#nvidia #2024 #yahoofinance
Nvidia (NVDA) stock skyrocketed over 230% in 2023, sparking debates on whether more upside lies ahead for the chipmaker in 2024. Moor Insights & Strategy Founder, CEO and Chief Analyst Patrick Moorhead and veteran tech investor Paul Meeks join Yahoo Finance Live to discuss their views on the semiconductor player. On growth prospects, Moorhead believes “there’s no doubt” Nvidia will expand revenues and profits next year. However, he questions if gains will further boost shares or if expectations are priced in. He sees tailwinds “driven by the continued growth of the generative AI market” and the adoption of machine learning models. Meeks notes Wall Street expectations forecasting 70% EPS growth with Nvidia stock trading at a 24-time multiple in 2024. However, he contends “I don’t think the Street is going to be right.” Still, Nvidia remains his “best tech idea going into 2024” given its market positioning. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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