There are currently many people who want to find out how good the prospects of NVIDIA stock are. That is why many want to know how much NVIDIA stock price is today.
Nvidia shares have seen a significant surge, driven by strong performance in the gaming segment which grew 46% and an 88% increase in the data center segment during the first quarter of 2024.
Although the stock has corrected 11.4% from its highs, causing a drop in market value of nearly $500 billion, the long-term growth outlook remains positive in the eyes of investors.
On the other hand, Nvidia also continues to lead in Artificial Intelligence (AI) technology. Investor optimism about the company’s long-term potential remains high, thanks to Nvidia’s dominance in the development of AI technologies that are increasingly important in various industries.
On June 2, 2022, Wall Street closed higher, driven by a 6.9% rise in Nvidia shares. However, on July 29, 2022, NVDA shares edged down 0.3% to around 626.25, although it still ranked top among the 30 stocks listed on IBD.
Nvidia’s revenue from the data center segment surged in 2022, reaching $15,000,000,000, up significantly from $10,600,000,000 in 2021 and $6,700,000,000 in 2020. According to Insider’s report, Nvidia’s stock had risen as high as 165% on May 25, 2023 since the beginning of the year.
However, on June 24, 2024, Nvidia (NVDA) declined by 6.6%, which resulted in the company’s market capitalization value falling below $3,000,000,000,000.
While market corrections are a common phenomenon, Nvidia stock is expected to recover on Tuesday with an increase of over 3% in pre-market trading.
NVDA stock has recorded a gain of more than 138% since the beginning of 2024, making it the best performing stock in the Nasdaq 100 index.
Here’s a full explanation of the future prospects of Nvidia shares that you need to know are as follows:
High Demand for GPUs and AI
Demand for graphics processing units (GPUs) in sectors such as gaming, data centers, and AI is expected to continue to rise.
With its innovative products and market leadership strength, Nvidia is in an advantageous position to capitalize on this trend.
Expansion into the Automotive Market
Expansion into the automotive sector and the development of autonomous car technology offers additional growth opportunities for Nvidia. Nvidia DRIVE technology has the potential to be one of the key drivers of future growth.
Continuous Innovation
Nvidia continues to invest in research and development to create new technologies. This continuous innovation will help Nvidia maintain its position as a market leader and attract investors.
So are you interested in investing in NVIDIA stock?
