Breaking: 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.
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