NVIDIA Near To Break Into $1 Trillion Club; Will Other AI Stock Rally?
AI News: Nvidia Corp (NASDAQ: NVDA) is set to make history with one of the highest one day gains in the traditional financial market. The chip designer’s share price exploded to extend its rally on Thursday. This massive surge has led Nvidia to stand near the $1 trillion market cap. However, experts expect that this surge might help other AI firm’s share prices to surge.
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Nvidia Stock Price Zooms By 25%
As per the data, Nvidia Corp’s (NASDAQ: NVDA) stock price soared by a massive 30% in the pre market trading. Chip maker’s share price standing at $305.38 was valued to be around $394.12 in the same session. At the press time, its share is trading at an average price of $378 surging by 24% in the session. However, its price is up by 168% on the year to date basis.
Nvidia is likely to add around $210 billion to its market value to stand at around $970 billion. This will lead the firm to break the record set by Apple Inc (AAPL.O) to gain $190 billion in a day.
It is important to note that this whopping surge comes in amid the global financial crisis. However, the chip maker CEO Huang expects to have a giant record year. Data suggests that the firm forecasted $11 billion in sales for the three months ending in July. This is reportedly 50% more than what Walls Street previously estimated.
As per reports, sales are spiking as the demand for the graphics processors (GPUs) Nvidia makes is on a surge. These processors are highly used by Google, Microsoft, and OpenAI to power their artificial intelligence (AI) applications.
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