Nvidia: 50 Billion Reasons Why This Artificial Intelligence (AI) Stock Could Skyrocket in 2024
Nvidia's (NASDAQ: NVDA) data center graphics cards were the driving force behind the rapid growth in the company's top and bottom lines in recent quarters. The cards help train large language models (LLMs) being developed by cloud service providers, start-ups, governments, and any organization looking to harness the power of artificial intelligence (AI).
The semiconductor giant's AI prowess came into the limelight when -backed OpenAI's ChatGPT took the world by storm toward the end of 2022. It is worth noting that ChatGPT was reportedly trained using 30,000 of Nvidia's A100 data center GPUs (graphics processing units). Not surprisingly, the demand for Nvidia's AI chips blew up, with its flagship H100 data center GPU turning out to be a massive success in 2023.
Reports suggest that the waiting period for H100-powered AI servers ranges between nine and 12 months. Major cloud service providers are trying to get their hands on this chip that reportedly costs between $25,000 and $40,000 depending on the configuration. This is precisely why Nvidia seems set to have another bumper year in 2024.
Source Fool.com
Microsoft Corp. Stock
The stock is one of the favorites of our community with 106 Buy predictions and 1 Sell predictions.
With a target price of 420 € there is a slightly positive potential of 7.2% for Microsoft Corp. compared to the current price of 391.8 €.
