From Nasdaq: 2024-11-07 09:00:00

Nvidia’s AI-powered surge in 2024 has seen its stock rise by 173%. Competitors like AMD and Intel are far behind in the AI chip market. Nvidia’s data center revenue soared 154% year over year, with a revenue run rate that could reach $84 billion by year-end.

Big tech companies like Meta Platforms and Microsoft are ramping up spending on AI infrastructure. Meta Platforms expects to spend $38-40 billion on capex in 2024, with plans for more investment in AI. Microsoft’s capex in Q1 2025 doubled year over year, signaling increased spending on AI hardware.

Analysts expect Nvidia to report $32.9 billion in revenue for fiscal Q3, with earnings doubling to $0.74 per share. The company’s capacity expansion efforts and strong AI hardware demand suggest it could surpass expectations. Trading at an attractive 35 times forward earnings, Nvidia remains a solid investment option.

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Read more at Nasdaq: 2 Incredibly Simple Reasons to Buy Nvidia Stock Hand Over Fist Before Nov. 20