Chipmaker Frenzy

Chipmaker Frenzy

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  • Nvidia Corp.'s rally in 2024 continues to break records, with the stock experiencing its 10th consecutive week of gains, marking the longest winning streak in its history. Amidst this historic run, the Philadelphia Stock Exchange Semiconductor Index witnessed its most significant weekly decline since January, dropping by 4%.
  • During the 10-week rally, Nvidia's stock surged by approximately 80%, reflecting the fervent investor demand for chips utilized in artificial intelligence applications. As a result, Nvidia remains the top performer among Nasdaq 100 Index components for the year, echoing its success in 2023. This impressive rally has propelled Nvidia's market capitalization to around $2.2 trillion, positioning it as the third-largest publicly traded stock, trailing only Microsoft Corp and Apple Inc.

Why it matters

The upcoming highlight for Nvidia will be CEO Jensen Huang's speech at the company's annual GTC conference on Monday. This event is anticipated to be a crucial moment for investors, offering insights into Nvidia's strategic direction and potential developments in the rapidly evolving semiconductor industry.


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