Nvidia Shined in 2024: Triple-Digit Growth Leads to Massive Stock Rally
In 2024, Nvidia was among the top-performing stocks. In a year when the index itself gained an incredible 28.6%, it even outperformed the returns of the Nasdaq Composite index. Consistent triple-digit revenue rises that resulted in triple-digit net income gains excited the market, and its stock price skyrocketed. Nvidia’s stock price rose 171% in 2024 as a result.
Generative AI Expands Market Demand for Nvidia’s Cutting-Edge GPUs
The uses of generative AI have expanded recently. It is already being utilized to improve creativity and produce content. Companies utilize it to customize services and information to each client’s preferences, improving the customer experience. It can help with planning and simulations, increase cost-effectiveness, stimulate innovation, and improve the quality of current data. For a variety of reasons, investors themselves are utilizing generative AI.
Nvidia also will gain a lot from the expenditures made to develop the necessary infrastructure in this regard. Demand for its Blackwell architecture is already high, and the company plans to replace Blackwell with its new Rubin platform next year. In addition, CEO Jensen Huang unveiled a brand-new desktop supercomputer during the recent CES event in Las Vegas. Data scientists, academics, and even students can use the $3,000 unit. It demonstrates how Nvidia is expanding the market for its cutting-edge GPUs beyond hyperscale data centers.
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