Why Nvidia Shares Marched Higher Again This Week
Semiconductor pioneer Nvidia (NASDAQ: NVDA) has been on a tear this year with shares up more than 130% year to date. The company has put itself in the sweet spot as a key supplier for several tech trends, including the artificial intelligence (AI) movement, gaming, automotive needs, and data centers. The stock's momentum continued this week, with shares up more than 20% as of late-morning Friday, according to data provided by S&P Global Market Intelligence.
This week's jump in Nvidia shares comes against the backdrop of the global semiconductor shortage, as well as expanding uses in AI and its other markets. When Mark Zuckerberg recently introduced Meta Platforms as Facebook's new parent company name, he stirred up much discussion on what the future metaverse could look like. Nvidia CEO Jensen Huang presents the keynote address at the company's virtual GPU Technology Conference (GTC) next week, and he is expected to expand on the company's new strategy to create metaverse applications, which had at least one analyst boost his view on Nvidia shares this week.
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Source Fool.com
