Up 50% in 2024, Nvidia stock fast approaches $2 trillion-mark after bulls tighten grip on AI-fueled rally
Hours after eclipsing Google-parent Alphabet to become the third most valuable Wall Street company, shares of Nvidia Corp are fast approaching the $2 trillion-mark. The AI chipmaker’s stock rose 2.46 per cent, putting its value at $1.825 trillion, while Alphabet’s stock climbed 0.55 per cent, leaving it with a value of $1.821 trillion.
Nvidia has been a top beneficiary of technology companies’ race to build AI into their products and services, and the latest gain in its stock came a day after it ended a session with a market capitalization above Amazon’s for the first time in two decades.
Several well-known funds jumped into shares of chipmaker Nvidia at the end of last year, securities filings showed on Wednesday, potentially setting themselves up to benefit from the nearly 50 per cent gain the stock has notched so far in 2024.
Nvidia will release its quarterly earnings results on February 21. Analysts, on average, see the company’s January fiscal quarter revenue more than tripling to $20.37 billion, fueled by demand for its top-shelf AI chips, according to LSEG data. Analysts see its adjusted net profit surging more than 400 per cent to $11.38 billion.
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Published: 15 Feb 2024, 08:53 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.