Nvidia Stock Corrects From Highs But Long-Term Growth Prospects Remain Despite Near-Term Concerns

• Despite recent weakness, NVDA stock is still up 70% in 2024 • Stock has entered "correction territory" by falling over 10% from all-time high • Competition from major customers developing their own AI chips weighing on stock • Other major chipmakers released viable alternatives to Nvidia's offerings • Nvidia product inventories possibly becoming excessive due to customer reselling • Morgan Stanley analyst raised NVDA price target to $1,000 based on cloud provider AI investments