Nvidia Leads Rally in AI Tech Stocks on Surging Data Center Demand
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Nvidia reported record revenue growth in its data center segment, confirming accelerating demand for AI computing. This sparked a rally among other "Magnificent Seven" tech stocks.
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Generative AI is expected to be a $1.3 trillion market by 2032, growing at 42% annually. The Magnificent Seven stocks stand to benefit greatly.
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Nvidia makes the chips to power AI systems. Meta, Amazon, and Microsoft are deploying AI across their platforms and tools.
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All the Magnificent Seven stocks are relatively inexpensive currently based on forward P/E ratios and other metrics.
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Each company is approaching AI in a way that serves its existing business. Widespread AI adoption will allow them to continue profiting.