Top stocks in the artificial intelligence chip sector Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices, Inc. Stocks (NASDAQ:AMD) continued to ride the artificial intelligence wave on Monday.
Wall Street expects major AI contract chipmaker Taiwan Semiconductor Manufacturing Company (NYSE:TSM) is expected to report a 30% jump in second-quarter profit on Thursday. The Street expects Taiwan Semiconductor to report net income of $7.25 billion for the quarter ending June 30.
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James Anderson, tech investor predicts that Nvidia could reach a market capitalization close to $50 trillion over the next decade due to its crucial role in driving demand for AI chips.
He noted that Nvidia could achieve earnings of $1,350 per share and free cash flow of $1,000 per share with sustained 60% annual growth in data center revenue.
Nvidia stock has gained more than 178% over the past 12 months. AMD has gained more than 53% during the period.
Investors can gain exposure to the semiconductor sector through ProShares Ultra-Fast Semiconductors (NYSE:USD) and Invesco PHLX Semiconductor Exchange Traded Fund (ETF) (NASDAQ: SOXQ).
NVIDIA Stock Forecast 2024
Stock analysis can be a valuable source of information to learn more about a company’s fundamentals. Analysts create financial models based on a company’s fundamentals and expected future earnings to arrive at a price target and recommendation for the stock.
NVIDIA shares have a 1-year average price target of $827.85, representing an expected upside of 536.49%.
Due to differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have issued bearish recommendations on NVIDIA, while 47 analysts have bullish ratings. Cantor Fitzgerald’s highest price target is $1,400.0, while Goldman Sachs’ lowest is $135.0.
Price Actions: NVDA shares were up 0.76% at $130.22 at last check Monday. AMD was up 0.19% at $181.96.
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This item What’s happening with Nvidia and AMD AI stocks on Monday? originally appeared on Benzinga.com
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