The stock market proved its resilience on Monday, as the Nasdaq Composite (NASDAQINDEX:^IXIC) and other market benchmarks bounced back from early losses. After having dismissed fears in recent weeks of a second wave of COVID-19 cases, market participants seemed to acknowledge that possibility more seriously. Yet news of further measures from the Federal Reserve helped calm nerves. The composite index finished higher by more than 1.3%, and the Nasdaq 100 index posted a gain of over 1% as well.

Investors have proved to be fairly predictable in their behavior. When coronavirus concerns arise, they've turned to the stocks that stand to gain the most from trends toward working from home and internet connectivity. That sent Zoom Video Communications (NASDAQ:ZM) and NVIDIA (NASDAQ:NVDA) higher today, and it could lead to further gains as well.

Zooming even higher

Shares of Zoom Video Communications rose by 9%. The videoconferencing company has been a go-to investment for those who believe that the COVID-19 crisis is far from over and will continue to affect the business world.

Zoom has more than tripled just in 2020 as adoption of its platform has surged. Its quarterly report last week was monumental, including revenue figures higher by 170% from year-ago levels and earnings per share that doubled the consensus forecast for the period. Zoom nearly doubled the number of customers spending $100,000 or more on its services.

Yet Zoom does have some reason for worry even with its dominance. Queen Elizabeth II today joined the large group of government leaders who've used videoconferencing software in lieu of public appearances, but the queen is said to have used the older Cisco Systems (NASDAQ:CSCO) product Webex.

Even if the royal family isn't yet on board, Zoom is optimistic that more businesses and other users will start using its platform in the near future. Regardless of what happens with the coronavirus crisis, Zoom has proved the value of its service, and business users are likely to stick with the videoconferencing platform for the long haul.

NVIDIA chip as seen on a motherboard of a storage device, with its top removed to reveal the board.

Image source: NVIDIA.

Chipping away for more gains

Elsewhere, NVIDIA shares picked up nearly 3%. The chipmaker has been locked in a competitive battle with other massive tech titans, but so far, it's shown its staying power even under volatile market conditions.

NVIDIA is known best for its graphics processor chips, but the company has broadened its appeal to take advantage of opportunities across the tech industry. Certainly, the video game industry has contributed to NVIDIA's success, and stay-at-home orders have led to more people playing video games, therefore increasing the demand for systems driven by NVIDIA processors. Yet the company has also seen its data center business surge on the rising need for more cloud-based infrastructure. And big enterprises seeking to take advantage of data analytics have pushed sales from that part of NVIDIA's business sharply higher in recent periods.

NVIDIA is up by more than 50% in 2020, all the more impressive when you look back at several years of extremely strong performance from the chipmaker. As the push toward 5G gains steam, you can expect that NVIDIA will continue to stand out among semiconductor stocks with some of the most attractive prospects for growth.

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