"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."
"And one company in particular is at the vanguard: NVIDIA. The company is the premier manufacturer of components critical to the surge in AI; namely, semiconductors, microchips, and graphics processing units (GPUs). As a result, the Santa Clara, Calif.-based company has seen its stock skyrocket in the recent past. Over the past five years, shares have gained more than 1,320%, and since going public in January 1999, NVIDIA's stock is up a preposterous 517,100%."
NVIDIA's shares climbed 7.16% over the past five trading sessions following a prior five-session gain, producing nearly 50% year-to-date appreciation. The company reached historic market-cap milestones, exceeding $4 trillion in July and $5 trillion in late October. NVIDIA announced plans to invest up to $100 billion in OpenAI, prompting analysts to raise price targets. Q2 results beat expectations with $1.05 EPS and $46.74 billion in revenue. NVIDIA manufactures semiconductors, microchips and GPUs central to AI growth, has delivered outsized long-term returns, and carries continued analyst optimism ahead of Q3 earnings on Nov. 20, 2024.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]