From Nasdaq: 2024-05-04 16:30:00

The use of artificial intelligence (AI) is booming across industries, with some applications more impactful than others. One significant opportunity is autonomous driving, led by companies like Tesla and Alphabet.

Nvidia, part of the “Magnificent Seven,” plays a crucial role in AI and automobiles by providing GPUs for generative AI applications, including autonomous driving. Tesla currently utilizes Nvidia’s H100 chips, with a projected increase to 85,000 by year-end, potentially spending $2 billion on GPUs.

With Nvidia’s stock soaring and revenue climbing, investing in the company for its role in the growing autonomous driving industry seems promising, especially as the technology becomes more mainstream.

Considerations before investing $1,000 in Nvidia include recent stock performance and Stock Advisor’s top 10 stock picks, which does not currently include Nvidia. Stock Advisor has historically outperformed the S&P 500 and offers guidance and new stock picks monthly.

Disclaimer: The author, Adam Spatacco, has positions in Alphabet, Nvidia, and Tesla. Nestled at the crossroads of AI and automobiles, Nvidia is well positioned for growth in the autonomous driving sector.



Read more at Nasdaq: Interested in Self-Driving Cars? This Company Will Be the Biggest Winner (Hint: It’s Not Tesla).