NVIDIA (NVDA) shares are trading nearly 25% off June highs -- and we think this is a gift to long-term investors.

Worldwide AI chip revenue is expected to grow 26% to $67.1 billion in 2024 and is projected to double to nearly $120 billion by 2027. And to be honest, these figures may be understated.

Let's break down the Bullish case for Nvidia from here:

Big Tech Can't Get Enough of Nvidia

Approximately 40% of NVIDIA’s GPU sales last year came from four major tech companies: Microsoft (15%), Meta (13%), Amazon (6%), and Google (6%).

These companies are significantly ramping up their investments in AI infrastructure. For instance, Meta CEO Mark Zuckerberg has committed to owning 350,000 Nvidia H100 processors by the end of the year, signaling a massive increase in AI capabilities.

Capital expenditures for major tech players have been growing and are expected to accelerate in the latter half of 2024 and into 2025.

Here are 2 other reasons NVDA could run higher...

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