Amazingly, there are still bearish holdouts who, despite all of the available evidence, continue to bet against Nvidia (NASDAQ:NVDA). The opportunity to generate revenue from artificial intelligence compatible processors isn’t just a fad. Nvidia stock gets an “A” grade for advancing AI hardware technology in 2024.
Nvidia has an earnings report and conference call coming up on May 22. This will be an exciting event, but you don’t have to wait until May 22 to start a share position in Nvidia. After all, you can pick any day in May to invest in an overachiever like Nvidia.
This Is a Positive Sign for Nvidia
How strong is the demand for AI-enabled hardware? Here’s a news item that should help to answer this question. According to Reuters, South Korea-based SK Hynix disclosed that its “high-bandwidth memory chips used in AI chipsets were sold out for this year and almost sold out for 2025.”
This is relevant because SK Hynix is a supplier to Nvidia. Furthermore, these HBM chips are selling like hot cakes “as businesses aggressively expand artificial intelligence services.”
Reuters also mentioned that Nvidia commands around 80% of the AI-chip market. That’s astonishing, if you really think about it. And clearly, it’s a great market for Nvidia to be involved with.
When a major supplier like SK Hynix has products that are flying off the shelves (figuratively speaking), it’s hard not to be long-term bullish about Nvidia stock.
Preparing for a ‘New Era’ With Nvidia
Nvidia’s AI conference for developers, known as GTC, took place recently and Nvidia didn’t disappoint eager tech-product aficionados. At the GTC event, Nvidia unveiled its cutting-edge Blackwell graphics processing unit architecture.
The company expects Blackwell to “power a new era of computing.” Nvidia CEO Jensen Huang declared that Blackwell is the “engine to power” the “new industrial revolution” of generative AI.
This isn’t empty boasting. Per TheStreet, Nvidia stated that Blackwell will “enable organizations to build and run real-time generative AI on trillion-parameter large language models.”
Plus, the company claims that Blackwell will achieve this “at up to 25 times less cost and energy consumption than its predecessor.”
With the new Blackwell architecture coming down the pipeline, Nvidia’s already ultrapowerful H100 chips could soon be yesterday’s news. It’s another example of Nvidia topping itself, since evidently no competitor can top Nvidia.
Be an Overachiever Investor With Nvidia Stock
If you can be any type of investor, why not be an overachiever investor? It’s entirely possible if you stick to overachieving companies like Nvidia. As we’ve seen, the demand for AI-compatible processors is intense — and Nvidia is stepping up to the plate with top-tier products.
Blackwell will be Nvidia’s latest game changer in the AI-hardware category. After that, we’ll all just have to wait and see what amazing products Nvidia unveils next.
So, there’s no wait for Nvidia’s upcoming earnings event to get involved. Investors should conduct their due diligence and take action when they’re ready to do so, and Nvidia stock absolutely deserves a confident “A” grade .
On the date of publication, Louis Navellier had a long position in NVDA. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.
The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.
