Artificial intelligence (AI) is transforming industries across the globe, revolutionizing the way businesses operate and improving efficiency. (NVDA:NSD) is at the forefront of this AI revolution, particularly in the dynamic markets of Saudi Arabia, the UAE and China. This article shows how NVDA stock forecast is changing with the rising AI wave in these Middle Eastern countries.
Saudi Arabia and NVDA Chips
Saudi Arabia has joined the global AI race and is making a strong mark as it has ordered thousands of Nvidia’s chips recently. King Abdullah University of Science and Technology (Kaust), the public research institution in Saudi, has bought more than 3,000 H100 chips from Nvidia. These chips are worth $120 Million and will be delivered to Kaust by the end of 2023.
The CEO Jensen Huang reports that H100 is a special high-performance chip designed for generative AI and is the only one of its kind in the world.
The UAE and NVDA Chips
The Masdar City in Abu Dhabi, UAE has recently launched a large language model (LLM) called Falcon. The Falcon model built by Technology Innovation Institute was trained on Nvidia’s 384 A100 chips. UAE has bought another 1000s of NVDA chips making sure it does not fall behind in the global AI race.
China and NVDA Chips
Apart from Saudi Arabia and the UAE, China has also made its mark in the AI world. The tech giants in China are strong on purchasing high-performance NVDA chips for their generative AI projects as well.
NVDA Stock Forecast
The current price of (NVDA:NSD) is USD 439.05 while the average analyst target is USD 377.09, showing a downside potential of 16.94%. Its year-to-date capital gain value in the related industry is 199.39%. Nvidia has a market CAP of USD 1009.12 Billion.
Nvidia’s AI chips are currently high in demand, domestically as well as internationally. Being highly volatile and having high market capitalization, the top analysts view the stock as slightly bearish and rate it as “Strong Buy.”
The Takeaway
NVDA chips are the driving force behind the AI wave that is reshaping Saudi Arabia and the UAE. As these countries embark on their AI journeys, the analyst’s consensus rating of Strong Buy on NVDA stock may grab the attention of some investors.
