Nvidia (NVDA) stock will double in 2024
Nvidia (NVDA) stock soared 237% last year. In 2024, it could double again…
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In 2020, I wrote we were headed for a “Roaring ‘20s” decade.
The rapid rollout of mRNA vaccines during COVID… the stunning drops in the cost of clean energy… and the new space race seemed like harbingers of a decade of rapid innovation.
But rampant inflation, surging interest rates, war, and 2022’s stock market crash killed that idea.
To quote The Godfather’s Michael Corleone, “Just when I thought I was out… they pull me back in.”
The artificial intelligence (AI) productivity boom is quietly pulling us back into the Roaring ’20s (which is great for one AI stock in particular).
Economic growth boils down to two factors: How fast the population — and productivity — grows. That’s it.
AI is, above all else, a productivity tool. ChatGPT helps you get more work done in less time.
Software engineers using GitHub’s Copilot tool are writing code in half the time. ChatGPT helped Boston Consulting Group employees boost the quality of their work by 40%!
Copilots for all white-collar jobs are coming. Once they arrive, we’re off to the races.
AI’s productivity boost is already showing up in the stats. The US economy grew at its fastest pace in a decade last quarter. Productivity growth is rising at its fastest rate since 2009.
Few expect the US economy to grow 6% next year. I think we could be in for a surprise.
Nearly every company will adopt AI. Which will spike the demand for Nvidia’s chips to new heights.
One of the big surprises this year is NVDA stock doubling — again — and becoming the world’s most valuable company.
