Nvidia Stock Is Up 149% This Year. Here Are 2 Stocks That Could Outperform It the Rest of 2024.
Why has Nvidia's stock risen 149% in 2024?
Nvidia's stock has risen 149% in 2024 due to phenomenal success in the artificial intelligence (AI) race. The company's revenue has tripled year over year in recent quarters, driven by the high demand for AI chips2. Nvidia has benefited from tight supply of AI chips, which has boosted its financial performance and share price.
How has Super Micro Computer's stock performed in 2024?
Super Micro Computer's stock has performed exceptionally well in 2024, with a 188% increase year to date, outperforming Nvidia's 149% gain. This growth can be attributed to the company's exposure to the broader demand for AI chips and its close relationships with suppliers like Nvidia and Advanced Micro Devices.
What markets does Supermicro sell into?
Supermicro sells into several markets, including 5G connectivity, edge computing, and data center chips from Nvidia and Advanced Micro Devices. Its key growth drivers currently are the plug-and-play rack systems that feature these data center chips.