Nvidia’s stock pops 16% to spur biggest one-day gain in market capitalization by any U.S. company
It’s a testament to Nvidia Corp.’s blockbuster run over the past year that Wall Street is, in a way, looking past eye-popping metrics like a quintupling of data-center revenue in the latest quarter.
Investors have become so accustomed to that sort of performance from Nvidia (NVDA) that they’ve increasingly been wondering how long the company can keep growing. But as Nvidia’s stock surged 16.4% Thursday, it appeared that Wall Street was satisfied with the company’s long-term message.
Nvidia’s Thursday stock rally added $277 billion to the company’s market value, making for the biggest one-day haul ever by any U.S. company, according to Dow Jones Market Data. Facebook parent Meta Platforms Inc. (META) added $204.5 billion to its valuation on Feb. 2.
Nvidia posts record revenue up 265% on booming AI business
- Nvidia reported earnings after the bell that beat Wall Street expectations for earnings and sales, and said revenue during the current quarter would be better than expected.
- Nvidia has been the primary beneficiary of the recent technology industry obsession with large artificial intelligence models, which are developed on the company’s pricey graphics processors for servers.
- Nvidia CEO Jensen Huang addressed investor fears that the company may not be able to keep up this growth or level of sales for the whole year on a call with analysts.
www.cnbc.com/2024/02/21/nvidia-nvda-earnings-report-q4-2024.html
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