This Unstoppable Artificial Intelligence (AI) Stock Crushed Nvidia in 2023, and It Could Do So Once Again in 2024
Artificial intelligence (AI) has powered Nvidia (NASDAQ: NVDA) shares to new highs this year, with terrific gains of 220%, and sent the semiconductor specialist's valuation well past the $1 trillion milestone. However, another stock has delivered even stronger gains this year thanks to AI.
Super Micro Computer (NASDAQ: SMCI) may not be nearly as famous as Nvidia, but it has delivered a stellar performance in the market with gains of 229% in 2023. Let's look at why Super Micro stock has surged big time and check if it can deliver stronger gains than Nvidia in 2024.
The growing adoption of AI applications has created the need for a new category of servers equipped with powerful GPUs (graphics processing units) and faster memory. These AI servers are faster than traditional data centers and enterprise servers since they carry a massive amount of computing power, which is essential for training large language models (LLMs) and deploying generative AI applications such as ChatGPT.
Source Fool.com
