ASML - Forget Nvidia: This Stock Is Poised for a Potential Bull Run in 2024
2024-02-23 05:30:00 ET
Shares of Nvidia remained a hot commodity on the stock market in 2024 with solid gains of 58% already, which is not surprising as the chipmaker is already projected to deliver another outstanding year of revenue and earnings growth because of the booming demand for graphics cards used in artificial intelligence (AI) servers.
However, there is another semiconductor bellwether whose shares have gained solid momentum on the market. ASML Holding (NASDAQ: ASML) stock is already up 25% in 2024, and management's comments in the company's latest annual report indicate that it could keep heading higher as the year progresses.
Let's look at the reasons why ASML stock's bull run is set to continue in 2024. We will also check why it could turn out to be a solid bet for investors looking to buy a semiconductor stock right now but may not be comfortable with Nvidia's rich valuation.
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Forget Nvidia: This Stock Is Poised for a Potential Bull Run in 2024