Even though legendary investor Stanley Druckenmiller massively reduced his stake in Nvidia (NASDAQ: NVDA) to replace it with Palantir (NYSE: PLTR), NVDA stocks might still be a lucrative buy, at least according to data compiled by the artificial intelligence (AI) platform, ChatGPT.
Indeed, Finbold tasked ChatGPT-4o, the most recent iteration of the OpenAI invention, to provide insights into the possible price range of Nvidia stock by the end of 2024, taking into account historical price movements, experts’ views, technical indicators, and other relevant data, on May 21.
Nvidia price target 2024
Notably, the popular AI platform has provided a range of $1,200 – $1,500 per share by the end of this year as its hypothetical price projection for Nvidia stocks, “assuming continued strong performance and market dynamics remain favorable,” explaining that:
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“This conservative estimate factors in the company’s consistent growth, historical performance, current financial standing, and market trends.”
Moreover, ChatGPT highlighted the $90 billion revenue projection for 2025, supported by the “remarkable growth in AI-driven products,” as well as the fact that “Nvidia stock has gained nearly 92% from the start of 2024 through mid-May, significantly outperforming the S&P 500 index’s return.”
Nvidia stock price history
So, what is Nvidia stock price today? Notably, Nvidia shares are currently trading at the price of $951.92, up 0.47% on the day, advancing 2.12% across the past week, and accumulating a gain of 19.71% on its monthly chart, as per the most recent data on May 21.
Meanwhile, markets expert and senior vice president at Wedbush, Stephen Massocca, has pointed out that if Nvidia’s upcoming highly anticipated earnings “surprise to the upside, Nvidia could spark a mini fury, although everything’s kind of expensive, so it’s hard to see a big move up about it.”
Furthermore, as he added:
“If the Fed starts to lower rates, that would really spark a rally but it doesn’t seem like the data supports that yet.”
All things considered, Nvidia shares could, indeed, continue upwards towards the end of 2024. However, it is important to carry out one’s own research instead of blindly relying on what an AI platform or even a specific expert has said, as trends in the stock market can change swiftly.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
