Will Nvidia's Stock Break $550 Before 2024?
In my opinion, one of the best stocks of the year has been Nvidia (NASDAQ: NVDA). The stock returned more than 230% this year, which is nothing short of incredible considering the size of Nvidia. Entering 2023, the market thought Nvidia was worth $364 billion. Now, it values the company at $1.2 trillion.
That kind of movement is practically unheard of, and it gets me thinking: What's the limit for Nvidia's stock? Could the stock break through the $550 threshold by the end of the year? Or could it end even higher? Let's take a look.
The driving force behind Nvidia's stock has been artificial intelligence (AI). Creating an AI model requires vast computational resources, often requiring building a supercomputer or renting out a data center computing capacity. Both options utilize graphics processing units (GPUs), which excel at running arduous workloads. Furthermore, these devices don't use just one or two GPUs; they use thousands connected together to create a system with incredible computing power.
Source Fool.com
