(Part-2) AI's "Magnificent Seven" ruled the stock market in 2023. Wall Street predicts 20% growth this year.

Case in point: Nvidia Ace, an artificial intelligence game creation tool, has already attracted industry heavyweights like Ubisoft and Tencent, and the business has unveiled a new line of GeForce RTX 40 Super GPUs, which will boost performance in both gaming and generative AI.

A new generative AI service, powered by Nvidia Picasso, an AI foundry focused on visual design, is being launched by Getty Images, one of the world's biggest libraries of stock photographs. Thanks to Nvidia's innovation, anybody may use an AI model trained on the photo library of Getty Images to generate 4K images from text.

Lastly, the chipmaker said that Amgen, a biotech business, is training state-of-the-art models to aid in the acceleration of drug discovery and development using Nvidia's DGX SuperPOD.

Since the introduction of generative AI affects practically every sector of the economy, Nvidia's processors will find plenty of use. Personalized purchasing recommendations and the prevention of organized theft are two retail applications of Nvidia's technology.

At the same time, Nvidia is launching a counterattack against Intel, the firm widely anticipated to pose a threat to Nvidia in the artificial intelligence PC market, with three new processors.

Might I invest in Nvidia? Based on Oracle and OpenAI's remarks regarding a significant scarcity of AI components (from Nvidia) and Nvidia's sequence of CES announcements, the generative AI boom is just beginning.

At its current price-to-earnings ratio—which is in line with the market as a whole—and projected earnings for the next year, the company appears to be an easy purchase.

Nvidia stock may still have plenty of space to rise if generative AI is indeed here to stay, as almost every tech CEO thinks it is. At this time, would you be wise to put $1,000 into Nvidia? Think about this before you invest in Nvidia stock:

Nvidia wasn't named one of the top ten stocks investors should buy right now by the Motley Fool Stock Advisor team of analysts. In the years to come, the ten equities that were selected have the potential to generate enormous profits.

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