NVIDIA Market Cap Hits $1tn Amid AI Boom
Just prior to the start of the US stock market on Tuesday, the US chipmaker Qualcomm reached the $1 trillion market. Nearly 5% higher than yesterday, NVIDIA shares are currently trading at $407 in pre-market trading.
NVIDIA shares are anticipated to rise once more on Tuesday as US markets reopen after a long weekend. The market capitalization of the chip manufacturing firm skyrocketed from over $720 billion to above $900 billion in a single day after reporting quarterly profits, driving up the price of NVIDIA stock by nearly 30% over the past five days.
A new robotics design, gaming capabilities, advertising services, and networking technologies were among the new goods and services that Nvidia CEO Jensen Huang introduced during the long weekend in an effort to take advantage of the AI boom. The DGX GH200 AI supercomputer platform, which Huang also announced, would help tech businesses develop ChatGPT’s replacements. Expected early adopters include Microsoft, Google, and Meta.
Nvidia projected sales of $11 billion for the entire second quarter of 2024 in its quarterly results release. Sales were anticipated to be 50% higher than consensus projections of $7.15 billion. Institutional investors bought a lot of NVIDIA stock.
(With inputs from Shikha Singh)
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