Nasdaq NVDA Nvidia

The proliferation of artificial intelligence (AI) is fueling the demand for semiconductor giant NVIDIA’s (NVDA) GPUs (graphic processing units). These GPUs, when integrated into AI models, are helping the company expand its footing in markets like automotive, healthcare, and manufacturing, thus boosting its top- and bottom-line performances.

The company’s AI collaborations with companies like Amazon, Baidu, Facebook, IBM, Microsoft, and SAP are also helping bring AI to the fore. The company recently collaborated with the top-ranked OEMs including Dell, HP, and Lenovo to deliver powerful workstations inclusive of Quadro RTX GPUs and Nvidia's new CUDAX AI accelerated software. Moreover, a steady flow of new products is enabling the company to edge past chipmaking rivals AMD and Intel.

Metaverse Opens New Doors

It is time to accept that the Metaverse is about to get real, and the space is brimming with tremendous opportunities. However, building a digital universe where a user can interact and explore a virtual world with people who are not physically present is not something that can be done by a single company, according to Meta Platforms.

The building blocks of anything digital are chips. And in order to create something so technologically advanced, exceptionally complex algorithms and computing power is required. NVIDIA is gathering steam in this area with its advanced GPUs.

Over the years, NVIDIA has evolved from manufacturing PC graphics to building AI-based solutions that serve as the backbone for high-performance computing, 3D gaming, and virtual reality (VR) platforms.

Notably, NVIDIA’s RTX technology-based Omniverse platform is the first-of-its-kind simulation and collaboration framework, which is believed to lay the groundwork for the metaverse.

Interestingly NVDA stock also features in TipRanks' stock screener as one of the most in-demand stocks recommended by top Wall Street analysts.

Wall Street Weighs In

Susquehanna analyst Christopher Rolland reiterated a Buy rating on the stock, encouraged by the strong momentum in data centers, in which he expects to see even more growth in the fourth quarter.

Wall Street's optimism about the company's prospects is reflected in the Strong Buy consensus rating based on 24 Buys and only 2 Holds. The NVIDIA stock forecast shows $360.17 on average, indicating 21.51% upside potential to current levels.

Disclosure: At the time of publication, Chandrima Sanyal did not have a position in any of the securities mentioned in this article.

Disclaimer: The information contained in this article represents the views and opinion of the writer only, and not the views or opinion of TipRanks or its affiliates  Read full disclaimer >

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