Alphabet, Amazon, Apple, and Microsoft are trillion-dollar tech companies in the U.S. Now, this elite club might welcome a new member in the recent future instead of the longtime future. Chipmaker Nvidia (NVDA) is closing the gap between the billion- and trillion-dollar market cap at a faster than expected pace. A Thursday surge gave the chipmaker an almost breathtaking finish to reach a trillion-dollar market cap as the company reached its best ever value.
FactSet reported that Nvidia’s market value reached its best value, to the date after the tech company had a market value roughly equivalent to $974 billion. The Thursday high was reached after it saw a 27 percent increase in stock value. A day earlier, the chipmaker was valued at $755 billion.
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Late Wednesday, Nvidia released its second quarter of fiscal 2024 forecast as $11 billion in sales and this led to a surge in value. The chipmaker said the demand for its graphic processors that are required to power artificial intelligence (AI) has been growing exponentially. The AI forecast gave its stocks a huge boost.
Nvidia is leading the boom in AI. It has been the market leader for making graphic processing units (GPUs) that are required for both AI as well as for the metaverse. Both these tech innovations are booming and this will only lead to an increase in demand for GPUs. Although other companies make them, Nvidia has captured a major share of the GPU market. With its initial dominance in this tech space (GPU), the company is expected to grow faster as well as dominate the market, while improving its stock value.
Nvidia also has a robust, yet niche market in data centers as it provides the chips they require. This is also a growing market that will contribute to the bottom line of the chipmaker. It has also partnered with automakers who are increasing the use of AI in their electric vehicles, and this is another growing market for the chipmaker.
Having a slice, whether it is large or small, in different pies including AI and data centers makes it easy to forecast that Nvidia will join the trillion-dollar club, sooner if not later.
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