Why Nvidia Continued Its Run Higher This Week
Nvidia (NASDAQ: NVDA) shares have soared by more than 60% so far in 2023, and a meaningful portion of those gains came this week. Shares of the semiconductor giant were holding on to a weekly gain of about 9% in early trading Friday, according to data provided by S&P Global Market Intelligence. That move comes despite the Nasdaq Composite index moving in the opposite direction and having dropped over 3% since last Friday's close.
Nvidia's recent move higher came as investors began to value the company's potential in a growing artificial intelligence (AI) sector. That recognition was sparked by the buzz surrounding the ChatGPT AI-powered chatbot system released late last year. Revenue from Nvidia's AI segment did get a boost in the fourth quarter, but still represented less than 5% of total sales. Company executives spent significant time discussing the growing potential for the product in the company's conference call for investors.
Source Fool.com
