NVIDIA's stock price surges 147% YTD, company is now third with $3 trillion market cap

From Nasdaq: 2024-07-05 06:10:00

Zacks.com analyzes top stocks and ETFs like NVIDIA Corporation, Technology Select Sector SPDR Fund, Microsoft Corp., and Apple Inc. NVIDIA’s stock price has surged 147% YTD, outperforming its industry. NVIDIA is now the third U.S. company with a market cap over $3 trillion alongside Microsoft and Apple. The company’s growth in AI and data centers is driving its success.

NVIDIA’s stock performance has been impressive, with a 146.6% increase YTD. The company anticipates benefits from investments in generative AI, driving stock appreciation. As the generative AI market is expected to reach $967.6 billion by 2032, there is room for NVIDIA’s stock to further appreciate. The company is a strong investment opportunity for long-term growth.

NVIDIA’s expertise in generative AI applications is driving demand for its high-computing power chips. The company’s robust financials project strong revenue growth in fiscal 2025. NVIDIA’s stock is trading well and boasts a Zacks Rank #1 and a Growth Score of A, making it an attractive investment option for savvy investors.

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Read more at Nasdaq: The Zacks Analyst Blog Highlights NVIDIA XLK, Microsoft and Apple