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Barchart
Barchart
Mohit Oberoi

Nvidia Stock Forecast: The Good, the Bad, and the Ugly to Consider Before Buying the Dip

Tech stocks, which led the rally in U.S. markets since the beginning of 2023, are looking vulnerable now, especially after earnings for the June quarter were a dampener overall. Nvidia (NVDA), which has yet to release its quarterly earnings, has lost a quarter of its market cap from the 52-week highs, and is in a bear market. It is still the second-best performing S&P 500 Index ($SPX) component of 2024, though - trailing behind who else but fellow artificial intelligence (AI) play Super Micro Computer (SMCI).

Despite the recent crash, Nvidia stock has more than doubled in 2024. The company has been a stellar wealth creator for patient investors, and has generated some mind-boggling returns. Specifically, the stock has risen 99,999% over the last 20 years, even as Intel (INTC) – which was once the pre-eminent chip company – is in the red over the same period.

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