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- On Wednesday, Nvidia’s market capitalization reached a record high of $1.52 trillion.
- The company’s stock price has already risen 24% this year.
- The explosion of interest in AI has brought huge benefits to Jensen Huang’s company.
NVIDIA’s valuation crossed the $1.5 trillion threshold for the first time on Wednesday, as the AI investment frenzy propels the chipmaker to new heights.
The stock was up just over 1% at the closing bell, taking Jensen Huang’s semiconductor giant’s market capitalization from $1.48 trillion to $1.52 trillion, according to Refinitiv data. That was enough.
The mega-cap tech stock has already posted a 24% gain in 2024, extending its impressive gains from last year, when it soared nearly 250% on the back of an explosion of interest in ChatGPT.
Investors have identified Nvidia as a leading AI stock because it dominates the market for graphics processing units (GPUs) that power OpenAI’s bots and other intelligent language tools.
A triple-digit jump pushed the company’s valuation to $1 trillion in May, making it one of the so-called “Magnificent Seven” along with Apple, Microsoft and Google owner Alphabet, Amazon and Facebook’s parent company. We have established ourselves as a member of a super large high-tech company called “. Metaplatform and Tesla.
Nvidia wasn’t the only member of the group to achieve big valuations on Wednesday.
Microsoft’s market capitalization hits an unprecedented $3 trillion, while Meta’s stock tops $1 trillion for the first time since 2021 thanks to CEO Mark Zuckerberg’s ‘Year of Efficiency’ cost-cutting I got off to a great start this year.
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