Throughout October, there was a plethora of positive news and reports, which indicated that Nvidia Corporation stock still has plenty of upside. Currently, Nvidia has all the chances to once again exceed expectations and improve guidance when its Q3 earnings report comes out in November. NVDA stock remains a BUY for me, and its upside could be even greater than previously expected.
The European Union has tossed a spanner in the works of chipmaker Nvidia's proposed acquisition of Tel Aviv-based AI workload management startup Run:ai. The deal, which was announced back in April — with a price-tag of $700 million per our sources — will be reviewed by the bloc after a request by competition regulators in Italy under the EU Merger Regulation (EUMR).
Nvidia Corporation's automotive business is growing but remains small compared to its data center segment. The DRIVE platform, including advanced SoCs and Nvidia's software ecosystem, positions the company to capitalize on the rise of autonomous vehicles. Analysts project Nvidia's revenue will reach 400 billion USD by 2030, meaning the company's automotive business is unlikely to be a material contributor.
U.S. chipmaker Nvidia's proposed acquisition of AI startup Run:ai will have to be approved by EU antitrust regulators before the deal can be completed, the European Commission said on Thursday.
Nvidia has accelerated many investors' paths to becoming millionaires.
The semiconductor giant Nvidia (NASDAQ: NVDA) has managed an uncommon rally for a stock already regarded as a blue chip in the last two years, increasing its valuation from $364 billion at the end of 2022 to $3.417 trillion at press time on October 31, 2024.
These growth stocks have room to run based on near-term catalysts.
Nvidia could benefit even more from AI down the road
Nvidia (NVDA) concluded the recent trading session at $139.34, signifying a -1.36% move from its prior day's close.
Nvidia (NVDA) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
xAI is planning to double the size of its AI supercomputer to an estimated 200,000 Nvidia H100s and H200s.