In 2023, the Nasdaq Composite rallied, and it has continued this year. On March 1, the tech-heavy Nasdaq rose 1.1% to 16,274.94 points after closing at an all-time high of 16,091.92.
The index rose 8.4% this year following 43.4% in 2023, its strongest year since 2020. In early February, the S&P 500 and Dow reached record highs.
On February's penultimate day, Nasdaq caught up, boosting the index 6.1%. The Nasdaq's relentless surge after a disappointing 2022 when rising interest rates hurt tech companies. Nasdaq has recovered thanks to tech giants. The recent rally is fuelled by AI euphoria that has helped key tech firms and the market.
Passion for AI Drives Rally AI scientists are divided on generative AI's prospects, although enthusiasm for the space has grown over the past year. AI is still developing, and many believe the world has yet to see its potential. That will open up premium product manufacturing prospects for technology businesses.
Corporation NVIDIA Generative AI chipsets from NVDA are spearheading the AI revolution. The corporation reported strong fourth-quarter 2023 results and a positive outlook. NVIDIA's success has inspired other players, helping the market.
Other smart gadgets require processing and learning for face detection, picture recognition, and video analytics, which helps the space. These functions require high processing power, speed, memory, low power consumption, and enhanced visual processors and solutions, which benefit the semiconductor sector. Due to this, the semiconductor sector is recovering after a lean period in the first half of 2022.
To invest in Nasdaq stocks with excellent potential in 2024, consider NVIDIA Corporation, Netflix, Inc. NFLX, Meta Platforms, Inc. META, Microsoft Corporation MSFT, and Logitech International LOGI. These stocks are Zacks Rank #1 (Strong Buy) or 2 (Buy) and promise high returns. Complete list of today's Zacks #1 Rank stocks here.
NVIDIA Corporation invented the GPU and leads visual computing technology worldwide. NVDA has moved beyond PC graphics to AI-based solutions for high-performance computing, gaming, and virtual reality. NVIDIA expects 79.2% earnings increase this year. The Zacks Consensus Estimate for current-year earnings rose 17.5% in 60 days.
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