From Nasdaq: 2024-04-10 07:51:00

The S&P 500 had a strong start in 2024, marking its best first-quarter performance since 2019. Market optimism was driven by rate-cut hopes and AI expectations. However, seven major tech stocks saw significant divergences in returns. Amazon, Google, Microsoft, Meta, and NVIDIA performed well, while Apple and Tesla faced double-digit declines.

NVIDIA’s stock soared 82.5% in the first quarter of 2024, driven by high demand for AI models and their chips. The company’s data center business flourished, overcoming government restrictions on chip transfers to China. Positive earnings results and an optimistic outlook for the AI market propelled NVIDIA’s stock even higher.

Tesla faced challenges in 2024, experiencing safety concerns, recalls, and slow growth. Musk’s leadership and vague outlook, along with competition from Chinese electric vehicle makers, weighed on the stock. Financial institutions downgraded Tesla due to concerns over a decline in demand for electric vehicles.

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Read more at Nasdaq: NVIDIA Tops, Tesla Flops Among Magnificent 7 in Q1: Here’s Why