TECH - 4 Solid Stocks to Gain From Nasdaq's New Milestone | Benzinga
The Nasdaq rally is in full swing after a brief pause in April as concerns over inflation and uncertainty over rate cuts grew. However, Nasdaq has been the least impacted by these and has continued its dream run after a solid 2023.
On May 24, the tech-heavy Nasdaq closed at an all-time high of 16,920.79. This was Nasdaq's 12th all-time high of 2024. In fact, Nasdaq has been driving the broader market rally since the past year.
Rally Driven by AI Optimism
The Nasdaq has gained 12.7% year to date after rallying 43.4% in 2023 to record its best year since 2023. The rally is primarily being driven by the optimism surrounding artificial intelligence, especially generative AI.
The AI revolution is being spearheaded by NVIDIA Corporation (NASDAQ: NVDA), the largest manufacturer of generative AI chipsets, which has led several big and small tech players to explore the space.
NVIDIA's robust first-quarter earnings have further fueled the expectations of investors surrounding AI and its potential. Several experts believe that AI is still in its nascent stage, and its full potential is yet to be realized.
This has seen other tech companies shift focus toward AI.
Additionally, the advancement of smart devices is driving ...