If you invest $1,000 in Nvidia stock today, it could be worth over $1,500 by year-end

If you invested $1,000 in Nvidia Corp (NASDAQ: NVDA) – it could be worth over $1,500 by the end of 2024, says Hans Mosesmann. He’s a senior research analyst at Rosenblatt Securities.

Nvidia stock could gain another 55% from here

Mosesmann rates the chipmaker at “buy” and sees upside in its shares to $1,400 which suggests a whopping 55% upside from here.

The analyst expects $NVDA to offer “significant depth on product [as well as] software side” at the GPU Technology Conference that it’s scheduled to host in the coming days.

His bullish call arrives shortly after Jensen Huang – the chief executive of Nvidia said his company’s AI chips are “so good that even when competitor’s chips are free, it’s not cheap enough”.

Nvidia stock has gained close to 90% on the back of a central position it holds in the ongoing AI frenzy.

Nvidia will rapidly grow its software business

Hans Mosesmann expects the software side of Nvidia story to eventually be “more important than the hardware”.

In fact, he’s convinced that software will represent “about half the business” of $NVDA by 2030 as artificial intelligence is “not just a quick cycle [but] a mother of all cycles”, he added in a recent interview with CNBC.

Note that there have been rumours lately that that the upcoming Nvidia RTX 5090 GPU will have close to double the bandwidth compared to the RTX 4090.

In February, Nvidia Corp said its revenue more than tripled in its fiscal Q4 and signalled continued growth on the back of AI as Invezz reported here. Still, Nvidia shares are a bit down at writing versus their year-to-date high.