Nvidia Poised for More Gains in 2024 as AI and Data Center Demand Fuel Growth
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The Nasdaq is expected to continue rallying in 2024 based on historical patterns following bear market rebounds, potentially gaining 19% on average.
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Nvidia stock has generated huge returns over the past decade, resulting in a 2021 stock split, and stands to benefit from AI and generative AI growth.
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Nvidia posted record revenue and EPS gains in its recent quarter due to demand for AI and data center solutions.
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Nvidia is the dominant leader in multiple secular growth markets like gaming, data centers, cloud computing and machine learning.
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Despite seeming expensive based on traditional valuation metrics, Nvidia has a PEG ratio under 1 indicating it's still reasonably priced given its growth.