NVDA - Is This Semiconductor Stock a Better Artificial Intelligence (AI) Buy Than Nvidia Right Now?
2024-07-05 17:00:00 ET
Nvidia (NASDAQ: NVDA) has played a pioneering role in the proliferation of artificial intelligence (AI) technology with the help of its graphics processing units (GPUs), which are being deployed in data centers to train large language models (LLMs) such as ChatGPT, leading to tremendous growth in the company's revenue and earnings.
As a result, shares of Nvidia have set the market on fire in the past year, nearly tripling in value. This explains why Nvidia stock is now trading at an expensive 72 times trailing earnings. However, there is another company that is witnessing a terrific jump in revenue and earnings thanks to the growing adoption of AI, and it is much cheaper than Nvidia.
Micron Technology (NASDAQ: MU) released its fiscal 2024 third-quarter results (for the three months ended May 30) on June 26, and the company reported a big jump in revenue and earnings. Let's see how AI is supercharging Micron's growth and check if it is a better AI stock to buy right now over Nvidia.
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Is This Semiconductor Stock a Better Artificial Intelligence (AI) Buy Than Nvidia Right Now?