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NVIDIA Surpasses $1 Trillion Market Cap Driven by AI Boom

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NVIDIA Corporation set to achieve $1 trillion market capitalization upon the opening of US markets for trading on Tuesday.

US chipmaker company, NVIDIA, reached the $1 trillion market milestone shortly before the opening of US markets on Tuesday. In the pre-market, NVIDIA shares are trading at $407, experiencing an almost 5% increase compared to the previous day.

With the commencement of trading after a long weekend, NVIDIA shares are anticipated to experience further growth as US markets open on Tuesday. Over the past five days, the price of NVIDIA stock has risen by approximately 30%.

Following the release of quarterly earnings, the market capitalization of the chip maker company surged from around $720 billion to over $900 billion in a single day.

NVIDIA Increases Focus on AI Products

During the extended weekend, Nvidia’s CEO Jensen Huang took advantage of the AI boom to introduce a range of new products and services. These include a robotics design, enhanced gaming capabilities, advertising services, and a networking technology.

Additionally, Huang unveiled a powerful AI supercomputer platform called DGX GH200, which is set to aid tech companies in developing successors to ChatGPT.

Prominent technology firms such as Microsoft, Google, and Meta are anticipated to be among the initial users of this platform.

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Nvidia’s quarterly earnings report projected a substantial sales figure of $11 billion for the second quarter of 2024. This estimate surpassed market expectations, as it was 50% higher than the consensus estimate of $7.15 billion. As a result, institutional investors showed significant interest in acquiring Nvidia shares.

Also Read This Related: Nvidia’s Strong Outlook Encourages Bitcoin Miners to Consider AI

Nvidia Joins Trillion Dollar Market Club with Apple, Amazon, and Google

As the markets open on Tuesday, the US-based company will join the ranks of the world’s largest companies with a market capitalization of $1 trillion. This places it alongside industry giants such as Apple, Alphabet (Google), Amazon, and Microsoft, who have also reached the $1 trillion market cap milestone. The shares of this US chipmaker firm have experienced an impressive growth of almost 200% since the beginning of the year.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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