Nvidia hits one-year high as positive AI sentiment continues to abound
Sundry Photography
Nvidia (NASDAQ:NVDA) shares touched a one-year high on Monday, gaining more than 3%, as investors continued to express optimism about the company's prospects in artificial intelligence. 
Since the start of the year, Nvidia (NVDA) shares have nearly doubled, trouncing competitors like AMD (AMD), Marvell Technology (MRVL), Intel (INTC) and others.
Also adding to the optimism on Monday was March sales data from the Semiconductor Industry Association. The trade group said March sales rose 15% from February, suggesting the industry may be bottoming.
Late last month, investment firm Erste upgraded Nvidia (NVDA) to buy from hold, noting that artificial intelligence is poised to drive sales in its data center business "sharply" higher.
"Revenue and profit growth will accelerate significantly in 2024," Engel wrote in an investor note.
Additionally, HSBC, a longtime bear on Nvidia (NVDA), upgraded the stock last month, noting its pricing power in AI chips is likely to boost earnings considerably higher.
Nvidia competitor AMD (AMD) is slated to report first-quarter results at the close of trading on May 2. A consensus of analysts expect AMD (AMD) to earn 56 cents per share on $5.31B in revenue.
More on Nvidia and semiconductors

Nvidia slips even as it unveils new lower priced AI-enhanced GPU
AMD slips even as Citi sees 'positive' sentiment ahead of Q1 results
Nvidia erases losses on report top GPUs being sold more than $40,000 on eBay