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So far in 2024, the winner of artificial intelligence (AI) rally has been clear, as Nvidia (NASDAQ: NVDA) recorded 116.42% year-to-date gain, compared to a negative performance of 6.06% from its main competitor, Advanced Micro Devices (NASDAQ: AMD) over the same period. NVDA and AMD stock performance on a YTD basis. Source: Finbold However, the recent stock market sell-off, especially among tech stocks, showcased that the scenery can rapidly change and completely shift the narrative, prompting a question: Which of these two AI stocks is the better pick for the end of 2024? Despite a recent slump, Nvidia still offers an attractive valuation Piper Sandler analyst Harsh Kumar recently provided his view on the recent developments surrounding Nvidia on August 7 and called NVDA stock a “tremendous opportunity.” Notably, on August 3, reports surfaced that Nvidia might be delaying the launch of its newest Blackwell chip lineup for an unspecified period, a claim that the semiconductor maker has refuted since. Nevertheless, the Piper Sandler analyst thinks that the impact will be severely limited to the upcoming quarters and that demand will still outpace supply and that the recent and upcoming pullbacks in NVDA stock represent favorable entry points for investors. Kumar states, “Fundamentally, Nvidia remains the strongest player in the AI accelerator space with an estimated share of 80% of the merchant market by 2028. We also believe that strong tailwinds from the Blackwell architecture coming in October will continue to drive revenues well into 2025 as demand exceeds supply.” On the other hand, AMD stock could profit as well According to Kumar, any delay within Nvidia production lines presents a potential opportunity for its main competitor, AMD, to seize a chunk of market share. However, AMD’s benefits don’t stop with Nvidia’s troubles; the recent Intel (NASDAQ: INTC) quarterly report…

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Filed under: News - @ August 7, 2024 5:26 pm