From Nasdaq:

The market has seen significant highs in 2023, thanks in large part to artificial intelligence (AI). It’s estimated that by 2030, AI will add $15.7 trillion to global GDP. Based on high-water price targets from Wall Street analysts, three AI stocks are expected to surge by 48% to 123% in 2024. These stocks include Nvidia, Baidu, and Tesla.

Nvidia, with an implied upside of 123%, is expected to grow even further in the coming year. The company’s A100 and H100 graphics processing units (GPUs) are crucial for AI-accelerated data centers, and may have the potential to control over 90% of the AI GPU market in 2024. However, the company may face challenges from chip fabrication company Taiwan Semiconductor Manufacturing, and export restrictions in China.

Baidu, with an implied upside of 94%, is expected to see significant growth in 2024. With its AI-driven cloud service and successful autonomous ride-hailing service, the company is well-positioned for expansion, especially as the Chinese economy rebounds following the COVID-19 pandemic.

Tesla, with an implied upside of 48%, is expected to continue growing with the rollout of its newest vehicle, the Cybertruck. However, the company’s profitability is almost entirely dependent on the sale and lease of electric vehicles, and its high valuation and declining operating margins pose risks to its future growth.

Should you invest in Nvidia? While it’s seen impressive growth, it’s worth considering other options. The Motley Fool’s Stock Advisor service has identified what they believe are the 10 best stocks for investors to buy now – and Nvidia isn’t one of them. They offer a blueprint for success, including guidance on building a portfolio and regular stock picks.



Read more: 3 Artificial Intelligence (AI) Stocks With 48% to 123% Upside in 2024, According to Select Wall Street Analysts