Traders reviewing Nvidia stock forecast 2024 point to technical breakouts on daily RSI and MACD indicators. This is consistent with institutional accumulation patterns, suggesting potential upside if AI-driven demand sustains current growth trajectories. “But how can I find the next Nvidia?” you ask me. Okay, okay. You can’t afford an Audi, not that the head of Audi North America would help you anyway. You didn’t know that Nvidia’s chips could be used for more than gaming. You didn’t believe in a guy in a black leather jacket. How could you have spotted this one? Nvidia is in outstanding financial health. As of October 2024, the company held $38.5 billion in cash and investments, compared with $8.5 billion in short-term and long-term debt. Semiconductor firms tend to hold large cash balances to help them navigate the cycles of the chip industry. During downturns, this provides a cushion and flexibility to continue investing in research and development, which is necessary to maintain their competitive and technology positions. Nvidia’s dividend is virtually immaterial relative to its financial health and forward prospects, and most of the firm’s distribution to shareholders comes in the form of stock buybacks. Correlation coefficients imply Nvidia’s returns are amplified during sector-wide bullish sentiment.
