Prediction: You'll Likely Wish You Bought Nvidia Stock Hand Over Fist Before Aug. 28
Though Nvidia (NASDAQ: NVDA) has been one of the hottest stocks on the market in 2024 with terrific gains of 118% as of this writing, the recent share price action suggests that investor confidence in the stock has become a bit shaky.
After all, shares of Nvidia retreated more than 20% since hitting a 52-week high on June 20. The stock's retreat can be attributed to multiple factors such as the growing fears of a recession in the U.S. following a weaker-than-expected jobs report, doubts about Nvidia's ability to sustain its outstanding growth, and concerns if artificial intelligence (AI) could indeed turn out to be a major catalyst for tech giants that are pouring huge amounts of money into this technology.
However, a closer look at the monthly sales figures of one of Nvidia's key manufacturing partners tells us that the graphics card specialist could soon regain investor confidence and start soaring once again.
Source Fool.com
