"Nvidia's Stock: A Bargain Investment for Millionaire Potential in 2024"

Bernstein analyst Stacy Rasgon suggests that Nvidia's stock, which has surged 231% this year, may actually be a bargain and a "AI budget buy." Despite the impressive stock performance, Rasgon believes that the returns have been disappointing and that the stock is undervalued. Nvidia's forward estimates have quadrupled this year as generative AI has boomed, while multiples have compressed. Rasgon sees appeal in Nvidia's valuation, with the stock trading at a mid-teens forward price-to-earnings multiple, its lowest since the cryptocurrency implosion in 2019. He acknowledges concerns about sustainability but remains bullish on Nvidia's long-term opportunity.