Investment manager James Demmert recommends including Nvidia in a “core” portfolio, predicting growth “over several years.”
Investors are rooting for Nvidia’s AI boom, which is helping drive U.S. stocks to new highs.
On Friday, the S&P 500 and Dow Jones Industrial Average hit new record highs, and the Nasdaq Composite is just shy of its all-time high.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| SP500 | S&P500 | 5090.5 | +3.47 | +0.07% |
| Me: DJI | Dow Jones Average | 39109.68 | +40.57 | +0.10% |
| I: Comp | Nasdaq Composite Index | 16012.632489 | -28.99 | -0.18% |
The tech-heavy Nasdaq is aiming for its highest close since November 2021 and would need to close at 16,057.44 to reach that level.
Nvidia surprised investors this week with a 265% year-over-year increase in revenue. Dubbed the “MVP” of AI, the chipmaker has cemented its leadership in this space.
“Last year, we saw generative AI become a whole new application space, a whole new way of computing, and a whole new industry forming that is driving our growth,” said Nvidia CEO. Jensen Huang said about the company’s earnings. phone. “It’s a great situation for continued growth in 2024-25 and beyond,” he said.
What is artificial intelligence (AI)?
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 797.77 | +12.39 | +1.58% |
The company’s market value rose to $2 trillion for the first time on Friday, and it must close above $801.92 per share to retain that title. The stock has risen more than 65% since the beginning of the year, setting a new record. The Nasdaq rose just 7% over the same period.
Tim Armstrong, former CEO of AOL and current head of Flowcode, said Nvidia is well-positioned for further growth.
“The company is one of the most unique companies in the world, and the fact that they were in the video game business essentially meant that they needed to use AI to bring video games to the world’s most demanding consumers: gamers. I mean there was… it’s everyone’s job,” he said during an appearance on “Kabuto: Coast to Coast.”
NVIDIA’s explosive quarter
According to , Hwang’s net worth has soared by more than $9 billion this week alone, to more than $69 billion. Bloomberg Billionaire Index.
Nvidia CEO Jensen Huang speaks at the Taipei Computex expo in Taipei, Taiwan on May 29, 2023. (Photographer: I-Hwa Cheng/Bloomberg via Getty Images / Getty Images)
Wedbush analyst Dan Ives called Huang the “godfather” of AI. The company has several events scheduled that could trigger a rise in its stock price. It will be announced at a Morgan Stanley technology conference on March 4, followed by another presentation hosted by TD Cowen the following day.
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