Here’s Why Nvidia Could See $1,000 in 2024

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On its way to our projected $1,000 price tag, Nvidia (NVDA) is still exploding.

This time, it’s running on news its CEO Jensen Huang believes data center spending will double in the next few years.

“There’s about $1 trillion worth of installed base of data centers around the world. And over the next four or five years, we’ll have $2 trillion worth of data centers that will be powering software around the world, and all of it’s going to be accelerated,” he said.

Better, Melius Research analysts raised their price target on NVDA to $920 from $750, with a buy rating. “AI is still in its infancy and the leader is embarking on another new product cycle despite some new competition. Revenue streams from Nvidia’s AI Enterprise software and networking initiatives are still nascent and other new initiatives are likely coming at its GTC event in March,” they added, as quoted by Barron’s.

Plus, as we near NVDA earnings on Feb. 21, NVDA could see even more interest.

NVDA last traded at $723.59 – up $2.26 on the day – on a volume spike to 56.1 million shares, as compared to its daily average volume of 43.4 million.