3 ASX Listed Companies That Could be the Next NVIDIA
By Dale Gillham and Fil Tortevski | Published 09 September 2024
NVIDIA’s remarkable rise in the US stock market has been nothing short of extraordinary. Originally known for its dominance in gaming graphics, the company has evolved into a major force in artificial intelligence and data processing. From AI-powered research to autonomous vehicles, NVIDIA's graphics processing units (GPUs) have become the foundation of AI and machine learning, cementing its place at the heart of the tech world. This transformation has catapulted the company’s market valuation, making it one of the most valuable players globally.
However, after more than tripling in value over six months before reaching its peak in June, NVIDIA's share price has started to cool off, dropping over 20 per cent. For some Australian investors who feel they may have missed out, the question is: could there be an Australian equivalent ready for a similar meteoric rise?
Australia’s technology sector is brimming with potential
While the ASX might not have a company of NVIDIA’s size, Australia’s technology sector is brimming with potential, particularly when it comes to AI, software, and high-performance computing. Here are three ASX Listed companies that we believe could be the next big thing in tech.
Weebit Nano (WBT)
WBT has positioned itself as a significant player in the tech world with its next-generation semiconductor memory technology. As demand for AI and data-intensive applications grows, Weebit Nano’s innovative technology could see it rise to prominence, much like NVIDIA’s GPUs have done in graphics and AI processing.
While Weebit's share price has experienced a significant decline since peaking in March 2023, it has fallen over 70 per cent to now be trading around the $2.00 mark. The good news is that this is a strong support level that has historically served as a launching point for previous rallies. If price can stabilise and attract buying interest at this level, there’s potential for a rebound towards the $4.50
Weebit - 2024 and beyond, page-1824
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