NVDA Earnings Update: Is It a "Buy"?

Nvidia's blowout earnings report sent the stock soaring, but is it a good deal at its current price?

Nvidia Corporation [NVDA] has trounced many leading S&P 500 companies with stratospheric returns since 2020. This stock’s market cap has almost broken the $2 trillion mark and has gained wide attention from the market due to its exposure to themes like semiconductors, machine learning, and generative AI.

Nvidia’s products comprise essential components in smartphones, laptops, and other electronic products. Better yet, the company offers ample exposure to the the AI boom because its chips are favored for generative artificial intelligence applications. 

However, the risk of weaker growth, political tensions, and other factors may result in a pullback in Nvidia’s share price in 2024. Shares appear to have run ahead of this realization and could be very vulnerable after the company reports earnings next quarter. Bulls could also be in for a rude awakening on the back of any potential macro or political setbacks.

Read on to see where we think wall streets favorite stock is headed.

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