Nvidia Hits New All-Time High: Could $1,000 Be in the Cards?
Nvidia (NASDAQ:NVDA) recorded an impressive 239% increase in 2023, pulling a good share of the S&P 500's 24% gain. But for those who thought the stock couldn't rally further, 2024 also started on the right foot for the AI giant.
In fact, the Santa Clara, California-based giant has so far posted an impressive 8.46% performance since the new year, hitting a new all-time high yesterday, even as the S&P 500 moved sideways.
The crucial question now is whether Nvidia can sustain its upward momentum throughout 2024 or if the rally has already gone too far.
One of the main secrets behind Nvidia's stellar performance last year was its financial results, which consistently surpassed expectations as the company actively dominated the rapidly evolving field of artificial intelligence, swiftly establishing itself as the market leader with its chip production powering AI applications.
As a matter of fact, Nvidia's Q3 earnings showcased a sales increase of over 200%, reaching $18.1 billion compared to the previous year.
Consequently, the company's net profit experienced a remarkable surge, soaring from $700k in the same period the previous year to an impressive $9.2 billion, as per the latest quarterly results. See below:
Source: InvestingPro
While the company is focused on the field of artificial intelligence, and considering that this sector is still in its early stages, it can be said that Nvidia, the market leader, has more room for growth.
Moreover, the company started 2024 with strong financials, and expectations for the last quarter's results are high.
Source: InvestingPro
In addition to its leading position in the semiconductor industry, Nvidia has a high score in profitability, cash flow, and growth items.
The company also
Read more on investing.com
