One of the best-performing large-cap stocks of last year, Nvidia (NVDA) stock is starting off 2024 on the right foot. Today, NVDA stock made yet another all-time high, hitting an intraday high of more than $540 per share. At its current market capitalization of over $1.33 trillion, Nvidia is by far the largest semiconductor stock in the world — and one to which investors are paying close attention.
Today’s move is notable in particular because it’s a reflection that momentum remains strong for this chipmaker. Indeed, yesterday’s fresh all-time high has already been eclipsed with yet another high. This is the sort of price action that makes investors and traders giddy.
Let’s dive into what continues to drive the strong performance with Nvidia and whether these catalysts can hold for the rest of the year.
Why the Party Continues for Investors in NVDA Stock
Nvidia is certainly among a select list of companies with the most catalysts to focus on this year, at least in terms of growth. In addition to various macro tailwinds bolstering many long-duration tech companies (most notably expectations of interest rate cuts and more robust growth this year), Nvidia’s core artificial intelligence-related chips remain in the spotlight for most investors.
At the 2024 Consumer Electronics Show (CES) in Las Vegas, Nvidia announced a number of new graphics processing units (GPUs), among other things. More specifically, Nvidia announced its GeForce RTX 40 Super Series GPUs. The company also announced AI software and tools aimed at both developers and users. These chips and tools accelerate the company’s road map toward becoming a premier hardware/software player in this space — something investors clearly like when penciling in future margins.
On top of this, I recently reported on Nvidia’s AI chip offerings aimed at the Chinese market. That catalyst is still in play, which investors should be watching closely.
Overall, Nvidia is a chip company that now appeals to AI-focused investors as well as those looking for software exposure. For fundamental investors seeking margin expansion and top- and bottom-line growth, there’s something to like from these announcements, too. It’s a little bit of everything for every investor type, meaning NVDA stock could have more room to run from here if the buying pressure continues.
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
