2024-07-08 17:04:45 ET
Nvidia (NASDAQ: NVDA) stock continued to advance in last month's trading. The artificial intelligence (AI) leader's share price closed out June's trading up 12.7%, according to data from S&P Global Market Intelligence . It's now up roughly 159% year to date.
Nvidia stock has been on an incredible rally thanks to strong earnings results and excitement about untapped AI opportunities on Wall Street. The stock continued to receive a valuation boost thanks to favorable analyst coverage in June. Shares also benefited from bullish momentum for the broader market in the period.
The S&P 500 index's level closed out June's trading up roughly 3.5%, and Nvidia's share price also climbed in conjunction with the bullish trend. Notably, there wasn't much in the way of dramatic, business-specific news for the company last month. But an array of analysts issued upward price-target revisions for the stock, and overall demand indicators in the AI space continued to look promising.
For further details see:
Why Nvidia Stock Climbed Last Month and Has Kept Its Rally in July