Nvidia (NASDAQ: NVDA) has been on an impressive trajectory in 2024. At the start of the year, its stock was trading around a split-adjusted $50, and since then, it has surged to approximately $130. With this momentum, the big question now is: Can Nvidia hit $150 before the year is over and achieve a remarkable second consecutive year of tripling its stock price?

While it’s within striking distance, there are still several weeks of trading ahead, and the stock market can bring surprises along the way.

The Role of GPUs in AI Development
Nvidia’s extraordinary growth is closely tied to its pivotal role in the artificial intelligence (AI) sector. As companies worldwide compete to create cutting-edge AI models, demand for Nvidia’s powerful GPUs (graphics processing units) has soared. These GPUs are essential for training and running AI applications. Furthermore, major cloud service providers are bolstering their infrastructure by investing heavily in Nvidia’s products, driving the company’s impressive performance even higher.

With AI development showing no signs of slowing down, Nvidia’s future growth potential remains strong.