Nvidia is proving itself to be a key beneficiary as technology companies "spend like crazy" to take advantage of artificial intelligence, according to Melius Research. "Sometimes a no brainer is a no brainer," analyst Ben Reitzes wrote on Monday.
mountain Nvidia stock. "he big clouds are going to have to spend their share on Nvidia, up to 25% of Capex for Microsoft and Meta this year alone," he said. Nvidia has climbed almost 76% in 2024 through Monday morning as investor enthusiasm for AI continued, after more than tripling in 2023. The stock has pulled back almost 4% in April.
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