Semiconductor giant Nvidia (NASDAQ: NVDA) continues to dominate the market as it capitalizes on its presence in the artificial intelligence (AI) sector, experiencing a staggering surge of nearly 250% over the past year.
However, despite its remarkable growth, the stock has recently exhibited a degree of volatility in line with broader market trends, which has hindered its progression toward the $1,000 milestone.
Currently, Nvidia faces resistance at the $900 level, prompting investors to tread cautiously as they assess the stock’s next move. To gain insights into Nvidia’s future trajectory, Finbold turned to Anthropic’s Claude 3 Opus AI platform, which is emerging as a formidable competitor to OpenAI’s ChatGPT.
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Drawing on a comprehensive range of factors, the AI tool provided a detailed forecast, projecting both optimistic highs and cautious lows for investors to consider by the end of 2024.
Claude 3 Opus Nvidia price forecast
According to the prediction, Nvidia’s stock price is most likely to fall within the range of $1,000 to $1,200 per share by the end of 2024. This forecast reflects the company’s robust growth fueled by escalating demand across various sectors, such as AI, gaming, and data centers.
Nvidia’s consistent performance and its dominant position in the GPU market indicate a promising outlook for investors. Additionally, Claude 3 Opus projected that Nvidia could experience exceptional growth and hit a maximum price of about $1,500 per share in 2024.
The tool’s analysis incorporated the rapid advancements in AI technology and the increasing utilization of Nvidia’s chips across various industries. It’s worth noting that historically, Nvidia has primarily concentrated on the gaming sector. However, its recent surge can be attributed to the chips that drive the AI models fueling the artificial intelligence boom.
However, the forecast also acknowledged potential constraints on Nvidia’s stock price growth. Factors such as the stock’s high valuation and heightened competition or market saturation could act as limiting forces. These potential challenges could also impact the equity, with the forecast setting a minimum price of $700 per share.
Nvidia hits 10-week gaining streak
In the meantime, Nvidia’s stock continues its streak of sustained gains, with Bloomberg data showing that the equity has rallied for 10 consecutive weeks. During this period, NVDA has appreciated by approximately 80%.
While the stock currently displays bullish tendencies, there is uncertainty about the sustainability of this momentum should the AI boom experience a slowdown.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
