Bull market celebrates 2nd anniversary driven by AI surge, lifting NVIDIA and PLTR stocks

From Nasdaq: 2024-10-16 15:05:00

Wall Street celebrates the bull market’s second anniversary, with the S&P 500 hitting record highs after soaring more than 60%. The AI revolution is driving the S&P 500 higher, with NVIDIA and Palantir leading the charge. NVIDIA benefits from high demand for Blackwell chips, while Palantir sees growth in government and commercial contracts.

Interest rate cuts by the Federal Reserve boost tech stocks like NVIDIA and Palantir, reducing borrowing costs and improving profit margins. Analysts project significant upside for both stocks, with NVIDIA’s short-term price target at $200 and Palantir’s at $50.

With an expanding customer base and strong earnings growth, NVIDIA remains a top chip stock for AI, machine learning, and IoT applications. As global semiconductor manufacturing is set to reach $803 billion by 2028, the future looks promising for NVIDIA’s growth trajectory.



Read more at Nasdaq: Bull Market Completes 2 Years on AI Surge; NVIDIA & PLTR Stocks Shine