AI and Chip Stocks Soar on Generative AI Hype
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Generative AI went viral in 2023 and boosted tech stocks, with projections of $6T-$7T economic impact by 2030.
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SoundHound AI (SOUN) provides voice AI to restaurants and cars, with revenue up 52% sequentially last quarter. One analyst sees 182% upside.
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Nvidia (NVDA) GPUs power 95% of machine learning and push generative AI. Stock soared 239% in 2023. One analyst forecasts 101% more upside.
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SOUN trades at just 5x forward sales. NVDA trades at a PEG ratio under 1, cheaper than the S&P 500.
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Top Wall Street analysts overwhelmingly rate SOUN and NVDA as Buys. Growth still early with long runway ahead.