"The last week of October, NVIDIA became the first publicly traded company to surpass a market cap of $5 trillion. In July, the AI chipmaker became the first publicly traded company to hit a $4 trillion market cap in early July. That achievement came just one month after surpassing both Apple Inc. (NASDAQ:AAPL) and Microsoft Corp. (NASDAQ:MSFT) in market cap as members of the $3 trillion market cap club."
"In September, the company announced plans to invest up to $100 billion in OpenAI. As a result, Evercore raised its price target on NVIDIA to $225 from $214 while keeping an "Outperform" rating, citing the OpenAI deal as the impetus, while Barclays raised its price target to $240 from $200, maintaining its "Overweight" rating. From a financials perspective, the company has tailwinds."
NVIDIA shares declined 4.32% over the past five trading sessions following a 1.87% drop in the prior five, leaving year-to-date gains near 35% as an AI-fueled sell-off persists into November. The company exceeded a $5 trillion market capitalization in late October after reaching $4 trillion in July and earlier surpassing Apple and Microsoft to join the $3 trillion club. In September, NVIDIA announced plans to invest up to $100 billion in OpenAI, prompting higher price targets from Evercore and Barclays. Q2 results on Aug. 26 beat expectations with EPS $1.05 and revenue $46.74 billion. Shares have risen over 1,320% in five years and 517,100% since the 1999 IPO, and analysts expect further medium- and long-term upside.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]