Nvidia’s market value surges $90 billion to a new record in premarket trades following the company’s stellar earnings report – DIGIWIZ CENTRAL

Nvidia’s market value surges $90 billion to a new record in premarket trades following the company’s stellar earnings report

Jensen Huang, CEO of Nvidia, reacts to a video at his keynote address at CES in Las Vegas, Nevada, U.S. January 7, 2018.

Rick Wilking/Reuters

Nvidia added $90 billion in market value in Thursday’s premarket trades following another set of smashing earnings numbers. 
The company’s stock jumped almost 8% to $508.41 apiece, boosting its market cap to a new record of $1.25 trillion.
Nvidia’s second-quarter revenue surged 101% from a year earlier to $13.5 billion. 

Nvidia’s market value jumped a whopping $90 billion in Thursday’s premarket trades after the leading chipmaker unveiled another set of stellar earnings numbers

The Santa Clara-based company’s stock jumped by about 8% to $508.41 apiece in early trades as investors cheered the impressive results. That’s boosted its market capitalization by about $90 billion to a new record of $1.256 trillion, Insider calculations show.

On Wednesday, the firm announced blowout second-quarter results – its revenue of $13.51 billion for the period was 88% higher than the previous quarter and up 101% from a year ago.

Nvidia is the best-performing name of the year on the S&P 500 index of US shares, with a stunning 222% year-to-date rally that was powered by the ChatGPT-fueled artificial-intelligence hype. The semiconductor firm is seen as well positioned to benefit from the burgeoning demand for high-end computing infrastructure that’s required for Ai operations.

Traders have piled into the chipmaker’s stock this year, along with other Big Tech names including Apple, Meta, and Alphabet thanks to the AI hype, which has helped lift the entire stock market this year. The rally boosted Nvidia’s market cap above $1 trillion for the first time ever in May, allowing the firm to join an elite club of highly valued companies including Apple, Microsoft, and Amazon.

“The Godfather of AI Jensen and Nvidia just gave robust guidance that will be heard around the world. AI demand off the charts,” Wedbush analyst Dan Ives said in a post on X

Other market experts also weighed in on Nvidia’s strong results. “NVDA blew away expectations again,” 40-year market veteran Jim Bianco said in another post on X. “NVDA’s beat is pushing the entire S&P about 0.50% higher (or about 25 points),” he added. 

Nvidia’s stock rally has also fueled a sizable jump in the wealth of its CEO. Jensen Huang’s personal fortune grew to as much as $42 billion following the firm’s results, per the Bloomberg Billionaires Index

Read the original article on Business Insider
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