Nvidia (NASDAQ: NVDA) stock is up nearly 190% since the beginning of the year as the growth of the generative AI market sparked a buying frenzy in its high-end data-center graphics processing units (GPUs), which are used to process advanced machine learning and AI tasks.
Most of the top generative AI platforms like ChatGPT use Nvidia's GPUs, so it seems poised to profit from the expansion of the global AI market, which Grand View Research expects to grow at a compound annual growth rate (CAGR) of 37% from 2023 to 2030. Nvidia also remains the market leader in discrete GPUs for high-end PC games.
Analysts expect those growth engines to boost Nvidia's revenue and adjusted earnings per share (EPS) by 59% and 133%, respectively, in fiscal 2024 (which ends next January). Those growth rates suggest its post-pandemic slowdown -- which resulted in nearly flat revenue growth in fiscal 2023 -- is already over. But should investors still chase Nvidia as it hovers near its all-time highs? Let's compare the bear and bull cases to decide.
Source Fool.com