly revenue and operating income have climbed 93% and 149%. Wall Street has rallied behind Nvidia as it has achieved a majority market share in AI graphics processing units (GPUs) just as demand for the chips has soared.
Uncertainty about how long Nvidia can keep up its bull run weighed on its stock toward the end of June and the start of July when it fell as low as $118 per share after hitting a high of $135 per share just days before. However, its share price rebounded on July 3, rising 4% as the slump proved temporary.
Meanwhile, the company still has plenty to be bullish about. Nvidia has years of dominance in the chip market under its belt, suggesting its role in AI is unlikely to dissipate any time soon. The chipmaker also has new product launches in the works that will likely continue to boost sales and earnings to retain its lead in the retail chip market.
Source Fool.com
