Nvidia (NVDA), the artificial intelligence (AI) giant, covered impressive ground in 2023 with a 237% rise in stock prices to land itself among the Magnificent 7. Stocks have to rise from between 50% and 240% in one year to make this list. The other members of the elite stock club include Amazon (AMZN.O), Apple (AAPL.O), Microsoft (MSFT.O), Meta Platforms (META.O), Tesla (TSLA.O), and Alphabet (GOOGL.O). Nvidia was the highest-performing stock on this list.
Nvidia leads the Magnificent 7 stocks into 2024
Nvidia’s AI chips contributed to the company’s revenue growth, which sits at 85% higher than the same period year-over-year, most significantly in Q3 of 2023. Although the company’s net income is 13 times higher than in December 2022, it made the most instrumental gains in Q1, 2 and 3 of this year, and experienced a minor slowdown in Q4.
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Bitcoin has aided the sale of Nvidia’s chips due to the technology’s ability to mine lengthy and robust tasks. According to Jensen Huang, Nvidia’s CEO, the business is charging with its “engines in full throttle” into 2024. The company is currently developing its new model of the highly demanded, and highly priced H100 chip, the H200 chip. According to reports, the redesigned chip will come with a lower price tag and, after production, aim to replace its predecessor in many major cloud servicing platforms.
Despite Nvidia’s vast growth this year, Intel (INTC) is in the midst of developing its Gaudi3 version, and the MI300X chip has recently been introduced by Advanced Micro Devices (AMD). Both chips are faster and cheaper than the H100. Perhaps Nvidia’s growth in 2024 will rely on the H200 just as 2023 relied on H100.
