NVIDIA shares 2023: Exceptional year thanks to AI - What investors need to know for 2024!

NVIDIA shares 2023: Exceptional year thanks to AI - What investors need to know for 2024!

According to a report by www.finanzen.net,

The year 2023 was a remarkable year for NVIDIA, which was accompanied by a huge share price increase. The topic of artificial intelligence in particular has contributed significantly to this success. The question of whether this success story will continue in 2024 or whether the chip designer's shares are overvalued is a concern for many investors.

NVIDIA was able to record a price increase of over 148 percent in 2023, which represents a clear contrast to the previous year, when NVIDIA shares on the NASDAQ lost almost 50 percent of their value. In particular, the OpenAI text robot ChatGPT, which ushered in a new era of artificial intelligence, provided a boost. The increasing demand for more powerful semiconductors due to the increased use of artificial intelligence is playing into the company's hands, with the H100 and A100 chips in particular seeing strong demand. The H200 chip launch is expected in the second quarter of 2024, which could further propel the company forward.

The possibility of another stock split is becoming possible, as NVIDIA shares have already been visually discounted through stock splits more than five times. NVIDIA has already announced ambitious goals for 2024, including expansion in Vietnam with a focus on AI development and the introduction of new AI enhancements such as “NeMo Retriever”.

Wall Street estimates for NVIDIA stock paint a positive picture, with 42 of 52 analysts giving the stock a Buy rating. In addition, seven analysts give Overweight recommendations and three Hold ratings. The chart technology also suggests potential, with resistance and support in key areas being of particular interest.

Institutional investors have also shown interest in NVIDIA stock. Although the chart technique can help to understand the development of the share over a selected period of time, ultimately only the future will show what will happen to NVIDIA shares in 2024.

NVIDIA's positive performance in 2023 suggests that the company could continue to benefit from the trending topic of artificial intelligence. Whether the stock is overvalued or whether growth will continue remains to be seen. However, very positive Wall Street estimates and the company's ambitious goals indicate further potential.