Nvidia's shares rallied around 6% to hit a record high on Wall Street last night, leaving the AI chipmaker's stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street's biggest players.
Its stock surged as much as 8% to $1,149.39 during the session, an intra-day record high. Apple's stock was down 0.2% in afternoon trading. "The market has been struggling to keep up with the company's ever improving growth trajectory. At a mid-thirties forward earnings multiple, this still doesn't feel like bubble territory," said Derren Nathan, head of equity analysis at Hargreaves Lansdown.
Alphabet, Microsoft, Amazon.com and other technology companies have been competing for a limited supply of Nvidia's high-end chips as they race to dominate AI computing.