RARE PHOTOS: 5 large cap semiconductor stocks that outperformed nvidia in june | Rare Historical Photos

One of the greatest beneficiaries of the artificial intelligence (AI) megatrend has undoubtedly been Nvidia (NVDA). Trading under $5 per share just five years ago, the stock has rallied about 3,000% in the intervening period, and recently took its turn as the world's most valuable company by market cap. So far in 2024, NVDA has continued its relentless run higher, rising 158.6% on a YTD basis.

However, Nvidia shares stumbled in late June, with some investors taking profits after the stock's 10-for-1 split and subsequent surge to new highs. And in today's session, NVDA is in focus again, trading fractionally lower after New Street Research downgraded the stock to “Neutral” from “Buy” on valuation concerns.