(NASDAQ: NTNX) investors have witnessed a remarkable turnaround in the company's fortunes this year, with shares of the enterprise cloud platform provider jumping an impressive 48% in 2023 thanks to its consistently solid growth.

The company is known for providing hyper-converged infrastructure (HCI) to clients so that they can integrate the different components of data centers, including computing, networking, storage, and management, into a software-defined platform. It was struggling in early 2022 thanks to hardware shortages that kept it from fulfilling its subscription contracts. But the scenario has changed big time in recent quarters.

Let's take a closer look at what drove the terrific surge in Nutanix's stock price this year.

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Source Fool.com