NVIDIA continues to fuel the AI stock rally in 2024. Our analysis shows that may be the case for the foreseeable future.

Nvidia Corp. (NASDAQ: NVDA) shares are trading near a year-to-date low. Like its fellow Magnificent 7 members, Nvidia has struggled due to economic uncertainties due to the potential effects of tariffs,

Nvidia stock slumped this week on news that the company is at risk of losing business in China as a result of new regulation.

As you can imagine, to fill such an area, companies need to purchase a lot of GPUs. Without a doubt, no company has a hold on the AI GPU market like Nvidia (NASDAQ: NVDA) and it's been handsomely rewarded for it.

If Visa continues its long record of growth and profitability, 24/7 Wall St. anticipates a huge gain for the stock by the end of the decade.

The broader market would have to cooperate, and the AI narrative would have to return for, NVDA stock to break above $220 this year. Compared to most other AI stocks right now, NVDA is surprisingly the cheapest of the bunch. It trades at 41 times earnings, while historically, it has traded around 52 times earnings at the median.

Management expects this growth to continue in 2025. Over half of TSMC's revenue now comes from cloud and AI customers, with the company taking market share from semiconductor manufacturing competitors such as Intel. This is is a nice growth runway that could help accelerate consolidated revenue growth this year.

Nvidia shares fell sharply on Wednesday and have lost about a quarter of their value since hitting a record high in January. Monitor these key support and resistance levels.

Despite macro risks, Nvidia's impressive Q4 earnings and strong revenue outlook indicate significant growth potential. Check out what makes NVDA stock a buy.