The artificial intelligence revolution continues as two members of the so-called Magnificent Seven stocks, Nvidia (NVDA) and Amazon.com (AMZN), have teamed up to spur even more innovations in generative AI. Meanwhile, both Nvidia stock and Amazon have ridden that wave into new buy zones.
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Nvidia and Amazon both landed spots recently on IBD Leaderboard and Stock Spotlight. NVDA stock also earns a spot on the IBD 50.
Nvidia scores the highest-possible 99 Composite Rating, showing that it outpaces 99% of all stocks in terms of key stock-picking factors. Amazon has climbed into the top 10% of stocks with a 90 Composite Rating.
How To Invest In Magnificent Seven Stocks Like Nvidia In 2024
Nvidia And Amazon Expand Strategic Collaboration
On Nov. 28, Nvidia and Amazon Web Services, or AWS, announced an expansion of their strategic collaboration to deliver the most-advanced infrastructure, software and services to power customers’ generative AI innovations.
Nvidia brings to the table its newest multinode systems featuring next-generation computer graphics processors and AI software. Amazon adds its AWS Nitro System advanced virtualization and security, along with other technologies ideal for training foundation models and building generative AI applications.
The expanded collaboration builds on a long-standing relationship between Nvidia and Amazon, which has helped fuel the generative AI era.
Nvidia Stock, Amazon Build On Breakouts
Earning their names as Magnificent Seven stocks, Nvidia and Amazon both continue to climb to the top of and beyond their buy zones from recent breakouts.
As it was for most tech stocks in 2022, neither stock had a magnificent year as they got ravaged in the bear market. But shares in both companies — particularly Nvidia stock — surged as a new uptrend took hold in January. The chip giant joined Leaderboard after gapping up on earnings on Feb. 22.
In November, Nvidia successfully weathered some resistance following a breakout from a 476.09 entry in a double-bottom base. Nvidia stock continues to rise Monday, edging slightly above the buy zone, which extends up to 5% beyond the initial buy point.
Meanwhile, Amazon stock is up around 3% heading into the final hour of trading. lifting it just beyond buy range.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
