Nvidia stock (NASDAQ:NVDA) has skyrocketed in value in 2023, becoming a member of the trillion-dollar club. As a result, Evercore ISI has raised its price target on the company to $1,200, up from $1,000, citing strong demand for the company's graphics processing units (GPUs), which are used in a variety of industries, including gaming, artificial intelligence, and cryptocurrency mining.
As NVIDIA (NASDAQ:NVDA) cruised into the stratosphere of $1 trillion valuations, one of the most common remarks heard across business and social media was that the company was the "new Intel." Nvidia's rise has been remarkable, with its stock price increasing more than 1,000% over the past five years. The company's GPUs have become a critical component in the development of AI, and it has been able to leverage that technology into other markets, such as gaming and cryptocurrency mining.
Nvidia ranks as the fifth most valuable U.S. company by market capitalization, and the chip maker could have its sights set much higher. The company's GPUs are used in everything from self-driving cars to data centers, and there is no shortage of demand for the technology.
Oracle stuck to its forecast of $65 billion in sales by 2026, but CEO Safra Catz says AI demand leaves the software company "significantly underestimating" its potential. Catz said Oracle's AI technology, including its autonomous database, cloud infrastructure, and applications, are among the company's fastest-growing businesses. She said Oracle is "really well-positioned" to benefit from the growth of AI, which is increasingly being used in industries such as healthcare, financial services, and retail.
Nvidia Corporation clearly outperformed in 2023 and joined the $1 trillion market cap club. The company's stock price has surged as demand for its GPUs has increased, particularly in the gaming and artificial intelligence industries. Nvidia has been able to leverage its technology into new markets and has become a critical player in the development of AI.
Oracle Corp (NYSE: ORCL) shares are trading higher in Monday's after-hours session on the heels of the company's fiscal fourth-quarter earnings report. The company reported earnings of $1.54 per share, beating analysts' estimates of $1.31 per share. Revenue came in at $11.23 billion, also beating estimates. Oracle's cloud business continued to show strong growth, with revenue up 22% year-over-year.
There were tactical reasons for a break from hikes, but the Fed looks determined to take rates higher. Nvidia's stock price keeps going the other way. But it's not just Nvidia. Technology stocks have been hit hard in recent weeks, as investors have grown concerned about the outlook for the sector. The tech-heavy Nasdaq Composite Index has fallen more than 10% from its all-time high, while the S&P 500 Technology Index is down nearly 9%.
One of the standout features of this laptop is the GPU. Asus has opted for the Nvidia RTX 4080, which delivers impressive performance. The RTX 4080 is based on Nvidia's Ampere architecture and features 12GB of GDDR6X memory. It also supports real-time ray tracing and AI-powered DLSS (Deep Learning Super Sampling) technology, which enhances the performance of games and applications.
Considering these issues before buying a stock can save you heartache in the long run. Investing in the stock market can be a great way to build wealth over time, but it can also be risky. Before investing in any stock, it's important to do your research, understand the risks involved, and consider factors such as the company's financial health, competitive position, and growth prospects. With Nvidia's stock value surging, it's important for investors to carefully consider these factors before making any investment decisions.
Ticker: NVDA, ORCL
