AI demand briefly catapults Nvidia into a $1 trillion club
Nvidia's share price has more than tripled since October last year as demand for AI technologies increases.
News Join us on social networksComputer chipmaker Nvidia briefly joined the exclusive corporate club with a $1 trillion market capitalization as market demand for artificial intelligence (AI) technology reached a crescendo.< /p>
The milestone was reached on May 30 during morning trading hours in the United States by the computer chip and graphics card maker, with its shares hitting a daily high of over $418 according to Google Finance.
>Nvidia shares closed the day at just over $401 and the company currently has a market capitalization of $992 million.
Only four companies in the United States have a valuation above $1 trillion: Apple, Microsoft, Amazon and Alphabet, the parent company of Google.
Nvidia has seen a year-to-date gain of over 180% due to growing demand for graphics processing units (GPUs) that power generative AI tools.
According to a May 30 Reuters report, analysts said that 80% of these GPUs are currently manufactured by Nvidia.
Some may see Nvidia's recent price spike as a sign of an overheated market, but other analysts suggest Nvidia still has a lot of room to grow, suggesting that the AI boom is not going anywhere. what to start.
"Technical traders and AI madness have pushed Nvidia towards the $1 trillion cap and it's not cheap," said Jim Kelleher,...
Nvidia's share price has more than tripled since October last year as demand for AI technologies increases.
News Join us on social networksComputer chipmaker Nvidia briefly joined the exclusive corporate club with a $1 trillion market capitalization as market demand for artificial intelligence (AI) technology reached a crescendo.< /p>
The milestone was reached on May 30 during morning trading hours in the United States by the computer chip and graphics card maker, with its shares hitting a daily high of over $418 according to Google Finance.
>Nvidia shares closed the day at just over $401 and the company currently has a market capitalization of $992 million.
Only four companies in the United States have a valuation above $1 trillion: Apple, Microsoft, Amazon and Alphabet, the parent company of Google.
Nvidia has seen a year-to-date gain of over 180% due to growing demand for graphics processing units (GPUs) that power generative AI tools.
According to a May 30 Reuters report, analysts said that 80% of these GPUs are currently manufactured by Nvidia.
Some may see Nvidia's recent price spike as a sign of an overheated market, but other analysts suggest Nvidia still has a lot of room to grow, suggesting that the AI boom is not going anywhere. what to start.
"Technical traders and AI madness have pushed Nvidia towards the $1 trillion cap and it's not cheap," said Jim Kelleher,...
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