The S&P 500 and Nasdaq Composite have gotten off to red-hot starts so far in 2024, with each index already boasting double-digit returns.
It shouldn’t come as a surprise that one of the biggest tailwinds fueling the capital markets right now is artificial intelligence (AI). Specifically, a collective of megacap tech businesses known as the “Magnificent Seven” have enjoyed some of the biggest gains so far this year.
Within the Magnificent Seven, shares of semiconductor company Nvidia are already up a sizzling 123% in 2024. A return of this magnitude might imply that investors just can’t get enough of Nvidia, and perhaps it’s too late to enjoy the ride.
But savvy investors understand that there are many other opportunities besides Nvidia in the chip market. Brad Gerstner is a hedge fund manager who founded the investment firm Altimeter Capital.
According to Altimeter’s most recent filings,…
