From Nasdaq: 2024-03-30 12:00:00

Nvidia stock surged 82.5% in the first quarter of 2024, ranking as the second-best performer on the S&P 500. The company’s performance was driven by the demand for artificial intelligence (AI) products and services, with its data center platform leading the way with a 83% share of total revenue.

Generative AI capabilities have significantly expanded Nvidia’s AI application potential, leading to its momentum in 2024. The company’s data center GPUs, like the H100 and upcoming H200, are proving crucial in accelerating AI and high-performance computing workloads, with a promising performance leap expected this year.

Nvidia’s momentum through late February 2024 was supported by strong quarterly results and the release of its impressive fourth-quarter earnings. The company saw revenue and adjusted EPS skyrocket year-over-year, driven by the phenomenal growth of its data center platform and demand for AI-driven technologies.

Nvidia is on track for further growth, with revenue projected to grow by 234% and adjusted EPS by 396% year over year. As the AI revolution continues to evolve, Nvidia offers significant potential for growth with a long runway ahead. Investors may consider the stock as a strong investment opportunity.



Read more at Nasdaq: Nvidia Stock Soared 82.5% in the 1st Quarter of 2024 — Here’s What Drove the Leading AI Stock