NVDA: Nvidia Stock More Than Triples to Lead Big Tech’s Bull Rally. What to Expect in 2024?

Blowout performance in 2023 puts Nvidia front and center in the AI race sweeping Wall Street. But the chipmaker’s share-price growth has plateaued.

• Nvidia stock NVDA was on a tear for most of 2023, gaining a whopping 245% on the year, far outpacing every other big tech firm. The biggest factor driving the share price up was mad demand over AI chips following the launch of OpenAI’s groundbreaking AI system ChatGPT.
• Nvidia is looking to wrap up a banner year. Fiscal 2024, ending January, is expected to pump out $12.26 in earnings per share, a remarkable 257% increase from $3.43 in the previous fiscal year. Revenue, according to Nvidia’s guidance, could land at $60 billion, an 118% jump from fiscal 2023 sales.
• The chipmaker’s share-price growth over the past year was concentrated in the first seven months. Nvidia’s stock rose only about 6% August through December as the company cautioned over a possible sales slump in China, a market that brings in roughly 25% of all revenue.