Why Nvidia Stock Surged to New Highs This Week

Motley Fool2023-06-18

KEY POINTSOne analyst sees a surge in new orders for the company’s AI chips.Nvidia’s recently reported that revenue jumped 19% over the previous quarter, but it's expected to accelerate in the near ...

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Jetlee keng nian
2023-06-18
Jetlee keng nian
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The graphics specialist could be experiencing higher demand for artificial intelligence (AI) chips than originally thought.After doing some scuttlebutt research, Morgan Stanley analysts named the stock a top pick, with a $500 near-term price target.  So whatMorgan Stanley cited information from their industry contacts that suggest new customers are placing orders for AI chips at a greater pace than expected. This comes after Nvidia blew away expectations in its last earnings report by reporting a 19% sequential increase in revenue. Many investors anticipate we're just at the tip of the iceberg in AI demand, which could potentially lead to sustainable demand for Nvidia's AI chips, where it already has over 80% market share, according to various analyst estimates. S&P Global expects revenues from generative AI applications, which use text and video to create new content, to surge from $3.7 billion in 2023 to $36 billion by 2028. This points to a massive opportunity for Nvidia's data center business.Now whatThe stock is getting more expensive. Over the last year, Nvidia's price-to-sales ratio has increased nearly 200%, which accounts for almost all the stock's return. While the stock could still be a good investment, that will depend on the degree of Nvidia's runway of growth.There are competing companies that are offering their own AI solutions that could nip away at Nvidia's market share. Investors should keep their eye on Advanced Micro Devices, which is currently ramping up investment in AI chips. Also, Amazon and Alphabet have designed their own purpose-built AI chips for their data centers. Earlier this year, Alphabet's Google revealed a new AI supercomputer that it claimed was faster than Nvidia's systems. Still, Nvidia is an expert in graphics processors, which are needed to train AI models. 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