Target This Outperforming Chip Stock in May

The equity is vastly outperforming the broader market

Deputy Editor
Apr 30, 2024 at 2:26 PM
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It's been a blockbuster year for NVIDIA Corp (NASDAQ:NVDA). The semiconductor company and Magnificent Seven member became one of the world's most valuable publicly traded companies thanks to its position as a leading artificial intelligence (AI) chipmaker. Below, we will further explore the security's chart performance, and why it may offer a solid investment opportunity over the next month.
 
Specifically, NVDA appeared on Schaeffer's Senior Quantitative Analyst Rocky White's list of best S&P 500 Index (SPX) stocks in May in the last decade. More specifically, the security averaged a 12.6% jump for the month, notching a positive settlement during eight out of those 10 years.

 

Best of May 2024

On the charts, Nvidia stock is in the midst of a V-shaped rally as it looks to reclaim its March 25, record close of $950.02. The shares are vastly outperforming the VanEck Semiconductor ETF's (SMH) 24.2% year-to-date gain, with the former up 76% in 2024. 

NVDA Chart April 302024

 

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