After Growing 280% in a Year, Nvidia Could Grow More with Upcoming Products

Nvidia may not be done with its enormous stock growth thanks to new products coming out for 2024.

Leading the way for AI stocks on the market indexes, Nvidia has become the poster child for exponential growth from this tech market niche. Since March of 2023, Nvidia’s stock price grew 230%.  The company grew more than expected for the 4^th quarter of 2023, leading to enormous stock price increases in the day following its most recent earnings report.

Nvidia’s stock is currently at $904, up 5.49% from the previous day. Even though the stock has grown substantially since January, investors have not grown tired of it. They still see the immense potential this stock has to perform well throughout the year, making Nvidia one of the most traded stocks of the last few weeks.

For the previous quarter, Nvidia’s automotive sector gained 8%, with their datacenter revenue increasing by 27%. Nvidia continues to innovate in the area of artificial intelligence processing products, which are used in some of the most popular AI programs.

Upcoming Nvidia Products

The powerful H200 GPU is outperforming the competition and has been recently improved to allow for greater memory capacity and better performance. The company is positioning itself to be the industry leader for the remainder of the year.

At the beginning of January, Nvidia announced that it would be releasing the RTX-40 Series in 2024, and rumors persist that the 50 series may be released by the end of the year or in 2025.

The AI market is growing with no sign of slowing down, as other AI-related stocks soar, and AI news continues to stay in the headlines. Advanced Micro Devices and Arm Holdings are two of the most notable AI-related stocks outside of Nvidia. The Arm (ARM) stock is up 0.11% today to $126 per share. Advanced Micro devices (AMD) is up 0.24% at the time of this writing to $198 per share.