Nvidia (NVDA) is one of the top tech stocks to buy for New Year 2024.
Helping, earnings should remain solid with NVDA a leader in everything tech-related, such as artificial intelligence (AI) and machine learning. Most recently, it announced adjusted EPS of $2.70, which came in above expectations for $2.08. Revenue jumped 101% year over year to $13.5 billion, which was also above expectations for $11.2 billion.
For the current quarter, the company expects to see revenue of about $16 billion, which is also ahead of expectations. NVDA also announced plans to buy back $25 billion in stock. Even better, Goldman Sachs just added Nvidia to its conviction buy list thanks to the AI gold rush.
Remember, the AI market – currently valued at about $100 billion – could grow twenty-fold by 2030 to more than $2 trillion, as noted by Next Move Strategy Consulting. Even better, generative AI could add between $2.6 trillion and $4.4 trillion a year to the global economy. That’s according to a new McKinsey report, which also said it could have a significant impact across all industry sectors.