What’s Going On With AI Stocks Nvidia, AMD On Monday?

Key artificial intelligence chip stocks Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices, Inc (NASDAQ:AMD) stocks continue to ride the artificial intelligence wave Monday.

Wall Street expects leading AI contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:TSM) to likely report a 30% rise in second-quarter profit on Thursday. The Street expects Taiwan Semiconductor to clock a net profit of $7.25 billion for the quarter ending June 30.

Also Read: Nvidia Highlights Lucrative Returns For Cloud Providers Using Nvidia GPUs

Tech investor James Anderson predicted that Nvidia could achieve a market capitalization nearing $50 trillion within the next decade due to its crucial role in AI chip demand.

He noted Nvidia could reach earnings of $1,350 per share and free cash flow of $1,000 per share with sustained 60% annual growth in data center revenue.

Nvidia stock gained over 178% in the last 12 months. AMD gained over 53% during the period.

Investors can gain exposure to the semiconductor sector through ProShares Ultra Semiconductors (NYSE:USD) and Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ).

NVIDIA Stock Prediction For 2024

Equity research can be a valuable source of information for learning about a company’s fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of NVIDIA have an average 1-year price target of $827.85, representing an expected upside of 536.49%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on NVIDIA, while 47 analysts have bullish ratings. The street high price target from Cantor Fitzgerald is $1400.0, while the street low from Goldman Sachs is $135.0.

Price Actions: NVDA shares traded higher by 0.76% at $130.22 at the last check on Monday. AMD is up 0.19% at $181.96.

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