Claim $500Breaking: NVIDIA Reaches $1 Trillion Market Cap Amid AI Boom
The US chipmaker company hit the $1 trillion market just before the US markets opened on Tuesday. The shares of NVIDIA are trading at $ 407 in the pre-market, nearly 5% up from yesterday.
As trades come off from a long weekend, NVIDIA shares are expected to witness another surge as US markets open on Tuesday. The price of NVIDIA stock is up nearly 30% in the last five days as the market cap of the chip maker company saw a humongous rise from around $720 billion to above $900 in a single day after posting quarterly earnings.
NVIDIA doubles down on AI products
Over the long weekend, Nvidia CEO Jensen Huang, capitalizing on the AI boom, unveiled a new batch of products and services, including a new robotics design, gaming capabilities, advertising services and a networking technology. Huang also unveiled an AI supercomputer platform called DGX GH200 that will assist tech companies create successors to ChatGPT. Microsoft, Google and Meta are expected to be among the first users.
In its quarterly earnings report, Nvidia forecasted $11 billion in sales for the second quarter of 2024 alone. Expected sales were 50% higher than consensus estimates of $7.15 billion. Institutional investors loaded up on NVIDIA shares.
Nvidia joins Apple, Amazon, Google in trillion dollar market club
When markets open on Tuesday, The US-based company’s market cap would place it alongside world’s biggest companies, including Apple, Alphabet, Amazon, and Microsoft, that have a $1 trillion market cap. Shares of the US chipmaker firm are up nearly 200% from year to date. Nvidia is only $240 billion behind Amazon in terms of market cap.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
