Nvidia Stock Surges Past $1,100, Up 7%, Announces 10-for-1 Split, Market Cap Hits $2.8 Trillion

May 28, 2024, 04:03 PM

Nvidia's stock has surged significantly, reaching new all-time highs and surpassing the $1,100 mark. The company's market capitalization has grown to $2.8 trillion, making it larger than the entire Australian, Korean, German, and Canadian stock markets. This growth is driven by strong earnings reports and the increasing demand for AI chips. Nvidia's data center revenues have grown 527% over the past five quarters, and its net income has increased by 640% year-over-year. The stock is now just behind Apple and Microsoft in terms of market cap, and it has added $460 billion in market cap over the past three days. Nvidia's recent performance is also bolstered by Elon Musk's AI startup xAI, which plans to use Nvidia chips for a new supercomputer. Additionally, Nvidia announced a 10-for-1 stock split set for June 7th. The stock is up 7% today, 3.1% premarket, and 4.4% at the New York open.