Nvidia: Apple and Microsoft each took over two years to double their valuation from $1 trillion to $2 trillion. However, Nvidia is poised to achieve this milestone in under a year, riding the wave of Wall Street’s AI frenzy.
Nvidia Corp’s shares experienced a 0.4% increase on Friday, closing at a valuation of $1.97 trillion, briefly surpassing the $2 trillion mark during intraday trading.
Nvidia’s remarkable gain solidifies its position as the world’s fourth-most valuable company, having surged by nearly 60% since the year began. Its market capitalization now trails only behind that of Microsoft, Apple Inc., and Saudi Aramco.
Following the release of impressive statistics that validated Wall Street wagers on the potential of Nvidia’s artificial intelligence capabilities, the company’s shares shot up. Additionally, the chipmaker provided forecasts that exceeded projections, citing AI expenditure at Meta Platforms Inc., one of its largest clients.
When it comes to complicated computational operations that are required to power AI applications that businesses are racing to build, Nvidia commands a large portion of the graphics processor market.
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The chipmaker disclosed a remarkable 486% year-over-year increase in earnings per share, excluding certain items, for its fiscal fourth quarter. Additionally, the company announced its expectation of first-quarter revenue to be approximately $24 billion, significantly surpassing analyst estimates.
As a result, bulls hurried to raise their price targets; according to Bloomberg statistics, the average is currently approximately $863, indicating a more than 9% upside.
