Nvidia stock price 2024: Nvidia, a leading tech giant, has outperformed expectations in its fourth fiscal quarter, beating earnings and sales forecasts. The impressive results have sparked a 10% surge in the company’s shares during extended trading.
Nvidia stock price 2024 Q3 Performace
For the quarter ending in January, Nvidia reported adjusted earnings per share of $5.16, surpassing the anticipated $4.64. The company’s revenue also reached $22.10 billion, exceeding the expected $20.62 billion.
Nvidia stock price Today
As of February 24, 2024, Nvidia’s share price stands at $788.17, reflecting a modest increase of 0.36% or $2.79 on the day. For the latest Update watch here.
Nvidia stock price 2024 Outlook
Nvidia is optimistic about its Q1 performance, anticipating $24.0 billion in sales, exceeding analyst predictions of $22.17 billion and $5.00 per share. CEO Jensen Huang expressed confidence, assuring analysts that the company is well-positioned for sustained growth beyond 2025.
This positive outlook may be attributed to the company’s advancements in graphics processing units (GPUs) and their applications in various industries, from gaming to artificial intelligence.
Nvidia’s robust financial performance reflects its strategic positioning in the tech market, providing a foundation for future endeavors and reinforcing its commitment to delivering innovative solutions that drive continued success in the years to come.
Nvidia stock price Analysis
In 2024, Nvidia’s journey looks exciting Starting at $487 in January, the price is expected to climb to a high of $744 by December, marking an impressive 58.97% annual increase.
A steady upward trend throughout the year, hitting milestones like $534 in May and $675 in October.
The analysis paints a bullish outlook, suggesting Nvidia’s strong market position and consistent growth. Come December, it’s like a year-end celebration with the stock wrapping up at $744.
Nvidia reported a remarkable 769% increase in net income to $12.29 billion ($4.93 per share) compared to the previous year. Total revenue surged by 265%, primarily fueled by robust sales of AI chips for servers.
Nvidia stock Growth AI Dominance
Nvidia’s triumph is rooted in its significant role in the artificial intelligence (AI) domain. The company’s graphics processors designed for servers play a pivotal role in the creation of expansive AI models.
This strategic focus on providing powerful hardware tailored for AI applications has positioned Nvidia as a key beneficiary in the tech industry.
As AI continues to evolve and permeate various sectors, Nvidia’s specialized solutions for high-performance computing and data-intensive tasks have established it as a go-to provider, reinforcing its influence and success in the dynamic landscape of artificial intelligence.
Nvidia stock price 2024 Future Prospects
Addressing concerns about sustaining growth, CEO Jensen Huang expressed confidence in continued demand for Nvidia’s GPUs.
He highlighted the increasing use of accelerators over central processors, driven by generative AI and industry-wide shifts.
Price for [product/service]: Prices’ Predictions vary, ranging from $458 to $789 according to some experts, while others suggest a range of $389.58 to $872.59.
Trends in the market: The overall sentiment remains bullish, with WalletInvestor forecasting a positive long-term earning potential of +25.24%.
This suggests a general optimism about the product’s performance and potential for growth in the foreseeable future.
ALSO READ: TD Cowen Raises AMD Price Target on Bullish 4Q Results.
Nvidia Challenges and Adaptations
Nvidia’s Data Center business, now the major revenue contributor, saw a phenomenal 409% growth to $18.40 billion. Strong demand from enterprise software, consumer internet applications, and various industries contributed to this substantial increase.
However, recent U.S. restrictions on exporting advanced AI semiconductors to China affected Nvidia’s data center revenue.
The company adapted by reconfiguring products and is now sampling to customers in China. Supply constraints are expected, especially for the upcoming B100 chip.
Nvidia Gaming Business Evolution
Nvidia’s gaming business, which surged 56% YoY to $2.87 billion, is now playing second fiddle to the booming AI sector.
The graphics cards that were once the core of their gaming offerings have taken a backseat.
While gaming remains profitable, the overshadowing effect comes from the unparalleled growth of AI chips.
Nvidia’s pivot towards AI reflects a strategic shift in focus, acknowledging the expanding significance of artificial intelligence. This shift underscores the company’s adaptability and responsiveness to emerging trends,
Nvidia’s smaller businesses witnessed varied growth. The automotive business declined by 4% to $281 million, while the OEM and other businesses, including crypto chips, rose by 7% to $90 million.
The graphics hardware for professional applications recorded a significant 105% growth, reaching $463 million.
Conclusion:
Nvidia has delivered stellar Q4 results, surpassing earnings and sales forecasts, and triggering a 10% surge in shares.
The company’s robust performance, fueled by AI dominance and solid growth in the data center business, positions it optimistically for 2024.
Despite challenges like U.S. restrictions, Nvidia’s adaptability and focus on AI showcase resilience.
The diversified business segments and strategic shifts underline Nvidia’s agility and sustained innovation, promising a dynamic and prosperous future.
