2024-06-27 04:12:00 ET
Nvidia (NASDAQ: NVDA) dominates the market for data center graphics processing units (GPUs), chips used to speed up demanding workloads like artificial intelligence (AI) applications. The Wall Street Journal recently reported that "Nvidia's chips underpin all of the most advanced AI systems, giving the company a market share estimated at more than 80%."
The company has been gaining steam since the launch of ChatGPT in November 2022. That event thrust generative AI into the spotlight and inspired unprecedented demand for AI hardware. Nvidia shares have surged 150% this year alone, accounting for nearly one-third of the gains in the S&P 500 .
Somewhat surprisingly, history says Nvidia shareholders could make more money in the second half of 2024, even after triple-digit gains in the first half of the year. Read on to learn more.
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Nvidia Stock Is Up 150% in 2024. History Says the AI Stock Will Do This in the Second Half of the Year (Hint: It May Shock You).