Nvidia (NVDA) stock registered a stellar gain of about 239% in 2023. The solid demand for its graphics processing units (GPUs) that power artificial intelligence (AI) computing led to this rally. Further, the uptrend has continued in 2024, with Nvidia stock recording a year-to-date gain of 74%, thanks to its end-to-end platform for building and deploying generative AI applications.
Although Nvidia stock has already gained substantially year-to-date, at least one Wall Street analyst expects the chip giant’s stock to reach $1,400 - the Street-high price target - in the next 12 months. Let’s explore why.
