1 Wall Street Analyst Thinks Nvidia Stock Will Plunge 28%. Is He Right? [Yahoo! Finance]
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Source: Yahoo! Finance
However, not everyone on Wall Street remains enthusiastic about Nvidia. One analyst thinks shares of the GPU maker will plunge close to 28% over the next 12 months. A prediction of trouble ahead D.A. Davidson's Gil Luria set a price target of $620 for Nvidia. That reflects expectations of a steep decline from the current share price of around $864. Why is Luria so bearish about the chip stock? He predicts potential trouble ahead due to a shift in spending by big technology companies. In particular, Luria thinks major Nvidia customers including Google parent Alphabet Amazon Meta Platforms , and Microsoft will eventually have all the GPU capacity they need. He told BNN Bloomberg recently that these tech giants won't continue buying chips for generative AI indefinitely at the rate they've been buying. All of these companies have developed their own AI chips. For example, Google announced its new Arm-based Axion chip in April. Meta rolled out the next generation of its custom-mad
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