Nvidia adds record $250 billion in stock market value
By Noel Randewich and Medha Singh
(Reuters) -Nvidia added $250 billion in stock market value on Thursday, on track for Wall Street's largest one-day gain in history after the heavyweight chipmaker's quarterly report beat expectations and reignited a rally fueled by optimism about artificial intelligence.
The company's stock was last up 15% at $774.18, lifting its market capitalization to over $1.9 trillion after its January-quarter report late on Wednesday showed demand for its specialized chips used in AI computing continued to outpace analysts' already-high expectations.
Shares of the Santa Clara, California-based company hit an intraday record high of $780.85 earlier on Thursday.
Nvidia (NASDAQ:NVDA)'s results fed new fuel to a global rally in technology stocks linked to AI, propelling the S&P 500, Europe's STOXX 600 and Japan's Nikkei share average to record highs.
Traders had exchanged $47 billion worth of Nvidia's shares as of midday, accounting for over a quarter of all trading in S&P 500 stocks.
Closing at its current level would make Nvidia's one-day increase in stock market value the largest in Wall Street's history, easily beating a record $196 billion gain by Meta Platforms (NASDAQ:META) on Feb. 2 after the Facebook parent declared its first dividend and posted robust results.
Thursday's gain made Nvidia the U.S. stock market's third-most valuable company, pulling ahead of Amazon.com (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) after jockeying with the two tech powerhouses in recent weeks.
Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL), valued at $3.04 trillion and $2.84 trillion, respectively, are Wall Street's two most valuable companies.
Nvidia's stock has now climbed 57% in 2024, accounting for more than a
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