Wall Street Thinks Nvidia Could Soon Double After Another Blowout Earnings. How Realistic Is That?
When Nvidia (NASDAQ: NVDA) reported its financial results three months ago, it set a high bar for growth. For its fiscal 2024 second quarter (ended July 30), management forecasted revenue of $11 billion, up 64% year over year and 53% quarter over quarter.
The driving force behind those robust estimates was the strong and accelerating adoption of artificial intelligence (AI). More specifically, the latest developments in generative AI and the promise of significant productivity improvements have caused a veritable stampede by businesses to integrate AI systems into their businesses.
When the company reported its financial results, Nvidia put to rest any notion that the AI boom was only hype. Now, some on Wall Street believe the stock could double over the coming 12 to 18 months after surging this year. Is that realistic, and what would Nvidia have to do to achieve that lofty goal?
Source Fool.com
