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Ever since artificial intelligence (AI) became the buzzword in 2023, Nvidia (NVDA) has been at the forefront of the AI trade. NVDA stock gained 239% in 2023 and another 171% in 2024. Last year’s price action was more muted by that yardstick, as the stock rose only 39%. Those returns should be seen in perspective, however — Nvidia not only outperformed the S&P 500 Index ($SPX) by a decent margin but was also the second-best-performing “Magnificent 7” stock, trailing only Alphabet (GOOGL), which saw a rerating of sorts last year.
