Nvidia stock rallied 4.1% today, near all-time high, up 800% since last year

From Nasdaq: 2024-10-08 18:41:00

Nvidia (NASDAQ: NVDA) stock has rebounded in October after a summer slump, rallying over 29% in four weeks. The stock climbed 4.1% today and has gained over 800% since last year due to high demand for its GPUs in AI processing. Analysts remain bullish, with an optimistic outlook on future growth.

CEO Jensen Huang cited “insane” demand for Nvidia’s AI architecture, countering fears of a slowdown. Wall Street is optimistic about Nvidia’s growth potential, with Cantor Fitzgerald calling it their “Top Pick.” Despite concerns over valuation at 62 times earnings, the forward-looking multiple is only 33 times, making it an attractive investment opportunity.

Considerations before investing in Nvidia include Stock Advisor’s list of 10 best stocks, which does not include Nvidia. However, Stock Advisor has outperformed the S&P 500 since 2002, emphasizing long-term value. Disclaimer: Author Danny Vena owns Nvidia stock, and The Motley Fool discloses its positions.



Read more at Nasdaq: Nvidia Stock Rallied (Again) Today and Is Near a New All-Time High. Is the Stock Still a Buy?