This Artificial Intelligence (AI) Stock Could Be the Biggest Gainer of 2024 (Hint: It's Not Nvidia)

Nvidia (NASDAQ: NVDA) has clearly been one of the market's top performers in recent years. The chip designer has soared 2,600% over the past five years, and this year, the stock is heading for a 148% gain. The reason for such momentum? Nvidia not only dominates the artificial intelligence (AI) chip market, holding 80% share, but has also built an AI empire. The company offers a wide range of products and services -- from enterprise software to networking solutions -- to suit any AI customer's needs.All this has translated into outsize earnings growth, with revenue and profit climbing in the triple digits quarter after quarter -- and margins topping 70%. There's also reason to be optimistic about Nvidia continuing this performance since the company has put a focus on innovation, promising to update its chips once a year.So, Nvidia surely has more gas in the tank to power share gains. But despite all this, another AI stock is gaining on Nvidia this year when it comes to performance. If this continues, this stock could be the biggest winner of 2024. Let's find out more about this high-growth AI stock that may outperform market star Nvidia this year.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool