Official earnings report released by Nvidia

Nvidia Stock Surges Over 3% to Record High; Market Cap Tops $3.5 Trillion Nears Apple's $3.6 Trillion

Oct 21, 2024, 07:36 PM

Nvidia Corp.'s stock surged to new all-time highs on Monday, closing above $140 and gaining over 3% on the day, as investors showed strong confidence ahead of its upcoming earnings report next month. The rally propelled the semiconductor giant's market capitalization past $3.5 trillion for the first time, bringing it within $70 billion of surpassing Apple Inc.'s valuation of approximately $3.6 trillion, potentially becoming the world's most valuable company. Market analysts highlighted the $150 price target as a significant resistance level to watch. The robust performance was bolstered by substantial trading activity, including the purchase of 1,300 February $213 call options at $2.31, indicating bullish sentiment among investors. Additionally, a large trade involving 4,000 December $70 calls worth $7 million underscored the optimism surrounding the stock. Nvidia's stock has more than tripled over the past year, rebounding from a low of $90 in August, reflecting the high demand for its GPUs, particularly for artificial intelligence applications. The company's exceptional gains have seen it outperform its technology peers by a significant margin, with many market watchers attributing the rise to the growing importance of AI and strong demand for its forthcoming Blackwell chips.