Nvidia Shares Will Struggle to Repeat a Stellar Year
- The stock has been range-bound after soaring in the first half
- Analysts see 36% upside in 12 months after 230% gain this year
The Nvidia headquarters in Santa Clara, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Nvidia Corp.’s banner year — which saw the shares more than triple in value amid a frenzy for artificial intelligence — is unlikely to be repeated.
That’s the message from the chipmaker’s last two earnings reports, which saw the shares barely budge even as profit and sales forecasts raced past sky-high expectations. And while Wall Street is still overwhelmingly positive on the stock, analysts only see 36% upside over the next 12 months — a nice return, but significantly less than in 2023.