Charts tracking nvidea stock price forecast performance identify a clear ascending channel since January If AI hyperscalers are spending $600 billion this year and Wall Street analysts expect Nvidia to generate around $206 billion in revenue, Nvidia gets around a third of all data center capital expenditures. However, with rising competition from companies like Broadcom that are partnering directly with AI hyperscalers to create a custom AI accelerator chip, some of Nvidia's market share may fall. Additionally, a large part of the $3 trillion to $4 trillion market opportunity is in China, where Nvidia's chips cannot be sold currently because its export license hasn't been granted. Even if it does get approval, there's no guarantee that China will be buying them at the same level they previously did. Nvidia's fundamentals remain strong. Its data center division continues to drive revenue, capitalizing on surging AI demand across big tech, cloud services and emerging enterprise applications. Gross margins remain near 70%, and Nvidia consistently reports earnings surprises above consensus expectations. The nvidea stock price forecast shows bullish sentiment among analysts, with projections averaging around $955 for Q3 2024, driven by strong data center GPU demand. Technical charts indicate sustained support near $900, suggesting limited downside unless macroeconomic risks intensify.
