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Nvidia Stock Could Face a Tougher 2024 After These 2 Recent Developments

TheMotleyFool

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Nvidia Stock Could Face a Tougher 2024 After These 2 Recent Developments: https://g.foolcdn.com/editorial/images/758636/artificial-intelligence-investing-algorithms.jpg

Prepare the crown for Nvidia (NASDAQ: NVDA). The high-flying stock is almost certainly going to be the best performer of the S&P 500 for 2023. It's been a truly remarkable year for Nvidia thanks to surging demand for its graphics process units (GPUs).

Don't automatically assume that this momentum will continue into the new year, though. Nvidia stock could face a tougher 2024 after two recent developments. Here's a look at each and why they could be a problem for Nvidia.

Nvidia has commanded a dominant position in the AI chip market so far. There simply hasn't been much competition. However, that's changing.

Source Fool.com

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