Nvidia (NASDAQ: NVDA) is the leading supplier of graphics processing units (GPUs) for data centers, which are used to develop advanced artificial intelligence (AI) models. The company consistently grew its quarterly revenue by triple-digit percentages over the past year, propelling its market capitalization to $3.2 trillion.

Both companies have enjoyed stunning gains in 2024 thanks to AI, but they are trading at expensive valuations.

Nvidia ended 2019 with a market cap of $144 billion. At the time, nearly half of its revenue stemmed from chips designed for the video game market, while the data center segment accounted for about 30%.

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