Nvidia (NASDAQ: NVDA) stock rose 19.7% in March after the company announced important developments in the data center market. The stock also benefited from renewed optimism in the semiconductor industry as analysts and investors speculated that the market was pivoting to a cyclical growth period.

Nvidia has been on a tear in recent months, rising more than 120% since October. This marks an impressive recovery following its collapse earlier last year. Rising interest rates crushed growth stock valuations, while semiconductor demand evaporated due to weakness in consumer electronics and cryptocurrency mining. This was a potent one-two punch to both Nvidia's financial results and its stock price.

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Source Fool.com