Here's How High Wall Street Thinks Nvidia Stock Can Rise

Last year marked a breakthrough for artificial intelligence (AI). Some of the top companies in the niche also emerged as the top performers in the stock market, backed up by robust top- and bottom-line growth. And despite ongoing concerns about an “AI bubble,” it seems we're just getting started, with forecasts calling for AI to add more than $15 trillion to the global economy by 2030.

Perhaps the face of the AI revolution is chip designer Nvidia Corp (NVDA), with the shares gaining 238% in 2023. NVDA has continued to lead the market's advance this year, up 159% with the first half of 2024 in the books. Over a five-year time horizon, the stock has surged 2,827%, and recently grabbed headlines for surpassing $3 trillion in market cap.