Nvidia and Meta Stocks Surge on AI Growth, Poised for Further Gains in 2024
• Nvidia and Meta Platforms stocks surged over 190% in 2023 due to growing AI adoption and are poised for further growth in 2024.
• Nvidia is releasing new powerful AI chips in 2024 - GH200 and H200 - that will strengthen its lead and pricing power in the AI chip market.
• Meta is integrating more AI features into its platforms to improve user experiences and help advertisers, targeting the fast-growing AI digital marketing space.
• Analysts forecast strong earnings growth for both companies in 2024 - 67% for Nvidia and 29% for Meta.
• Both stocks look attractively priced for 2024, with Nvidia trading at a forward P/E of 65 and Meta at 24, presenting a buying opportunity.