Nvidia’s market value hit $2 trillion as AI frenzy grips Wall Street; shares at record high
Nvidia hit $2 trillion in market value for the first time on Friday, February 23, riding on an insatiable demand for its chips that made the Silicon Valley firm the pioneer of the generative artificial intelligence boom.
The milestone followed another bumper revenue forecast from the chip designer that drove up its market value by $277 billion on Thursday – Wall Street’s largest one-day gain on record.
Its rapid ascent in the past year has led analysts to draw parallels to the picks and shovels providers during the gold rush of 1800s as Nvidia’s chips are used by almost all generative AI players from chatGPT-maker OpenAI to Google.
That has helped the company vault from $1 trillion to $2 trillion market value in around eight months – the fastest among U.S. companies and in less than half the time it took tech giants Apple and Microsoft.
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Published: 23 Feb 2024, 09:02 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.