The stock market is on a tear, and no stock has been on a wilder ride than NVIDIA Corporation (NVDA). The chipmaker’s stock has skyrocketed in recent weeks, and it recently hit an all-time high.
NVIDIA’s stock has been on a huge upswing since early 2021. After hovering around the $500 level for much of the year, the stock began to take off in late February. Since then, the stock has surged more than 50%, hitting an all-time high of $765.05 on April 22.
So what is driving the incredible rise in NVIDIA’s stock? It’s the company’s continued success in the markets it operates in. It’s no secret that NVIDIA is a leader in the graphics processing unit (GPU) market. The company’s GPUs are popular among gamers and professional graphics designers alike, and they are also increasingly being used in data centers and cloud computing.
But NVIDIA’s success is not limited to GPUs. The company has also made strides in artificial intelligence (AI) and deep learning. NVIDIA’s AI offerings are already being used by companies such as Google, Microsoft, and Amazon to power their cloud computing services. These offerings are expected to become even more popular as the demand for cloud computing continues to grow.
In addition, NVIDIA is also taking full advantage of the recent surge in cryptocurrency prices. The company’s GPUs are an essential component of the cryptocurrency mining process, and demand for them has skyrocketed as a result.
All of these factors have combined to drive NVIDIA’s stock to all-time highs. As the company continues to expand its offerings and capitalize on new opportunities, analysts expect the stock to continue its upward trajectory. For investors looking for a hot stock to buy, NVIDIA looks like a solid bet.