Published , by TJ Denzer
Published , by TJ Denzer
Following its most recent earnings results, NVIDIA stock price rose sharply and as of this week, the company crossed the $1 trillion USD mark on its market cap. NVIDIA shared major confidence in its next fiscal quarter and raised its guidance by a large margin against expectations. This comes on the back of NVIDIA’s heavy investment into AI technology and partnerships, which is also working out quite well for it.
NVIDIA’s market cap reached the $1 trillion mark as markets opened following Memorial Day, as spotted by CNBC. The company opened at a stock price of around $405.96 per NVDA share on Tuesday, May 30. It then rose to around $409 per share. The company would have had to keep that share value above the $405 mark to hold the $1 trillion market cap value for the day, but it has since cooled down to around $400. Nonetheless, today’s strong opening for NVIDIA makes it one of only a handful of companies to achieve such highs, including Apple, Alphabet (Google), Amazon, and Microsoft.
NVIDIA’s strong start to this week comes off strong results in its Q1 2024 quarterly reporting, where the company not only beat earnings-per-share (EPS) and revenue expectations, but it also raised its guidance for Q2 2024 quite a bit over estimates. Where analysts expected guidance of about $7.2 billion USD for NVIDIA’s Q2, the company instead set its sights on $11 billion in revenue for the quarter. NVIDIA has also gone all-in on AI technology and partnerships, as shown in many of the reveals and announcements during its GTC 2023 presentation.
NVIDIA shares remained up about 166.5% year-to-date coming into Tuesday. It will be interesting to see if it can hold that valuation and secure its $1 trillion market cap among a very small collection of tech companies. Stay tuned as we report on further NVIDIA updates right here at Shacknews.