Nvidia stock soars 86.06% YTD

Among the S&P 500 mega-cap stocks, the NVIDIA Corp NVDA shares gained the most YTD 86.06%. The last week was 6.46% the month 31.02% the quarter, 69.05% and six months 105.04% reaching a market cap of $672 billion.

Nvidia won a lot of analyst convictions, especially since the GTC conference, which has helped it showcase accelerating demand for its solutions, driven by the demand wave of generative AI and increasing criticality of power efficiency in the data center.

Nvidia CEO Jensen Huang referred to the recent acceleration of artificial intelligence as the iPhone moment for AI during the GTC event on Tuesday.

Nvidia has also revealed deals with big tech companies. During his presentation, Huang said that the age of AI requires cloud data center infrastructures to support extraordinary computing requirements.

The car company in the world has a great relationship with Huang. He said that there was more demand from hyperscalers since the last earnings report.

Evercore praised the event for being a confidence boost in Nvidia's positioning as the arm's dealer and enabler of AI adoption across the industry, and said that generative AI is marking an inflection point for AI and Nvidia remain king in the AI space.

Needham analyst Rajvindra Gill wrote on Thursday that the valuation of NVDA will increase based on near-term data center strength, receding gaming headwinds, and greater traction in inference and software markets.

Nvidia has also developed a China-export version of its H 100 chip, making it eligible for export to China. The chip-to-chip data transfer rate was reduced by the H 800 to about half the speed of the flagship H 100.

The new chip, called the H 800, was developed by Chinese technology firms like Tencent Holdings Ltd TCEHY, Baidu Inc BIDU, and Alibaba Group Holding Ltd BABA.

ETFs such as ProShares Ultra Semiconductors USD, VanEck Video Gaming And ESports ETFESPO, and VanEck Semiconductor ETF SMH ETFs have exposure to NVIDIA of over 11% -- 20%.

The USD gained over 65% YTD. ESPO and SMH gained more than 21% -- 26% YTD. The last week, USD and ESPO gained close to 5%, while SMH gained over 2%. In the last quarter, ESPO and SMH gained more than 20%, while USD gained over 46%.

The last check Friday saw the price action of NVDA, down by 2.43%, at $265.43.