surged over 9% on Thursday, building on a stunning rally as its bumper revenue forecast reinforced investor confidence in the AI-driven boom in chip demand.
Nvidia’s market cap gain on Thursday was roughly equivalent to the full value of software maker Adobe Nvidia’s market cap of $2.55-trillion also was closing in on Apple, the second-largest US company by market value at $2.87-trillion. Microsoft is the largest company by market value, at $3.17-trillion.Nvidia’s shares closed at $1 037.99, ending above the $1 000 level. Its shares are up nearly 110% so far in 2024 after more than tripling last year.
Analysts cheered remarks from Nvidia executives that its new Blackwell AI chips would start shipping in the current quarter and demand for the processors might exceed supply “well into next year”.CEO Jensen Huang said in an interview that he expected new AI models that are capable of creating video and engaging in human-like voice interactions to spur more orders for Nvidia’s processors.