From Nasdaq:

Nvidia ended 2023 delivering three breathtaking quarters in a row, rewarding investors with a massive gain of 240%. The bears disagree, but as the stock rose, so did the company’s fundamentals such as relentless demand for AI technology, putting it in strong position for massive gains in 2024.

Nvidia’s chips will help corporations achieve their AI objectives, suggesting there is still plenty of growth ahead. Recent Q3 results showed a nearly three-fold surge in revenue on a year-over-year basis and a net income of $9.2 billion in Q3 of 2023, an increase of 1259% from the previous year.

Analysts have been scrambling to boost the company’s fiscal year 2024 profit estimates during the five months of relative stock stagnation, making the shares relatively cheaper on a forward-looking basis. With an expected Q4 revenue of $20 billion, well above analyst expectations, Nvidia continues to have a bright future.

Nvidia’s Q3 Gaming revenues rose by 81%, while Professional Visualization posted revenue growth of 108%. With projected fiscal 2023 revenue of close to $60 billion and trading at just 24 times current forward estimates, Nvidia stock belongs in every growth portfolio for 2024.



Read more: Nvidia Stock (NVDA): What to Expect in 2024