Why Nvidia Surged Even Higher This Week
It's been a bullish week for the tech-heavy Nasdaq Composite index. As of midday Friday, the index has leapt by almost 3% since last week's close. But the stock of tech giant Nvidia (NASDAQ: NVDA) has blown away those results. The advanced semiconductor chipmaker's shares have surged by 11.3%, according to data provided by S&P Global Market Intelligence.
That follows a banner year in 2023 that saw the stock more than triple. But much of those gains came in the first half of 2023 after the markets realized just how much revenue was growing from Nvidia's leading artificial intelligence (AI) chips.
But the move to start 2024 has the stock breaking out of a more than six-month trading range. This week's gains come after the company made a splash at both the J.P. Morgan Healthcare Conference and the CES (formerly known as the Consumer Electronics Show) in Las Vegas.
Source Fool.com
