In October 2022, Nvidia (NASDAQ: NVDA) took a decisively upward trajectory and surged in approximately 15 months from about $120 to the latest closing share price of $875.28.
The staggering rise – amounting to more than 250% in the last 52 weeks – led many to wonder if the blue-chip chipmaker would soon rise above $1,000.
Still, the semiconductor giant’s stock took one of the most troubling hits in recent memory on Friday, March 8. Having climbed above $950 in the day’s premarket, it abruptly dropped more than 5% and found itself below $900.
Picks for you
In this climate of general optimism and recent shock, Finbold decided to consult the most advanced model of OpenAI’s premier artificial intelligence (AI) platform – ChatGPT – to try and figure out where Nvidia stock might stand at the tail-end of 2024.
ChatGPT-4 predicts December 31 Nvidia stock price
At the start of its assessment, ChatGPT-4 reflected on Nvidia’s recent growth – in the stock market as well as on the business side – and its dominant position in the semiconductor industry.
Before proceeding to provide a price target, the AI also acknowledged the current conditions in the economy – and the associated risks – as well as the fact that NVDA has multiple competitors, each capable of significantly challenging Nvidia’s leadership under the right circumstances.
Based on these factors, ChatGPT concluded NVDA shares are most likely to find themselves in the range between $920 and $940 – near the press time highs but not substantially above them. When asked to settle for a singular price target, the AI settled for $930.
When challenged about the fact that the target – supposed to be reached in another 9 months – appears low given Nvidia’s recent performance, ChatGPT acknowledged the explosive historic growth but remained adamant that its figure is designed to account for what it calls a “normalization” of growth rates and market conditions.
ChatGPT was, however, willing to also offer a bullish price target – $1,200 – and stated that, along with more generalized positive developments, such a value surge could be driven by a major breakthrough in gaming or a hastening pace of growth for AI and data centers.
On the flip side, OpenAI’s most advanced model also explained that it isn’t outside the realm of possibility that a rival might topple Nvidia – most likely with a major technological advancement – that the market might become saturated, or that a severe economic downturn starts. Such conditions, ChatGPT-4 concluded, could lead to Nvidia falling to $750 by December 31.
Nvidia stock price chart
While ChatGPT-4 favors the optimistic but conservative estimate, Nvidia’s recent performance has hardly been conservative. In the last 52 weeks, the NVDA stock rose 273.48% and its surge in 2024 is nothing short of impressive at 81.71%.
Still, Friday trading brought an abrupt shift and saw NVDA shares rapidly drop and end the day 5.55% in the red at $875.28. Still, despite the daily decline, Nvidia is still up by 4.04% on the weekly chart.
Finally, the extended session hints at a possible protracted decline as Nvidia shares have fallen another 2% since the market’s close on Friday, March 8, to approximately $855.
Buy stocks now with eToro – trusted and advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
