Market analysts and financial pundits are running out of superlatives to capture the astounding market performance of Nvidia Corporation (NVDA) as the stock continues its jaw-dropping ascent.
Following an incredible after-hours swing, Nvidia added a staggering $80 billion to its market cap, pushing its total value to $2.42 trillion, within touching distance of tech giants like Apple (AAPL) standing at $2.61 trillion.
Increasing by $1 trillion since the beginning of the year, Nvidia has witnessed an unprecedented surge in just eight trading days, adding $440 billion in market cap, equivalent to the total market cap of Exxon Mobil Corp (XOM).
The momentum shows no signs of waning as Nvidia’s market cap could soon surpass that of Apple and potentially set its sights on the $3 trillion milestone held by Microsoft Corporation (MSFT).
To reach that monumental $3 trillion mark, Nvidia’s share price would need to hit $1,219, a significant jump from its current price of $953. Despite the $266 difference, the stock’s upward trajectory seems relentless.
While there are murmurs of market bubbles due to Nvidia’s stratospheric rise driven by its GPUs and AI development growth, the company’s consistent profitability and strong financial performance set it apart from the overvalued dot-com bubble stocks of the late 1990s.
With market sentiment and AI’s potential remaining critical factors, Nvidia’s path to dominance promises to be a captivating saga in the tech industry’s unfolding narrative.