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AI predicts NVDA stock price for end of 2024

AI predicts NVDA stock price for end of 2024

The semiconductor giant Nvidia (NASDAQ: NVDA) is, without a doubt, one of the most recognizable names on the S&P 500 stock market index.

This is hardly surprising given that the company has, for years, retained its dominance over the microchip market and has taken a leading position when it comes to providing hardware for the booming artificial intelligence (AI) sector.

Additionally, the company’s stock has been on a relentless rise in recent months. In the last 52 weeks, it is 209.96% in the green, and in the last 30 days, another 21.83%. NVDA is also up 23.51% since the start of 2024 and has risen to $594.91 – 4.17% – in the last trading day.

NVDA 1-day price chart. Source: Finbold

However, such a staggering rise often comes before a fall – or a correction – and CNBC’s Jim Cramer recently warned that the stock market is ready for a pullback, leaving many to ponder whether one of the market’s biggest names will be a part of the reversal.

Thus, with both growth and the risk in mind, Finbold consulted the predictive algorithms of CoinCodex to try and figure out where the chip-maker’s stock may find itself in 12 months’ time, to get further insights into which direction it may be headed.

AI forecasts NVDA stock price

As it turns out, the machine learning algorithms of CoinCodex forecast another year of strong growth for NVDA, with the December 31, 2024, price standing at $683.54 – a 14.90% from the current price.

It is interesting, however, that the platform also forecasts significant volatility for NVDA as it sees it falling within 30 days, 3 months, and 6 months and only surging again in the final quarter of the year.

NVDA year’s end forecast. Source: CoinCodex

Such an outlook is also reflected in the measurements assessing investor attitude toward the stock – the overall sentiment is bullish, but the “Fear & Greed” index registers “fear.” Finally, NVDA’s overall upward trajectory and volatility are also reflected in the fact that it had 18 green days out of the last 30 – 60%.

NVDA metrics and sentiment. Source: CoinCodex

Are experts bullish on NVDA?

The 52 analysts assessed by TradingView are, much like the predictive algorithms, highly bullish on NVDA. In fact, as many as 40 strongly recommend investors buy the semiconductor giant’s shares, and none believe selling is the right decision.

NVDA analyst predictions. Source: TradingView

Analysts’ average 12-month price target for the company is also remarkably similar to what the AI is forecasting, as it stands at $672.31. The high estimate is, however, significantly more optimistic as it is as high as $1,100, while some forecast a slight downturn and have set their sight at $410.

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