Hedge fund manager predicts Nvidia will reach a $6 trillion market cap by 2024

From Nasdaq: 2024-07-08 05:49:00

Wall Street is optimistic about Nvidia (NASDAQ: NVDA), with the stock up over 150% year to date and a market cap of nearly $3.2 trillion. 21 out of 38 analysts recommend buying Nvidia.

Hedge fund manager Eric Jackson predicts Nvidia will hit a $6 trillion market cap by the end of 2024, with a share price of $250 by year-end. This bold forecast stands out among Wall Street predictions.

NYU finance professor Aswath Damodaran values Nvidia at $680 per share, a stark contrast to Jackson’s $250 target. Damodaran estimates a fair value of $68 per share post-stock split, implying overvaluation.

Jackson predicts Nvidia’s market cap rising to $6 trillion by year-end based on strong GPU sales, high gross margins, and investor enthusiasm for future innovations like the Rubin architecture.

Despite potential for Nvidia’s market cap to hit $6 trillion, investor euphoria may not be sustainable. While Jackson’s thesis makes sense, achieving such high valuation may be improbable.

The Motley Fool Stock Advisor team did not include Nvidia in their top 10 stock picks. Their recommendations have historically outperformed the S&P 500, offering a blueprint for successful investing strategies since 2002.



Read more at Nasdaq: 1 Hedge Fund Manager Predicts Nvidia Will Be Worth $6 Trillion by the End of 2024. Could He Be Right?