2024-04-02 03:35:00 ET
Nvidia (NASDAQ: NVDA) became a Wall Street darling last year when it cornered the market on artificial intelligence (AI) chips and earned its spot in the "Magnificent Seven," a phrase used to describe the seven most prominent tech companies. As a result, the company's stock is up 242% since last March, almost entirely based on excitement over its AI prospects.
With the industry projected to expand at a compound annual growth rate (CAGR) of 37% until at least 2030, it's no wonder investors have flocked to the market. However, plenty of companies are moving into AI and could have more room to run than Nvidia or might be trading at a better value than the chipmaker.
Consequently, it's a good idea to look for alternative ways to invest in the budding sector. Other companies in the Magnificent Seven are an excellent place to start, with many known for their reliability over the long term and heavy investment in AI.
For further details see:
Forget Nvidia: You'll Regret Not Buying These "Magnificent Seven" Stocks