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Nvidia Shares Surge 10% After Earnings, 10-for-1 Stock Split Announcement

May 24, 2024, 06:17 AM

Nvidia's shares surged following a strong earnings report and the announcement of a 10-for-1 stock split. The company's stock price increased by 10%, closing above $1,000 and contributing to a 92% rise this year. Nvidia's market value has now surpassed $2.5 trillion, adding $217.7 billion in a single day. The company's data center revenue reached $22.6 billion in the latest quarter, a 427% year-on-year increase, driven by booming AI demand. This growth has positioned Nvidia as a dominant player in the AI and chip sectors, with its market cap now larger than the combined value of Tesla and Amazon. Despite Nvidia's success, the broader market experienced a downturn, with the Dow Jones falling 605.78 points, marking its worst day of 2024. Nvidia's stock price jumped 9.32% on Thursday, closing at 39,065.26.