Nvidia nears $2 trillion mark as AI mania rekindles Wall St tech rally
Nvidia inched closer to $2 trillion market value after the bellwether for AI chip demand once again exceeded Wall Street's sky-high expectations, re-igniting a global rally in tech stocks.
The chip supplier is set to reclaim its spot as the third most valuable U.S. company as shares surged 13.5% before the bell on Thursday. If gains hold, Nvidia will add more than $230 billion to its market capitalization.
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«The people who made the most money in the gold rush of the mid-1800s were the ones providing the tools to get the job done, not those hunting for the precious metal,» said Russ Mould, investment director at AJ Bell.
«Nvidia is effectively playing the same role today in this tech revolution.»
Soaring demand for Nvidia's chips used by companies rushing to upgrade their AI offerings helped the Silicon Valley firm forecast a whopping 233% growth in first-quarter revenue, above market expectations of a 208% rise.
Gains in Nvidia lifted aspiring AI competitor Advanced Micro Devices 6%, while Super Micro Computer climbed 14.2% and Arm Holdings rose 9.9%. The iShares semiconductor ETF added 4%.
The premarket
