Nvidia, Meta Look Expensive After 2023 Rally: Is There More to Come in 2024?
As we approach the end of 2023, investors are proactively fine-tuning their portfolios for the upcoming year, 2024.
While it's imperative to pinpoint new stocks poised for explosive growth in the coming year, a keen eye is also being kept on the strong performers of 2023, evaluating the potential for their bullish momentum to extend into 2024.
Within the S&P 500, three standout performers have dominated this year. In the following analysis, we will delve into each of these stocks individually, assessing whether their remarkable momentum can be sustained in the upcoming year.
In 2023, chipmaker Nvidia Corporation (NASDAQ:NVDA), which made the most of the artificial intelligence tailwind, managed to increase its market dominance in the production of AI processors up to 90% with its proactive approach to the sector.
This breakthrough, which opened a big gap with its closest competitors, was priced extremely positively by investors Nvidia's stock has risen 237% since the beginning of 2023, making it the most appreciated stock in the S&P 500.
Source: InvestingPro
The company's robust financial performance continues to positively influence its share price. Notably, it has consistently exceeded expectations in terms of profit per share and revenue growth over the past year.
Although Nvidia's share experienced significant momentum in the first half of the year, there was a slight slowdown in the second half. Nevertheless, the overall outlook remains bullish.
Analyzing the 2024 forecasts for Nvidia on InvestingPro, it is evident that analysts widely anticipate sustained revenue and profit growth.
Thirty-six analysts project a growth rate exceeding 10% for both revenue and profit, especially in the first quarter of the upcoming
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