{"id":134469,"date":"2023-08-25T03:39:37","date_gmt":"2023-08-25T03:39:37","guid":{"rendered":"https:\/\/finbestnews.com\/?p=134469"},"modified":"2023-08-25T03:39:37","modified_gmt":"2023-08-25T03:39:37","slug":"nvidia-2-other-ai-stocks-youll-regret-not-buying-soon","status":"publish","type":"post","link":"https:\/\/finbestnews.com\/markets\/nvidia-2-other-ai-stocks-youll-regret-not-buying-soon\/","title":{"rendered":"Nvidia & 2 Other AI Stocks You’ll Regret Not Buying Soon"},"content":{"rendered":"

Nearly three months after joining the trillion-dollar club, NVIDIA Corporation<\/strong> NVDA is minting more money than ever.<\/p>\n

One of the world\u2019s largest chipmakers saw its revenues more than double in the fiscal second quarter, banking on the unparalleled demand for chips needed to run artificial intelligence (AI) applications. For instance, Nvidia\u2019s A100 AI chips are required to operate OpenAI\u2019s ChatGPT services.<\/p>\n

In the latest quarter ending Jul 30, Nvidia reported revenues of $13.51 billion, up from $6.7 billion a year earlier, and increased 88% from the prior quarter. Most of the revenues were driven by the company\u2019s data center business, which consists of AI chips.<\/p>\n

The data center business improved by leaps and bounds as tech behemoths like Alphabet Inc<\/strong>. GOOGL and Amazon.com, Inc. <\/strong>AMZN, to name a few, grabbed next-generation processors. The data center business accounted for a record $10.32 billion of the total revenues in the said quarter, up 171% year over year.<\/p>\n

Among the company\u2019s core businesses, the gaming division also saw stupendous growth in the said quarter. Nonetheless, the company\u2019s earnings for the fiscal second quarter came in at $2.48 per share, a mammoth jump from 26 cents a year ago, and climbed 202% from the previous quarter.<\/p>\n

What\u2019s more, the company expects revenues of $16 billion in the quarter ending in October, thanks to the soaring demand for Nvidia\u2019s GPUs needed for AI model training. Thus, the company\u2019s revenue guidance for the current quarter indicated that sales are poised to jump 170% from a year earlier.<\/p>\n

The company also reassured that the Biden administration\u2019s latest move to restrict the export of data center GPUs won\u2019t have an immediate impact on Nvidia\u2019s financials as demand for their products continues to remain solid worldwide. All these positive developments, consequently, make Nvidia a compelling buy despite lofty valuations.<\/p>\n

Currently, Nvidia flaunts a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for its current-year earnings has increased 3.9% over the past 60 days. The company\u2019s expected earnings growth rate for the current year is 138.3%. Shares of Nvidia have already gained a whopping 250.2% so far this year.<\/p>\n

But it\u2019s just not Nvidia, from an investment perspective, AI stocks such as Arista Networks, Inc.<\/strong> ANET and RELX PLC<\/strong> RELX are also worth placing a bet on. After all, these stocks are well-positioned to make the most of the booming AI industry.<\/p>\n

Allied Market Research reported that the generative AI industry is projected to make $191.8 billion by 2032 at a CAGR of 34.1% from 2023 to 2032. AI, in reality, is in demand since this technology improves efficiency levels and drives innovation.<\/p>\n

Meanwhile, Arista Networks\u2019 cloud network solutions and data centers provide the necessary processing power for AI workloads. Arista Networks presently has a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its current-year earnings has increased 4.9% over the past 60 days. The company\u2019s expected earnings growth rate for the current year is 34.5%.<\/p>\n

Similarly, RELX has lately incorporated AI across all its divisions, such as science, legal and risk. RELX known for providing information solutions, at present, has a Zacks Rank #2. The Zacks Consensus Estimate for its current-year earnings has increased 5.2% over the past 60 days. The company\u2019s expected earnings growth rate for the current year is 13.5%.<\/p>\n

Shares of Arista Networks and RELX have gained 63.5% and 14.9%, respectively, in the year-to-date period.
\nAmazon.com, Inc. (AMZN): Free Stock Analysis Report<\/p>\n

NVIDIA Corporation (NVDA): Free Stock Analysis Report<\/p>\n

Alphabet Inc. (GOOGL): Free Stock Analysis Report<\/p>\n

Arista Networks, Inc. (ANET): Free Stock Analysis Report<\/p>\n

RELX PLC (RELX): Free Stock Analysis Report<\/p>\n

To read this article on Zacks.com click here.<\/p>\n

Zacks Investment Research<\/p>\n

This article originally appeared on Zacks<\/i><\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly three months after joining the trillion-dollar club, NVIDIA Corporation NVDA is minting more money than ever. One of the world\u2019s largest chipmakers saw its revenues more than double in the fiscal second quarter, banking on the unparalleled demand for chips needed to run artificial intelligence (AI) applications. For instance, Nvidia\u2019s A100 AI chips are required to operate OpenAI\u2019s ChatGPT […]<\/p>\n","protected":false},"author":3,"featured_media":134468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNvidia & 2 Other AI Stocks You’ll Regret Not Buying Soon - Finance Best News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finbestnews.com\/markets\/nvidia-2-other-ai-stocks-youll-regret-not-buying-soon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nvidia & 2 Other AI Stocks You’ll Regret Not Buying Soon - Finance Best News\" \/>\n<meta property=\"og:description\" content=\"Nearly three months after joining the trillion-dollar club, NVIDIA Corporation NVDA is minting more money than ever. 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