Could Nvidia Stock Help You Become a Millionaire?
What drove Nvidia's stock to reach record highs last year?
Nvidia's stock reached record highs last year due to its dominant position in the AI chip market, with a majority market share in AI graphics processing units (GPUs). The company's strong financial performance, with quarterly revenue and operating income growing significantly, also contributed to the stock's rise. Additionally, Nvidia's long history of success in the chip market and its new product launches have further boosted sales and earnings, retaining its lead in the retail chip market.
How much did Nvidia's stock increase since the start of 2023?
Nvidia's stock has skyrocketed 174% since the start of 2023, driven by its dominance in the artificial intelligence (AI) market and the increasing demand for AI graphics processing units (GPUs). The company's strong financial performance and new product launches are expected to further boost sales and earnings, retaining its lead in the retail chip market.