The Best Stocks to Invest $50,000 in 2024
What was Nvidia known for before the AI boom?
Before the AI boom, Nvidia was primarily known for its graphics processing units (GPUs) used in the gaming industry. The company's products were coveted by gamers for their high performance in rendering graphics, and Nvidia was one of the first to sell GPUs for the consumer market.
How has Nvidia's business changed in the past year?
In the past year, Nvidia's business has experienced a significant transformation due to the increasing demand for artificial intelligence (AI) technology. The company's chips have become the gold standard in the AI industry, and its stock has risen by 196% year-over-year, driven primarily by excitement over AI. Additionally, Nvidia has positions in multiple markets outside of AI, such as gaming, data centers, game consoles, consumer products, and self-driving cars, which could further boost its business for years to come.
How much has the S&P 500 risen year to date?
The S&P 500 has risen by 15% year to date, outperforming last year's growth of 13% over the same period (January to June) in 2023. This increase has been driven by advances in various sectors, particularly tech stocks, due to progress in fields like artificial intelligence (AI).