Missed Out on Nvidia's Run-Up? My Best Artificial Intelligence (AI) Stock to Buy and Hold
Nvidia (NASDAQ: NVDA) has been one of the hottest stocks on the market in recent months, and that's not surprising, as the company has played a critical role in the artificial intelligence (AI) revolution.
Companies in the race to develop and deploy AI applications have been turning to Nvidia's graphics processing units (GPUs) to utilize the parallel computational power of its chips so that they can train large language models (LLMs) such as ChatGPT. As it turns out, the demand for Nvidia's GPUs has been so strong that the company has been finding it difficult to meet the end-market demand, leading to long waiting periods.
The good news is that Nvidia has been boosting its production capacity, and that explains why it is expected to deliver another year of solid growth in fiscal 2025 (which has just begun). Its top line is expected to grow nearly 84% this fiscal year to $112 billion, while the bottom line is expected to jump 91% to $24.87 per share. All this explains why investors have been piling into Nvidia stock, which has already gained more than 82% in 2024.
Source Fool.com