Nvidia Stock Hits Record Highs in 2024, Surging 179% Amid AI Demand

Nvidia’s stock goes up 179% in 2024, reaching all-time highs as price targets are raised. Bank of America predicts that the stock will be worth $195.

Nvidia, the biggest company that makes AI chips, continues its amazing rise in 2024, even though demand for AI technology doesn’t seem to be slowing down. The price of the company’s stock has gone up 179% so far this year, and it just hit new all-time highs in October.

Analysts are noticing how well Nvidia is doing and have raised their price targets to reflect this. An experienced analyst named Chris Versace recently raised his 12-month target for Nvidia from $155 to $175, which means the stock could go up by almost 28% from its current price. Bank of America was even more optimistic, and it raised its goal to $195.

Taiwan Semiconductor, the world’s largest contract chipmaker and a key Nvidia supplier reported strong earnings, which has given people hope. Taiwan Semi’s most recent quarter saw sales rise 36% year-over-year, and the company’s profit margins soared above 40%. This strong performance suggests that Nvidia’s AI chip business will continue to grow.

Nvidia’s market value has now reached $3.4 trillion, making it the second most valuable publicly traded U.S. company after Apple. Nvidia’s graphics processing units (GPUs), which power many AI applications today, have been in high demand, which has helped the company rise very quickly. Important clients like Google, Amazon, Microsoft, and Meta Platforms keep putting a lot of money into AI infrastructure, which is excellent for Nvidia. In the next few quarters, these tech giants are likely to keep or even raise the amount of money they spend on AI-related hardware.

Jensen Huang, CEO of Nvidia, is well-known in the investment and tech worlds, and his leather jacket makes him simple to spot. Nvidia has put itself at the forefront of the AI revolution under Huang’s direction.

Nvidia’s Blackwell AI Chip

The industry is abuzz with talk about the company’s newest AI chip, codenamed Blackwell. Analysts think it could bring in billions of dollars when it comes out, which shows the demand for cutting-edge AI hardware. Some people are worried that the semiconductor market might have too many products, but some estimates say that demand for Nvidia’s chips is currently 15 times higher than supply. Because of this imbalance between supply and demand, Nvidia has been able to keep its pricing power.

Taiwan Semiconductor’s stock went up 93% in 2024, which shows that the AI boom has also helped the company do well. The business just recently joined the small group of companies whose market values are more than $1 trillion. As Nvidia gets ready to report its next quarterly earnings, everyone will be looking for any new information about the demand for and supply of AI chips. As long as the AI gold rush keeps going, the company’s outstanding run doesn’t look like it will slow down any time soon.