NVidia
With a record on the stock market, Nvidia is closer to overtaking Apple as the most valuable in the world
Nvidia shares reached their highest ever value on Monday (14), putting the large artificial intelligence chip maker on the brink of dethroning Apple as the most valuable company in the world.
#newsonleo #nvidia #technology
With investors betting on strong demand for its current and next-generation AI processors, shares of the Santa Clara, Calif., company rose 2.4% to end the day at $138.07.
In June, Nvidia briefly became the most valuable company in the world. But the company has been overtaken by Microsoft and the technology trio's market values have been side by side for several months.
The latest gains have pushed Nvidia's market cap to $3.4 trillion, just below Apple's $3.5 trillion and above Microsoft's $3.1 trillion.
“We believe that leading AI companies face an investment environment characterized by the Prisoner's Dilemma – each is individually incentivized to continue spending as the costs of not doing so are [potentially] devastating,” TD Cowen analysts wrote in the Sunday. TD Cowen reiterated a $165 price target for Nvidia.
As investors geared up for quarterly earnings season, Apple rose 1.2%, Microsoft 0.9% and the S&P 500 index rose 0.7% to its own record.
Analysts expect investments in building AI data centers to help Nvidia's annual revenue more than double to nearly $126 billion, according to data from Lseg.