Nvidia’s historic rally extends to a record-setting 10th straight week
Nvidia Corp.’s historic 2024 rally keeps piling on records.
The stock rose 0.4% over the latest week, making for the chipmaker’s 10th straight positive week, the longest such winning streak in its history. Meanwhile, the Philadelphia Stock Exchange Semiconductor Index fell 4% this week, its biggest one-week drop since January.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitMITMIT Technology Leadership and InnovationVisitNvidia gained about 80% over the 10-week rally, and the streak is the latest example of how investors have continually bid up the company amid sky-high demand for chips used in artificial intelligence.
Nvidia is the top gainer among Nasdaq 100 Index components this year, just as it was in 2023. The rally has resulted in a market capitalization of about $2.2 trillion for Nvidia, making it the third-largest publicly traded stock, behind Microsoft Corp and Apple Inc.
The next major test for the stock will come on Monday, when Chief Executive Officer Jensen Huang will speak at the company’s annual GTC conference.
