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Nvidia Stock Soared 82.5% in the 1st Quarter of 2024 - Here's What Drove the Leading AI Stock

Surging demand for artificial intelligence (AI) chips has fueled Nvidia stock's powerful performance.

Nvidia Stock Soared 82.5% in the 1st Quarter of 2024 - Here's What Drove the Leading AI Stock

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(The market&#39;s quarter ended on Thursday, as U.S. financial markets were closed on Friday for the Good Friday holiday.) That performance made the artificial intelligence (AI) chip leader the second-best performer on the <strong>S&amp;P 500</strong> index, behind only <strong>Super Micro Computer</strong>, a server specialist that&#39;s also benefiting from strong demand for AI products and services.</p><p>For context, in the first quarter, the S&amp;P 500 gained 10.2%, and notched an all-time closing high on Thursday, while the tech-heavy <strong>Nasdaq Composite</strong> index gained 9.1%.</p><h2 id=\"id_2394591121\">Nvidia stock&#39;s top catalyst: AI, particularly generative AI</h2><p>The main catalyst behind Nvidia stock&#39;s amazing performance so far in 2024 can be stated in two words: artificial intelligence. More specifically, it&#39;s generative AI, which has significantly expanded the potential applications of AI. This tech enables users to quickly generate new content of various types based on a variety of input categories, such as images and sounds.</p><p>Generative AI captivated the tech world in November 2022 when OpenAI broadly released ChatGPT. This chatbot&#39;s popularity skyrocketed, leading to a frenzy among companies and other entities to obtain generative AI capabilities.</p><h2 id=\"id_3911385056\">Nvidia&#39;s data center: Its primary platform beneficiary of robust demand for AI capabilities</h2><p>Nvidia&#39;s data center platform is its primary beneficiary of the strong demand among entities of all types to acquire generative AI capabilities. The data center is Nvidia&#39;s largest platform, accounting for 83% of its total revenue in its quarter ended Jan. 28. This business has been growing like gangbusters, as will be quantified below.</p><p>Nvidia&#39;s data center graphics processing units (GPUs) accelerate the processing of AI and high-performance computing workloads. The company&#39;s current flagship data center GPU is the H100, and its next Hopper architecture-based GPU, H200, is scheduled to begin shipping in the second quarter of this year. Its data center GPUs based on its next-generation architecture, Blackwell, promise a huge leap in performance and are expected to launch later this year.</p><h2 id=\"id_2802366336\">Nvidia stock entered 2024 with momentum</h2><p>In 2023, Nvidia stock rocketed 239%, earning it the No. 2 spot among the S&amp;P 500 index&#39;s top performers. (Super Micro Computer was the best performer with a 246% gain.) For context, the S&amp;P 500 and the Nasdaq Composite returned 26.3% and 44.6%, respectively, last year.</p><p>Nvidia stock&#39;s momentum at the end of 2023 and through late February 2024 was driven by the company&#39;s release of blockbuster quarterly results on Nov. 23, 2023. In its third quarter of fiscal year 2024 (ended Oct. 29, 2023), Nvidia&#39;s revenue and adjusted earnings per share (EPS) surged 206% and 593%, respectively, year over year. Growth was powered by the data center platform&#39;s revenue soaring 279% from the year-ago period.</p><p>In 2024 through Feb. 21 (when the company released its next round of quarterly results), Nvidia stock gained 36.2%.</p><h2 id=\"id_3621112115\">Nvidia stock got a boost from the Feb. 21 quarterly earnings release</h2><p>On Feb. 21, Nvidia released its report for its fourth quarter of fiscal year 2024 (ended Jan. 28). It was another blockbuster report, fueled by the data center platform&#39;s phenomenal AI-driven growth.</p><p>For the quarter ended Jan. 28, Nvidia&#39;s revenue and adjusted EPS rocketed 265% and 486%, respectively, year over year. Both results easily beat Wall Street&#39;s estimates. Growth was driven by the data center platform&#39;s 409% revenue surge. The gaming and professional visualization platforms also performed well, with their year-over-year revenue jumping 56% and 105%, respectively.</p><p>Investors propelled shares up 16.4% on the day following the earnings release, and the stock continued to move upward through the end of the first quarter of 2024.</p><h2 id=\"id_2455869380\">Nvidia is poised for further phenomenal growth</h2><p>Nvidia is poised to turn in another fantastic quarterly report. For the period ending in late April, management guided for revenue to grow 234% and adjusted EPS to increase 396% year over year.</p><p>The AI revolution is in the early stages, so Nvidia has a potentially very long runway for growth. It&#39;s not too late to consider buying Nvidia stock.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia Stock Soared 82.5% in the 1st Quarter of 2024 - Here's What Drove the Leading AI Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia Stock Soared 82.5% in the 1st Quarter of 2024 - Here's What Drove the Leading AI Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-31 19:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/03/30/nvda-stock-gain-first-quarter-2024-ai-stocks/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nvidia is the dominant supplier of artificial intelligence (AI) chips.Its business is growing rapidly due to robust demand for its data center graphics processing unit (GPU) chips and related products...