By Elsa Ohlen
Nvidia stock was rising early Friday, leading the group of Magnificent Seven stocks to start the new year.
Shares were up 0.5% to $138.97 in premarket trading. They rose 3% Thursday and are up 1% since the close of last week. Futures tracking the S&P 500 and the Nasdaq 100 were up 0.2% and 0.3%, respectively.
There's not much news to explain the chip maker's rise this week. Nvidia has so far led the gains of the group of Magnificent Seven stocks that includes Apple, Microsoft, Amazon.com, Alphabet, Meta and Tesla -- all of which have fallen over the past five trading days.
The next big catalyst for Nvidia will likely be CEO Jensen Huang's speech at the CES tech show in Las Vegas on Monday. Investors will be hoping he reveals details about the company's next-generation semiconductor -- the Rubin.
Investors might simply be feeling optimistic about the fresh start a new year often brings, especially after Nvidia notched a second year straight of triple digit gains. Shares rose about 180% in 2024 and about 240% in 2023, fueled by its dominance in designing semiconductors used for artificial intelligence applications.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 03, 2025 05:06 ET (10:06 GMT)
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