/Nvidia%20logo%20on%20phone%20screen%20with%20stock%20chart%20by%20xalien%20via%20Shutterstock.jpg)
While Nvidia (NVDA) stock is still outperforming the S&P 500 Index ($SPX) this year, it has lost over 17% from its recent highs. NVDA has been the flagbearer of the artificial intelligence (AI) trade and delivered stellar returns in 2023 and 2024, which helped it become the first-ever company to command a $5 trillion market cap.
However, we have seen a realignment of sorts among AI stocks over the last three months. For instance, Apple (AAPL) and Alphabet (GOOG) (GOOGL), which were perceived to be AI laggards, have rebounded from their lows, and the Google parent is now the best-performing “Magnificent Seven” stock this year. On the other hand, Meta Platforms (META) and Nvidia, which outperformed spectacularly over the last two years, have been quite grounded of late.
