Missed Out on Nvidia? 1 Incredibly Cheap Artificial Intelligence (AI) Stock to Buy Hand Over Fist Before It Soars 65%, According to 1 Wall Street Analyst
In the wake of the worst market performance in more than a decade, things are looking up. After shedding one-third of its value last year, the Nasdaq Composite has gained roughly 37% this year, and there could be more to come.
There's a strong argument to be made that what kicked the market into overdrive this year is recent developments in the field of artificial intelligence (AI). The debut of ChatGPT late last year illustrated the vast potential for productivity gains for those adopting generative AI. This sparked a mad dash among companies to implement these next-generation algorithms. As a result, the generative AI market is expected to grow to $1.3 trillion over the coming decade, according to estimates provided by Bloomberg Intelligence.
The poster child and principal beneficiary of this trend has been Nvidia, whose graphic processing units (GPUs) have become the gold standard for AI applications. As a result, the stock is up 222% so far this year (as of this writing), driven higher by triple-digit revenue and earnings growth. Despite these rapid gains, some investors are sitting on the sidelines, repelled by the stock's frothy valuation.
Source Fool.com
