Take advantage of Nvidia’s (NASDAQ: NVDA ) investor enthusiasm with these under-the-radar stocks. The chip giant’s latest quarterly revenues were $26 billion, 262% more than last year, and net earnings were $14.9 billion, which was beyond expectations.
Nvidia achieved record earnings due to increasing demand for its artificial intelligence ( AI ) products and data center operations. As a result, Nvidia’s stock went through the roof, rising 24% to a new high. This increase affected the tech industry, which helped explain why the market value of AI-focused tech companies increased by about $300 billion.
Moreover, another sign of its importance was that Nvidia’s growth greatly improved S&P 500 earnings over the previous year. The S&P 500 , for example, had its best first quarter since 2019 — it went up 10.2% — thanks to the success of big tech and AI companies like Nvidia, which made a lot of money.
In the same quarter, the Nasdaq Composite also went up by 9.29% . With three rate cuts possible in 2024 , now seems like the best time to buy some under-the-radar stocks that are cheaper than Nvidia, which trades at a price-to-earnings (PE) ratio higher than 78% of its industry.
Rigetti Computing (RGTI) Rigetti Computing (NASDAQ: RGTI ) is involved in one of the economy’s hottest growth sectors: quantum computing. As part of a market with the potential to reach over $93 billion by 2040, it comes as no surprise that RGTI boasts a whopping 196% potential upside. More rece.
