NVDA - How Nvidia Stock Soared 150% in the First Half of 2024 -- and Why the Next Leg Up Could Come in August
2024-07-10 08:15:00 ET
Nvidia (NASDAQ: NVDA) stock skyrocketed 150% in the first half of 2024. (Shares are up 165% through July 9.) That performance clinched the artificial intelligence (AI) chip leader the silver medal for best performers on the S&P 500 index. The gold medal went to Super Micro Computer , a server specialist that's also benefiting from surging adoption of AI.
For context, in the year's first half, the S&P 500 returned 15.3% and the tech-heavy Nasdaq Composite index returned 18.6%.
Before we dig in, it's helpful to know how Nvidia's revenue breaks down by market platform. Below is the revenue percentage breakdown for its most recent quarter (ended in late April). The company does not break out its earnings by platform, but it's safe to assume that its data center is its most profitable one.
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How Nvidia Stock Soared 150% in the First Half of 2024 -- and Why the Next Leg Up Could Come in August