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$1,000 invested in Nvidia stock at start of 2023 returned

$1,000 invested in Nvidia stock at start of 2023 returned
Ana Zirojevic

With the year 2023 at its end, it has been particularly generous to the stocks of Nvidia (NASDAQ: NVDA), the price of which has recorded continuous and impressive growth to its all-time high (ATH) and investors are wondering if they should have bought into the computing manufacturer 12 months ago.

As it happens, they should have, as it would have brought them substantial profits. Specifically, Nvidia stock opened the year with a price of $143.15 and has increased its value by 245.94% since, under the influence of multiple positive factors, currently trading at $495.22 as of December 29.

Successful year

Indeed, NVDA made several major jumps in 2023, starting with a daily increase of 14% in after-hours trading on February 23, following the better-than-expected sales revenue report for Q4 2022. On May 25, Nvidia shares soared to a record close with a 24% rally to $333 after another positive quarterly report.

Although the following surges were not as impressive, they have nonetheless managed to sustain the stock’s steady advance into record territory, helped by the July rally after Truist analyst William Stein hiked his price target to $545 due to “more constructive” management commentary.

As he explained at the time, reiterating a ‘buy’ rating on Nvidia and predicting “even more rapid growth potential for NVDA’s datacenter end market in coming quarters,” which was the result of increasing demand for datacenters in general and Nvidia’s products in particular:

“Recent feedback from our industry contacts (buyers & sellers of electronic components) reflect improving demand in datacenter generally, and reflects upside demand for [Nvidia’s] products specifically.”

Another significant price leap arrived in August when KeyBanc analyst John Vinh boosted his price target on the chip maker’s stock to $620 from $550 while keeping an ‘overweight’ rating in place, thanks to strong demand for artificial intelligence (AI) and the expectations of another good quarterly report.

What would $1,000 in NVDA be worth now?

In other words, an investment of $1,000 in the stocks of the American graphics chip giant back when they were priced at $143.15 (on January 3, 2023) would today, 12 months later, be worth more than $3,460 right now, according to the most recent price data retrieved by Finbold.

Indeed, NVDA was at press time changing hands at the price of $495.22, recording an increase of 0.21% in the last 24 hours, a 1.45% gain across the previous seven days, in addition to advancing 2.87% across the past month, and growing 21.31% in the last six months.

NVDA stock year-to-date (YTD) price chart. Source: Finbold

In conclusion, investors who, in early January, bought $1,000 worth of one of the top-performing stocks in 2023 would make a massive profit if they sold them now. However, doing one’s own research before investing any substantial amount of money in any asset (or before selling) is crucial.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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