Nvidia Corp. is on track to become only the third U.S. company to achieve a closing market value surpassing $2 trillion, following a surge in its recent earnings that has generated new enthusiasm for the company's growth potential.
Market Value Soaring
The chip stock NVDA soared 4.2% to $818 at Friday's market open, inching closer to the coveted $2 trillion closing market capitalization threshold. If Nvidia ends the day above $800, it will mark a major milestone for the company.
Historic Achievement
Nvidia first reached a $1 trillion market value on June 13, 2023. If it crosses the $2 trillion mark on Friday, Nvidia will have achieved one of the fastest ascents from $1 trillion to $2 trillion, according to Dow Jones Market Data.
Remarkable Growth Trajectory
Comparatively, Apple Inc. took 516 trading days and Microsoft Corp. took 543 trading days to reach a $2 trillion market cap from $1 trillion. Nvidia's swift trajectory is a testament to its rapid growth and market dominance.
Unprecedented Success
Nvidia shares have surged by 245% over the past year, driven by heightened demand for its graphics processing units, which are integral to companies developing artificial intelligence applications. The latest earnings report indicates sustained strong demand, propelling Nvidia to a staggering $277 billion increase in market cap in a single trading session - a historic achievement.
Positive Momentum Continues
Following this milestone, Nvidia's stock has experienced its best two-day performance in about nine months, with a remarkable 21.3% increase over the current span. The company previously recorded a 27.5% gain during a two-day period ending May 26, 2023, showcasing its continued growth and market resilience.
PREVIOUS POST
Warner Bros. Discovery Inc. Stock Decline
NEXT POST
