Nvidia Stock Hits Record $1,100, Up 3.55%, Market Cap Reaches $2.7 Trillion

May 28, 2024, 12:30 AM

Nvidia (NVDA) has experienced a significant surge in its stock price, reaching an all-time high of over $1,100 in overnight trading. This increase has propelled Nvidia's market capitalization to a record $2.7 trillion, making it the third-largest company globally and just 9% away from surpassing Apple as the second-largest. The company's stock has risen by 125% in 2024 alone. Nvidia's impressive performance is further highlighted by its 10-for-1 stock split scheduled for June 7th, which is expected to boost its stock price even further. Over the past five quarters, Nvidia's data center revenues have grown by 527%, and its net income has increased by 640% year-over-year. The stock price gains are attributed to earnings growth rather than multiple expansion. Nvidia's stock is up 3.55%, with 60K shares traded overnight. Nvidia's 10-year stretch has seen a remarkable 22,080% increase, and the company is worth $2.6 trillion.