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Nvidia NVDA Closes Highest Daily Candle Ever as Market Cap Surpasses $3.4 Trillion

by Sham
October 14, 2024
in Business, Finance, Investing
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Nvidia NVDA Closes Highest Daily Candle Ever as Market Cap Surpasses $3.4 Trillion
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• Nvidia shares hit an all-time high on Monday, closing at $1,380.72 as the chipmaker continues to ride a massive wave of demand for its AI chips
• Companies like Microsoft, Meta, Google, and Amazon are purchasing Nvidia’s GPUs in large quantities to build clusters of computers for their AI work
• With a market cap of $3.4 trillion, Nvidia is now the second most valuable publicly traded U.S. company behind Apple

Nvidia shares closed at an all-time high on Monday as the chipmaker continues to ride a massive wave of demand for its artificial intelligence (AI) chips.

JUST IN: Nvidia $NVDA just closed its highest daily candle EVER with a market cap of $3.4 Trillion 🔥 pic.twitter.com/JRgFrigak9

— BlockNews.com (@blocknewsdotcom) October 14, 2024

Surging Demand for AI Chips Powers Nvidia’s Growth

Companies including Microsoft, Meta, Google, and Amazon are purchasing Nvidia’s graphics processing units (GPUs) in large quantities to build large clusters of computers for AI. Nvidia controls about 95% of the market for AI training and inference chips.

Nvidia’s revenue has more than doubled in each of the past five quarters. Growth is expected to continue, with analysts projecting expansion of about 82% to $32.9 billion in the quarter ending in October.

Nvidia recently said demand for its next-generation AI GPU called Blackwell is “insane” and it expects billions in revenue from the new product in the fourth quarter.

Nvidia Now the Second Most Valuable U.S. Company

With a market cap of $3.4 trillion, Nvidia is the second most valuable publicly traded U.S. company behind Apple at about $3.55 trillion.

Nvidia shares hit an all-time high of $138.07 on Monday before closing at $137.14, up 2.4% on the day. The shares are now up almost 180% for the year and have soared more than nine-fold since the beginning of 2021.

Nvidia has been the biggest beneficiary of the generative AI boom, which started with the public release of OpenAI’s ChatGPT in November 2022. Nvidia GPUs are used to create and deploy advanced AI models like ChatGPT.

Major Tech Companies Driving AI Infrastructure Spending

Microsoft, Meta, Google, Amazon and other major tech companies are spending billions annually on AI infrastructure and purchasing large quantities of Nvidia GPUs for their advanced AI work.

Those companies are slated to report quarterly results by the end of October, which will provide updates on their planned spending on AI. An outsized amount of their AI infrastructure budgets is going to Nvidia GPUs.

Outlook Remains Strong for Nvidia’s Growth

With demand for AI technology showing no signs of slowing down, Nvidia is poised for continued growth in 2023 and beyond. The company’s dominant position supplying the chips that power AI applications positions it take advantage of the ongoing AI boom.

Tags: Amazonartificial intelligenceGoogleMetanvidia
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