The technology sector continues to drive innovation, with advances in AI and ML revolutionizing workflows, enhancing productivity, and creating new revenue opportunities. As a result, the tech sector has consistently outperformed other sectors, with the S&P 500 Information Technology Sector Index rising by approximately 37% in 2024.
NVIDIA Corporation (NASDAQ:NVDA) is one of the top performers in this sector. The company’s substantial growth potential and strong demand for its chips have led to a significant rise in its stock price, outperforming the broader S&P 500 Index by 109%. Despite recent volatility triggered by news related to Deepseek, NVIDIA remains a consensus Buy among analysts, with an expected upside of around 36%.
NVIDIA’s unique position in the accelerated computing space has driven strong demand for its chips. The company’s commanding over 80% market share in GPUs and growing adoption of AI and machine learning technologies have fueled its success. With a potential upside of 36%, NVDA ranks 1st on our list of unstoppable tech stocks to buy right now.
However, the article suggests that while NVIDIA is an attractive option, AI stocks hold greater promise for delivering higher returns within a shorter time frame. If you’re looking for an AI stock with more promise but trading at less than 5 times its earnings, check out our report on the cheapest AI stock.
Source: https://finance.yahoo.com/news/nvidia-corporation-nvda-unstoppable-tech-174054331.html