Posted 4/13/2024, 4:04:24 PM
Nvidia Stock Drops But Analyst Sees Rebound on AI Chip Dominance
- Nvidia stock has dropped recently but has bounced back from previous selloffs 9 times since ChatGPT launched
- Bank of America analyst reiterates Buy rating, $1,100 price target (25% upside)
- Not concerned about competition from Google, Intel, Amazon, Microsoft in AI chips
- Nvidia dominates with 80% AI chip market share, which will double to $200B by 2027
- Strong growth outlook with earnings forecast to rise 33% annually over next 5 years
