Missed the Nvidia rally? These 10 companies are buying its chips — and their stocks are rallying

Shares of Nvidia have risen 280% over the past year thanks to surging sales of its chips that power artificial intelligence applications. However, the Silicon Valley company isn't alone in the AI-fueled rally. Investors are also ploughing their money into companies buying these chips, amid expectations that AI will help improve productivity and profits.

Pro screened for companies that are customers of Nvidia, and also have total returns that are highly correlated with the chip giant — in other words, their share prices tend to rise and fall in tandem with Nvidia's. Super Micro , Tokyo Electron Device , Meta Platforms , Tata Motors and Mitsui are among the stocks that have seen the most significant gains over the past year. According to FactSet, their share price movement correlates between 93% and 98% of the time with Nvidia's stock.

is ranked No. 2 as it is Nvidia's near-exclusive contract chip manufacturer. Meta While the drivers of each stock's rally might vary, Meta revealed earlier this year that it is spending billions of dollars on Nvidia's popular computer chips, which are at the heart of artificial intelligence research and projects.

Pro that Super Micro is his favorite alternative AI stock . The stock has risen by over 1,000% over the past 12 months. " Super Micro makes customized servers that are used by AI customers, so it uses Nvidia's chips in their servers and ... sells their servers to folks like Microsoft, and then they put them in a data center. And so Super Micro has done a pretty good job of transitioning its focus to AI customers," said Meeks.

's Jonathan Vanian and Weizhen Tan contributed reporting.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Nvidia rally is fueling FOMO in the overall market, Evercore's Julian Emanuel warnsEvercore ISI's Julian Emanuel finds clients are more worried about being underinvested than overexposed right now.
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »

Stocks making the biggest moves midday: Nvidia, Marvell Technology, Costco, Eli Lilly and moreThese are the stocks posting the largest moves in midday trading.
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »

Stocks gain for a second day on easing inflation hopes, Nvidia leads Nasdaq higher: Live updatesStocks rose Thursday, as hope over easing inflation and gains in tech helped Wall Street claw back more of this week's losses.
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »