Nvidia's Market Cap Reaches $2.8 Trillion, Stock Hits $1,120, Up 4.4%

May 28, 2024, 03:01 PM

Nvidia's market capitalization has surged to $2.8 trillion, driven by a significant increase in its stock price, which reached an all-time high of $1,120 per share in overnight trading. This remarkable growth positions Nvidia just $100 billion away from surpassing Apple as the second-largest company in the world. The company's stock has risen 125% in 2024 and 238% over the past year, fueled by strong demand for its AI GPUs. Nvidia's recent earnings report revealed record-breaking figures, with revenue up 262% year-over-year to $26 billion and net income up 628% to $14.9 billion. The company's net profit margin also hit a record high of 57%. Nvidia's market cap increase of $1.6 trillion this year underscores its dominant position in the tech industry, now worth more than Amazon and Tesla combined. The stock surged 3.1% premarket and 4.4% during trading, adding $150 billion in market cap. This surge occurred despite the Memorial Day weekend.