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Nvidia surfs the AI wave to $2 trillion market value

Nvidia CEO Jensen Huang (Image source: Nvidia Corp.)
Nvidia CEO Jensen Huang (Image source: Nvidia Corp.)
The heavyweight chipmaker Nvidia saw a spectacular boost in its stock market valuation on Thursday, setting a record for a single day's surge. Expectations were exceeded by the company's quarterly report, which sparked a rally fueled by hope for artificial intelligence.

Nvidia's stock shot up around 12% on Thursday during pre-market trade, bringing the company closer to an incredible $2 trillion market valuation. Notably, the share price of the stock reached a record high of $780.85.

This outstanding performance allowed Nvidia to recover its ranking as the third most valued American firm. The chip manufacturer stands to gain over $260 billion in market capitalization as shares hit an all-time high of $780.85.

The impact didn't stop with Nvidia. Several chip businesses saw a boost from the surge in Nvidia, the best-performing stock in the S&P 500. Benchmark indexes including the S&P 500, the STOXX 600 in Europe, and the Nikkei share average in Japan reached all-time highs as a result of this increase.

Nvidia's quarterly earnings are now crucial for equity investors as the company continues to lead Wall Street gains. After rising by almost 57% so far this year, the stock now accounts for more than 25% of the S&P 500's total returns in 2024.

There's still more to come: if Nvidia's market capitalization hits $2 trillion, it would do it at a never-before-seen speed, having gained $1 trillion in value in just over nine months.

Featuring a powerful GeForce RTX 4070 graphics engine, the Dell G16 7630 gaming laptop is now 13% less expensive on Amazon at $1399.99, offering a taste of the world of high-performance Nvidia CPUs.

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Robert Gelo, 2024-02-22 (Update: 2024-02-22)