Nvidia's stock tripled last year on AI excitement. What to expect as the next stage unfolds

Even after a strong performance last year, investors anticipate continued momentum for chipmaker Nvidia in 2024. The company’s success is attributed to the increasing demand for artificial intelligence (AI) and its graphics processing units used in large language models. Nvidia has consistently surpassed estimates and demonstrated sustainable product demand. Analysts have raised their price targets for Nvidia, comparing its success to the iPhone’s impact on the smartphone market. However, some experts caution that a potential bubble may occur in the AI industry, similar to the dotcom bubble. Despite emerging competition, Nvidia’s dominant market position is expected to persist.