Semiconductor stocks have been in fine form on the market in the past year, which is evident from the 61% jump in the PHLX Semiconductor Sector index, and this terrific jump has helped two of the index's constituents -- Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD).

While shares of Nvidia are up a terrific 252% in the past year, AMD has gained 128% over the same period. It won't be surprising to see both these semiconductor stocks sustaining their red-hot run in 2024, especially considering that the semiconductor industry is expected to accelerate nicely this year.

Market research firm Gartner estimates that global semiconductor revenue could increase 17% in 2024 to $624 billion. That would be a huge improvement over last year's decline of 11%, which was caused by the weakness in the smartphone and personal computer (PC) markets, as well as tepid spending in the enterprise data center market.

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Source Fool.com