Nasdaq Poised for 19% Rally in 2024 Driven by Microsoft, Nvidia and Continued Generative AI Growth
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The Nasdaq has historically rallied 19% on average the year after a bear market rebound, suggesting potential for more gains in 2024.
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Generative AI fueled major stock market gains last year; its emergence is still in early stages so there is room for more expansion.
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Microsoft is poised to benefit from investments in AI like its $13B stake in ChatGPT creator OpenAI and new Copilot software.
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Nvidia pioneered GPUs for gaming and realized their AI potential early, with its data center segment now generating 80% of revenue.
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Both Microsoft and Nvidia stand out as top AI stocks to buy before the expected Nasdaq surge in 2024.