At the CES trade show, Nvidia unveiled three new desktop graphics chips that could power AI personal computers, indicating another potential avenue for AI monetization. Wall Street analysts predict that Nvidia's stock will trade at $662 in 12 months' time, a 21% increase from its current level. While this wouldn't match the company's gains in 2023, it would still add hundreds of billions of dollars to Nvidia's market capitalization.
Key takeaways:
- Nvidia's stock price has increased by 10% in the first nine trading days of 2024, continuing the AI-fueled rally that saw its stock price rise 240% in 2023.
- The company's total market capitalization has grown by $128 billion in 2024, reaching nearly $1.4 trillion and making it the fifth most valuable company in the US.
- Nvidia's dominance in the market for graphics processing units and its expansion into AI personal computers have been key drivers of its growth.
- Analysts predict that Nvidia's stock will trade at $662 in 12 months' time, implying a 21% increase from its current level.