"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."
"Over the past few years, AI has consistently fueled the largest gains for the market. 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."
Shares of NVIDIA lost 1.87% over the past five trading sessions after gaining 7.16% the five prior, leaving year-to-date gains near 44%. NVIDIA became the first publicly traded company to surpass a $5 trillion market cap after earlier reaching $4 trillion and eclipsing Apple and Microsoft among $3 trillion members. The company announced plans to invest up to $100 billion in OpenAI, prompting price-target increases from Evercore and Barclays. NVIDIA beat Q2 estimates with EPS of $1.05 and revenue of $46.74 billion and will report Q3 earnings on Nov. 20, 2024. AI demand for GPUs drove more than 1,320% five-year gains and 517,100% since IPO.
Read at 24/7 Wall St.
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