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Nvidia reached an all-time high, becoming the world’s largest company by market valuation of $3.58 trillion.
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Nvidia’s rise follows a tech rally following Donald Trump’s election victory, with the Nasdaq 100 rising nearly 3%.
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Analysts predict that Nvidia’s valuation could soon surpass $4 trillion, amid continued growth in the AI market.
Nvidia shares rose as much as 5% on Wednesday, hitting an all-time intraday high of $146.47.
The profits catapulted Nvidia’s market value to $3.58 trillion, cementing Nvidia’s position as the world’s largest company after closing ahead of Apple on Tuesday.
It is the first time since late October that Nvidia has occupied the top spot on the list of most valuable companies.
The stock rise came amid a broader rally for the technology sector following Donald Trump’s election victory, with the Nasdaq 100 rising nearly 3%.
The gains in Nvidia shares on Wednesday were significantly greater than the gains in Apple shares, which were up just 0.12% at 3:05 PM ET.
Apple is now the second-largest company in the world, worth about $3.38 trillion, or about $200 billion less than Nvidia. The second-largest company is Microsoft, which was worth $3.12 trillion as of Wednesday.
In the two years since ChatGPT’s debut, shares of Nvidia, which powers the tech sector with AI-enabled GPU chips, have added nearly $3.2 trillion to their market value. The stock is up about 800%.
Wall Street Believes Gains Can Continue, with some analysts expecting the stock to soon surpass the $4 trillion valuation.
Bank of America analysts last week raised their price target on Nvidia to $190, citing strong upside potential “generation opportunities” as it expands its lead in AI.
Another recent milestone for Nvidia is its inclusion in the Dow Jones Industrial Average, with the company set to replace Intel on Friday.
Nvidia will report third-quarter results after the market close on November 20.
Read the original article on Business Insider
