TECH - Nvidia Spikes To $2 Trillion Market Cap As FOMO Drives Traders Into Stock: The Journey To Tech Supremacy | Benzinga
It was only a matter of time for this moment of glory, especially after such a superlative earnings performance. Nvidia Corp.’s (NASDAQ:NVDA) market-capitalization crossed the $2 trillion mark, right out of the gates as the stock began trading on Friday.
New Kid On $2T Club: Nvidia opened Friday’s session at $809.70, up 2.87% from the previous session’s closing price. With the Santa Clara, California-based company’s outstanding shares at 2.49 billion, Friday’s opening price meant the company’s valuation shot up to $2.016 trillion.
Nvidia joined an elite list of global corporations that currently boast a $2 trillion market cap. It is only fourth in the list after Microsoft ($3.07 trillion), Apple ($2.83 trillion and Middle East oil giant Saudi Aramco ($2.065 trillion).
The rally in Nvidia shares started as early as 2023 after a lackluster performance in 2022. It rose 240% in 2023 and has added 58.6% year-to-date (based on Thursday’s closing price). The strong two-day rally in the stock came after the company reported forecast-beating fourth-quarter results, thanks to strong Data Center revenue. The company is enjoying a near monopoly position in ...