Nvidia Soars on AI and Gaming, Faces Rising Competition in Years Ahead
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Nvidia's business has exploded alongside a boom in artificial intelligence (AI), with its stock skyrocketing 226% over the past year.
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The company continues to profit immensely from the video games market through sales of graphics cards and its partnership with Nintendo's Switch console.
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Competition in the AI chip market will heat up in 2024 as companies like AMD, Amazon, and Microsoft challenge Nvidia's dominance.
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Nvidia is developing chips specifically for China to comply with recent U.S. export restrictions to that market.
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Analysts project Nvidia's stock price could grow by 125% over the next 2 years to $1,080 based on strong earnings growth forecasts.