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Nvidia stock set to double and hit $250 by end of 2024, says expert

Nvidia stock set to double and hit $250 by end of 2024, says expert

After hitting a new all-time high (ATH) in mid-June and briefly overtaking Microsoft (NASDAQ: MSFT) as the world’s largest company by market cap, Nvidia (NASDAQ: NVDA) entered a sharp correction that saw its shares drop to $126.09.

Despite the most recent downtrend, the semiconductor giant remains one of the top performers of recent years, and not only did its market cap increase more than $2.5 trillion since late 2022 – the commonly-cited start of the ongoing artificial intelligence (AI) boom – but the share price remains 161.77% in the green in the year-to-date (YTD) chart.

NVDA stock YTD price chart. Source: Finbold

Though such a massive and staggering rise – along with a broader influx of money into companies associating themselves with AI technology – has led some to fear a major bubble has formed, others believe the bull run is far from over.

Nvidia market cap forecast to hit $6 trillion by end of 2024

The most recent strongly bullish forecast for Nvidia came from EMJ Capital’s Eric Jackson on June 25, who believes the best is yet to come for the blue-chip chipmaker. 

According to Jackson, NVDA is set to recover from the most recent downtrend and skyrocket to a market cap of $6 trillion before the year is over. Simultaneously, the expert’s price target for Nvidia stock for the end of 2024 stands at $250.

In context, such a climb would equate to $2,500 per share had NVDA not undertaken the 10-for-1 stock split in early June. Additionally, should the semiconductor giant truly reach such a stock price, it would mean it records growth of another 98.26%.

Likewise, the market cap target would see Nvidia’s value grow more than $3 trillion in the coming six months.

Jackson also concluded that one of the big reasons for the blue-chip chipmaker having such growth potential is the combination of high demand and it being ‘the only game in town’ as, indeed, Nvidia has no competitors of comparable size and commanding a comparative market share.

Nvidia stock remains cheap despite stellar growth

Additionally, he concluded that the semiconductor giant is not akin to Cisco (NASDAQ: CSCO) – one of the biggest names of the Dot-com bubble and crash – despite several analysts making a comparison between the two, given that its P/E ratio remains far below the fever pitch CSCO reached some 25 years ago.

The expert also added that he agrees with several other bulls who believe that, despite its stock market growth, Nvidia shares remain fairly cheap.

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