Investors in leading artificial intelligence (AI) stocks have been rewarded handsomely in recent years, as the revolutionary technology - which gained mainstream momentum with OpenAI's ChatGPT - has evolved from becoming a mere buzzword to a must-have tool that enterprises across multiple industries are racing to adopt and implement. And AI chip stock Nvidia (NVDA) has been the poster child of this movement, as the Jensen Huang-led company's shares have become a multi-bagger investment, creating massive wealth for its shareholders. Up a staggering 2,511% in the past five years, most analysts believe there is more upside still to come for NVDA.
However, Q3 2024 was a disappointing stretch for Nvidia stock. During the July-September quarter, NVDA shares shed 1.7%, as the stock notched the largest market cap decline in history during the period on the heels of its quarterly earnings report.
