This could be the next major bullish catalyst for AI darling Nvidia

A new chip from Nvidia could prove the next major catalyst for the artificial intelligence darling in 2024, according to Wall Street analysts. Year to date, Nvidia shares have more than tripled on the promise of AI and the hope that surging demand for graphics processing units needed to build large language models will lift earnings and further boost the stock price.

mountain 2023-08-31 Nvidia's stock performance since August's closing high But rising rates that could spell trouble for future growth at CEO Jensen Huang's company have lately put a dent in that rally, with Nvidia down 9% since its August closing high. Even so, Wall Street remains bullish on the chipmaker, with about 85% of analysts holding a buy rating on the stock, and the average price target implying 43% upside from Friday's close.

YTD mountain Nvidia shares year to date Some reports suggest that the architecture will adopt Taiwan Semiconductor Manufacturing's 3nm process technology, and will utilize a multi-chiplet design to enhance performance. The next generation chips offer increased transistor density, faster speed and reduced power. The chip is also slated to carry a higher average selling price and better performance than Nvidia's current H100 model.

looks to pull in the ramp of its next generation GPU, the B100, into 4Q24," Vinh said in an early October note. — CNBC's Michael Bloom contributed reportingThese are the food and snack companies most at risk as the new obesity drugs revolutionize consumer behavior, according to BofA

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