On February 23, Reuters reported that Nvidia’s market value briefly topped the $2 trillion landmark for the first time. The high-tech giant is bearing fruit from the artificial intelligence boom.
The catalyst for such a dazzling spike in Nvidia’s shares was an upbeat revenue forecast unveiled by the chipmaker a day ago on February 22, which was much stronger than the Wall Street consensus. The next day, Nvidia’s market value soared by a staggering $277 million. Analysts say it is the biggest single-day jump of any American company on record.
Remarkably, the leading chipmaker surpassed the $1 trillion milestone just 8 months ago. Nvidia managed to double its market capitalization much faster than such high-tech heavyweights as Apple and Microsoft.
Earlier, Nvidia entered the top three Wall Street’s largest companies in terms of market value, having outpaced Alphabet. The company is amazing investors with its meteoric growth despite previous grim forecasts. Interestingly, analysts at Bank of America warned the stocks of the seven American high-tech behemoths had been in a bubble which was doomed to burst. Luckily, their concern did not come true.
