Is It Too Late to Buy Nvidia Stock?
The stock market has gotten off to a shaky start in 2024 as investors seem to be focused on booking profits following last year's tremendous surge. Wall Street is probably awaiting concrete signs from the Federal Reserve about when interest rates could start falling, which may be the reason why investors have kept a check on their bullishness in the new year so far.
The tech-heavy Nasdaq-100 Technology Sector index is down almost 5% in 2024 already. The negative start has also weighed on Nvidia (NASDAQ: NVDA), a stock that set the market on fire last year as it more than tripled thanks to its artificial intelligence (AI) chops. Savvy investors may be wondering if any potential pullback could pose a buying opportunity, but it is worth noting that shares of Nvidia are still up 230% in the past year despite a shaky start to 2024.
So, should investors wait for Nvidia stock to decline further before initiating a long position? Or should they buy it right away, considering that its AI-powered growth could help the stock regain its mojo? Let's find out.
Source Fool.com