</p>\n\n<a href=\"https://www.fool.com/investing/2024/03/30/nvda-stock-gain-first-quarter-2024-ai-stocks/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4532":"文艺复兴科技持仓",".SPX":"S&P 500 Index","BK4554":"元宇宙及AR概念","LU0072462426.USD":"贝莱德全球配置 A2","SPXU":"三倍做空标普500ETF","LU0082616367.USD":"摩根大通美国科技A（dist）","OEX":"标普100","IVV":"标普500指数ETF","LU0080751232.USD":"富达环球多元动力基金A","OEF":"标普100指数ETF-iShares","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4534":"瑞士信贷持仓","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0234572021.USD":"高盛美国核心股票组合Acc","UPRO":"三倍做多标普500ETF","SPY":"标普500ETF","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","BK4543":"AI","NVDA":"英伟达","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","SSO":"两倍做多标普500ETF","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4549":"软银资本持仓","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4548":"巴美列捷福持仓","SDS":"两倍做空标普500ETF","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","SH":"标普500反向ETF","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0238689110.USD":"贝莱德环球动力股票基金","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc"},"source_url":"https://www.fool.com/investing/2024/03/30/nvda-stock-gain-first-quarter-2024-ai-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2423610234","content_text":"Nvidia is the dominant supplier of artificial intelligence (AI) chips.Its business is growing rapidly due to robust demand for its data center graphics processing unit (GPU) chips and related products and services.Nvidia stock had momentum entering 2024, which was further fueled by the company's Feb. 21 release of blockbuster quarterly results.Nvidia stock soared 82.5% in the first quarter of 2024. (The market's quarter ended on Thursday, as U.S. financial markets were closed on Friday for the Good Friday holiday.) That performance made the artificial intelligence (AI) chip leader the second-best performer on the S&P 500 index, behind only Super Micro Computer, a server specialist that's also benefiting from strong demand for AI products and services.For context, in the first quarter, the S&P 500 gained 10.2%, and notched an all-time closing high on Thursday, while the tech-heavy Nasdaq Composite index gained 9.1%.Nvidia stock's top catalyst: AI, particularly generative AIThe main catalyst behind Nvidia stock's amazing performance so far in 2024 can be stated in two words: artificial intelligence. More specifically, it's generative AI, which has significantly expanded the potential applications of AI. This tech enables users to quickly generate new content of various types based on a variety of input categories, such as images and sounds.Generative AI captivated the tech world in November 2022 when OpenAI broadly released ChatGPT. This chatbot's popularity skyrocketed, leading to a frenzy among companies and other entities to obtain generative AI capabilities.Nvidia's data center: Its primary platform beneficiary of robust demand for AI capabilitiesNvidia's data center platform is its primary beneficiary of the strong demand among entities of all types to acquire generative AI capabilities. The data center is Nvidia's largest platform, accounting for 83% of its total revenue in its quarter ended Jan. 28. This business has been growing like gangbusters, as will be quantified below.Nvidia's data center graphics processing units (GPUs) accelerate the processing of AI and high-performance computing workloads. The company's current flagship data center GPU is the H100, and its next Hopper architecture-based GPU, H200, is scheduled to begin shipping in the second quarter of this year. Its data center GPUs based on its next-generation architecture, Blackwell, promise a huge leap in performance and are expected to launch later this year.Nvidia stock entered 2024 with momentumIn 2023, Nvidia stock rocketed 239%, earning it the No. 2 spot among the S&P 500 index's top performers. (Super Micro Computer was the best performer with a 246% gain.) For context, the S&P 500 and the Nasdaq Composite returned 26.3% and 44.6%, respectively, last year.Nvidia stock's momentum at the end of 2023 and through late February 2024 was driven by the company's release of blockbuster quarterly results on Nov. 23, 2023. In its third quarter of fiscal year 2024 (ended Oct. 29, 2023), Nvidia's revenue and adjusted earnings per share (EPS) surged 206% and 593%, respectively, year over year. Growth was powered by the data center platform's revenue soaring 279% from the year-ago period.In 2024 through Feb. 21 (when the company released its next round of quarterly results), Nvidia stock gained 36.2%.Nvidia stock got a boost from the Feb. 21 quarterly earnings releaseOn Feb. 21, Nvidia released its report for its fourth quarter of fiscal year 2024 (ended Jan. 28). It was another blockbuster report, fueled by the data center platform's phenomenal AI-driven growth.For the quarter ended Jan. 28, Nvidia's revenue and adjusted EPS rocketed 265% and 486%, respectively, year over year. Both results easily beat Wall Street's estimates. Growth was driven by the data center platform's 409% revenue surge. The gaming and professional visualization platforms also performed well, with their year-over-year revenue jumping 56% and 105%, respectively.Investors propelled shares up 16.4% on the day following the earnings release, and the stock continued to move upward through the end of the first quarter of 2024.Nvidia is poised for further phenomenal growthNvidia is poised to turn in another fantastic quarterly report. For the period ending in late April, management guided for revenue to grow 234% and adjusted EPS to increase 396% year over year.The AI revolution is in the early stages, so Nvidia has a potentially very long runway for growth. It's not too late to consider buying Nvidia stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":109,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}