The Silicon Valley chip design company’s shares have risen 12% in November, and its market value will triple so far in 2024 [File]
|Image source: Reuters
Shares of Nvidia rose to a record high on Thursday as Wall Street extended a rally sparked by Donald Trump’s return to the White House, making the chipmaker the first company in history to have a stock market value above $3.6 trillion. Shares of the dominant artificial intelligence chip maker rose 2.2% as investors were generally optimistic about tax cuts and loosened regulations after the Republican candidate won the election on Tuesday.
According to LSEG data, Nvidia’s stock market value closed at $3.65 trillion that day, surpassing Apple’s record closing market value of $3.57 trillion set on October 21. The chipmaker subsequently surpassed the iPhone maker to become the world’s most valuable company on Tuesday. The highest company.
Apple’s stock price rose 2.1% on Thursday, with a market value of US$3.44 trillion.
The S&P 500 technology index has soared more than 4% in two sessions since Trump won the election on Tuesday.
Nvidia has emerged as the biggest winner on the U.S. stock market in the race between Microsoft, Alphabet and other heavyweights to gain artificial intelligence computing power and dominate the emerging technology.
The Silicon Valley chip design company’s shares have risen 12% in November, and its market value will triple so far in 2024.
Following this year’s surge, Nvidia is now worth more than Eli Lilly, Walmart, JPMorgan Chase, Visa, UnitedHealth Group and Netflix combined.
Analysts on average expect Nvidia’s quarterly revenue to grow more than 80% to $32.9 billion when it reports results on November 20, according to LSEG. In June, Nvidia briefly became the world’s most valuable company before being surpassed by Microsoft and Apple. For months, the tech giants have been neck-and-neck in terms of market capitalization.
Microsoft has a market capitalization of nearly $3.16 trillion, and its stock price rose 1.25% on Thursday.
Published – November 8, 2024 08:26 AM (IST)
