AI predicts Nvidia stock price by the end of 2023 | spcilvly

Analyzing Nvidia’s (NASDAQ: NVDA) trajectory, esteemed Goldman Sachs analyst Toshiya Hari identifies the semiconductor giant as the “shovel supplier” in the current AI ‘gold rush’.

Hari emphasizes that NVDA is poised to maintain its dominance in the accelerated computing sector for the foreseeable future, citing its strong competitive moat and customers’ pressing need for sophisticated AI models.

While demand for Nvidia’s products remains strong, the main challenge has been supply constraints. However, Hari assures stakeholders that these problems are gradually diminishing. Drawing from industry discussions, Hari says management, during the August earnings conference call, confirmed its anticipation of sequential supply increases through the end of the 2024 calendar year.

Despite a notable year-to-date increase of +$303.73% (212.18%), NVDA witnessed a drop of -$23.73 (-5.04%) in the last month, concluding with a modest increase of +$6.47 (1.47%) on October 5. to close the deal at $446.88.

This recent fluctuation leads short-term traders to wonder if the current trend has peaked or if there is potential for further growth through the end of 2023. Looking for insight, Finbold turned to CoinCodex’s artificial intelligence algorithms to Evaluate the price forecast for this semiconductor stock through the end of the year.

The forecast prediction of $324.63 by the end of 2023 is a significant drop (-27.3%) from its current price.

NVDA price prediction for the end of 2023. Source: CoinCodex

Wall Street is bullish on Nvidia over the next 12 months

Toshiya Hari says NVDA’s strong and expanding demand profile, combined with an improving supply outlook, is poised to serve as a strong foundation for continued revenue growth through fiscal 2024.

Addressing fears around a possible slowdown in Nvidia’s data center segment, Hari allays such concerns, accentuating the notable three-fold increase in sales within this critical market during the July quarter, marking a substantial increase compared to the same period last year.

Nvidia stands out as an exceptional stock with broad coverage and a unanimous consensus among analysts. With an overwhelming 39 ‘Buy’ ratings and just one ‘Hold’, the resounding message is very clear: NVDA is a ‘Strong Buy’ on TipRanks.

NVDA 12-month forecast. Source: Finbold

The average price target of $644.69 suggests a potential 44% upside for the stock over the next twelve months.

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Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When investing, your capital is at risk.

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