Sales have taken hits due to changes in crypto mining, U.S. legislation, and broad shifts in consumer spending.
Semiconductor giant Nvidia (NASDAQ: NVDA) may be having a tough time on the stock market this year, but that hasn't deterred Wall Street analysts from being upbeat about the chipmaker's prospects. This was evident from Mizuho analyst Vijay Rakesh's latest action on Nvidia stock. Although Rakesh lowered his price target to $205 from the earlier level of $225, he maintained his buy rating on Nvidia.
Once just a gaming chip company, it has successfully repurposed its technology to the latest technological advancements, including artificial intelligence and the metaverse. Investors will struggle to replicate such huge returns, but semiconductor stock investors who missed out could perhaps see similar outsized gains by buying stock in one of Nvidia's main rivals, Advanced Micro Devices (NASDAQ: AMD). Admittedly, AMD may seem like a strange choice here since it has slightly exceeded Nvidia's returns since the beginning of 2015, rising by 2,700%.