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Nvidia stock is up over 200% in 2023; Is there more upside?

Nvidia stock is up over 200% in 2023; Is there more upside?
Sushree Mohanty

Nvidia’s (NASDAQ: NVDA) outstanding recent Q2 results, combined with positive long-term artificial intelligence (AI) prospects, have helped its stock soar over 200% year-to-date, wildly outperforming the S&P 500’s return of 12%.

At the time of publication, Nvidia was trading at $448.85, up 4% from the closing price of $434.99 on September 29.

Nvidia stock is up over 200% in 2023; Is there more upside?
NVDA YTD price. Source:

Even before the AI boom, this semiconductor giant had made a name for itself. Its high-end graphics processing units (GPUs) are well-known around the world. Its data center segment is its most important growth driver, with sales tripling in the most recent fiscal Q2 earnings.

Nvidia’s stock is on the rise

In a recent development, French authorities conducted an inquiry at Nvidia’s Paris office, examining potential anti-competitive practices. Reports suggest that the European Commission (EC) is currently investigating claims that Nvidia strategically utilizes its AI chips to sustain its dominant 80% market share. It’s also worth noting that, as of October 2, an EU executive, according to Reuters, has dismissed the existence of any formal investigation into Nvidia’s AI chips.

Meanwhile, Goldman Sachs also added it to its “Americas Conviction List,” while maintaining the price target of $605 per share. According to Goldman Sachs analyst Steven Kron, Nvidia will maintain its standing due to its competitive industry advantage and AI revolutionization. Nvidia’s stock is up in the early Monday trading session.

Nvidia’s chips are used all over the world, and they are partly responsible for the success of Open AI’s ChatGPT.

Wall Street is highly optimistic

Wall Street is quite bullish on Nvidia’s stock. Analysts predict the company’s revenue will rise to $81 billion in fiscal 2024. Nvidia’s revenue has increased more than sixfold between fiscal 2013 and fiscal 2023.

In the Q2 earnings call, management also mentioned that its H100 GPU chips are in high demand. It might drive revenue to $16 billion in Q3. Nvidia will report Q3 fiscal 2024 earnings on November 21.

According to TipRanks, Nvidia is a ‘Strong Buy’ with an average target price of $639.82, meaning a 47% upside potential in the next 12 months. The high-end price target is $1,100, which would represent a whopping 155% increase from the September 29 closing price of $430.89.

Nvidia stock is up over 200% in 2023; Is there more upside?
NVDA 12-month price target. Source:

If Nvidia’s sales continue to rise at the projected rate or higher, this price goal does not appear to be out of reach. AI is still a niche that hasn’t been thoroughly explored. With Nvidia’s dominant position and smart growth strategies, the company has a long way to go.

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