While there are deep concerns about AI stock in general—from outrage over job losses that haven’t happened yet, to vague mutterings about Skynet—AI stocks are being met with a lot of success. Just ask Nvidia (NASDAQ:NVDA), which added over 4% at the time of writing, thanks largely to its work in the AI sector.
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Nvidia shares also hit a 52-week high today, and so far, shares have almost doubled over the course of this year. Semiconductor sales are also staging a comeback; word from the Semiconductor Industry Association says sales are up 15% in the space between February and March. That, coupled with the likely boost AI will pose for data center operations, suggests an uptick to come.
Nvidia has also been working on its non-AI product lines as well. A current rumor out at Tom’s Hardware suggests Nvidia’s new RTX 4060Ti will start shipping on May 5 and ultimately launch in late May, but there’s no official word out from Nvidia. However, with Computex Taipei starting up in late May, the idea that Nvidia would wheel out a graphics card to start selling in time with a major computer expo isn’t out of line.
Meanwhile, analysts look for good things out of Nvidia. With 30 Buy ratings against seven Holds and just one Sell, Nvidia stock is considered a Strong Buy. However, this Strong Buy also comes with 0.86% downside risk, thanks to its average price target of $286.94.
