Wedbush Securities analyst Dan Ives has stated that major tech giants are in a race towards capturing the $4 trillion AI market, with GPUs being likened to the new “oil” or “gold” in the industry. Ives believes that the AI “party” is just beginning and predicts a significant market cap growth for top tech companies within the next year. In his latest note, Ives highlighted several stocks that he believes will benefit from the AI revolution, including NVIDIA Corp (NASDAQ:NVDA).
NVIDIA Corp is viewed as a key player in the AI space, with the company’s GPUs being essential for running generative AI applications. UBS sees NVIDIA as well-positioned to benefit from the $331 billion market opportunity in the AI enablement layer, particularly with its DGX Cloud service. NVIDIA has also unveiled new AI architecture and chips that are expected to drive growth for the company.
The RiverPark Large Growth Fund noted NVIDIA’s strong performance in the first quarter of 2024, driven by robust data center sales. The company’s revenue and EPS have seen significant year-over-year increases, with a positive outlook for future growth. NVIDIA’s role as a leading GPU designer is key to meeting the demand generated by the AI arms race.
While NVIDIA Corp ranks fourth on the list of Top AI Stocks Leading the Big Tech Race, some analysts believe that other AI stocks may offer higher returns in a shorter period of time. The potential for growth in the AI market is significant, with companies rushing to apply generative AI to various aspects of their operations. Overall, NVIDIA Corp remains a strong player in the AI sector, with a promising outlook for future growth.
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https://finance.yahoo.com/news/analyst-says-nvidia-corp-nasdaq-135257269.html
