Nvidia's Stock Hits Record High at $138.07, Market Cap Reaches $3.4 Trillion Amid Strong AI Chip Demand

Oct 14, 2024, 09:59 PM

Nvidia's stock has surged to a new record high, closing at $138.07, driven by strong demand for its AI chips and successful efforts to alleviate investor concerns about product delays. The company's market capitalization has reached approximately $3.4 trillion, making it the second-largest company in the world, surpassing Microsoft. Major orders from tech giants such as Google, Microsoft, and Meta for Nvidia's GB200 chips, valued at $10 billion, $2 billion, and $8 billion respectively, have significantly contributed to this growth. Nvidia's advancements in AI technology and its strategic collaborations with companies like AT&T and Deloitte further bolster its market position. The company's CEO, Jensen Huang, has highlighted the high demand for Nvidia's Blackwell chip, which is now in full production. Nvidia's rise comes amid a broader tech rebound driven by hopes of a US 'soft landing'. Analysts from Citi and Goldman Sachs have updated their price targets for Nvidia, anticipating strong cloud growth ahead of CES. Morgan Stanley also sees Nvidia as a long-term winner in the AI market.