Nvidia Leads S&P's Top 2023 Stocks, Poised for Further Gains in 2024 on AI and Cloud Growth
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The 10 best performing S&P 500 stocks in 2023 came from the technology, communications services, consumer discretionary, and industrials sectors.
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Nvidia stock rose 239% in 2023 and analysts believe it is the best stock pick for 2024 with 37% upside potential.
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Nvidia is shaping the artificial intelligence boom with its leadership in GPUs for AI and new cloud computing services.
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Nvidia reported record Q3 2023 results with revenue up 206% year-over-year.
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Nvidia stock trades at a reasonable 63 P/E ratio given expected 42% annual earnings growth over the next 3-5 years.