Nvidia stock finished the month of May higher in eight of the last 10 years
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.
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.
