Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023
itself is up 8% this year, with the outsized gains of Meta, Nvidia, and a cluster of other high-flying tech stocks accounting for nearly all of the benchmark index's returns.
As well as cost cuts and the rise of ChatGPT, Meta and Nvidia have likely benefited from investors' growing belief that the Federal Reserve is about to wind down its war on inflation. More than 70% of traders think the central bank raised interest rates for the final time this cycle in May, according toWhen the Fed stops hiking, listed companies don't have to worry as much about their borrowing costs rising. That tends to particularly favor growth stocks, because it boosts the future, prospective cash flows that make up a core part of their valuations.
Meta and Nvidia's massive gains come after a dismal 2022 in which they plunged 61% and 45% respectively as the Fed started aggressively raising rates in a bid to tame soaring prices.
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