From Nasdaq, Inc.:



Nvidia (NASDAQ: NVDA) has been the star performer of the 2023 stock market, with its revenue and profits soaring, and its stock more than tripling in value. Alongside Apple, Microsoft, Amazon, and Alphabet, it is part of a group known as the “Magnificent Seven,” which have a combined market cap of $12 trillion. As the leader in generative artificial intelligence technology, Nvidia has capitalized on the AI boom more than any other company. Going into 2024, Nvidia faces increased competition but is still well-positioned for growth due to the high demand for AI chips and its established reputation for performance. The company’s plan to triple production of GPUs next year and its strong relationships with cloud infrastructure services and key customers are major factors in its continued success. While increased competition may lead to lower prices, Nvidia is likely to maintain its lead in AI hardware. Despite not being identified as one of the 10 best stocks to buy by The Motley Fool Stock Advisor analyst team, Nvidia’s prospects for growth in the coming year remain strong.



Original: This Is the Best-Performing “Magnificent Seven” Stock of 2023. Will That Change in 2024?