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- Two Stocks to Skyrocket at the Start of 2024: NVIDIA
Two Stocks to Skyrocket at the Start of 2024: NVIDIA
Shares of this artificial intelligence locomotive soared by 8.2% in the first two days of the week. The immediate focus was NVIDIA's leaked plan of launching its new chip, with an intention to distribute it in China. This would help to work legally surpassing the U.S .export restrictive rules. Mass production may start already in the Q2 2024r, two people familiar with the matter said. The launch was initially announced in November, but later it was delayed. New chip would be the most powerful of three China-focused items that the leader of this segment developed to comply with authorities. It has the potential to prevent squeezing market share in favour of Chinese domestic competitors. However, this was not the only good news from the company.
Nvidia also announced other components and software ahead of the Consumer Electronics Show in Las Vegas, including the GeForce RTX 40 SUPER series of graphics processors for video gamers. Besides, four Chinese electric vehicle brands, Li Auto, Great Wall Motor, Zeekr and Xiaomi confirmed they are ready to use Nvidia's DRIVE platform, which is the newest collection of technologies for autonomous driving and driver-assistance systems to perceive and respond to the environment. As an icing on the cake, JPMorgan shared the view that only NVIDIA's healthcare division has grown to a $1 billion+ business, listing computational demand for AI-related methods of drug discovery, genomics, patient diagnostics, as well as medical devices, wearables and robotics to add extra revenues. The latest price move has ensured a technical breakout well above the psychological resistance of $500 per share, as the next round figure of $600 becomes the new target for the near-term. Many analysts maintain Overweight ratings on NVIDIA stocks despite its market price more than tripled in 2023. Other companies boosted by the AI rally, including AMD, CrowdStrike, Qualcomm, Broadcom, Palo Alto Networks etc would also continue to benefit this winter from the industry trend led by NVIDIA.
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