The U.S. stock market has been in an impressive bull rally for the past year and a half, despite a slowing economy, high inflation, and mounting geopolitical pressures. The technology-heavy Nasdaq Composite index posted a remarkable 43% gain in 2023, driven mainly by the artificial intelligence (AI) trend. The trend seems to have persisted, and the Nasdaq Composite is up by 14% so far in 2024.

Investors may now feel uncomfortable picking up high-flying Nasdaq stocks after such an exceptional rally. However, some of these AI-powered companies are dramatically reshaping industries with their technological innovations and can be smart picks for astute retail investors even at elevated share prices. Here's why Nvidia (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META) fit the bill.

It's no surprise that semiconductor giant Nvidia is on this list. With its comprehensive portfolio of cutting-edge CPUs, GPUs, and superchips (GPUs + CPUs), a robust software ecosystem, and strong partnerships with technology titans, the company emerged as one of the major beneficiaries of the ongoing AI boom.

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Source Fool.com