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Home » News » Nvidia Hits $2 Trillion Valuation Amid Dell’s AI Optimism Boost

Nvidia Hits $2 Trillion Valuation Amid Dell’s AI Optimism Boost

Nvidia's market value Surpasses $2 trillion after Dell's upbeat forecast fuels an AI-driven rally on Wall Street. Explore the surge in chipmakers' stocks and Nvidia's dominance in the AI chip market.

tech chilli logo by Tech Chilli Desk
Saturday, 2 March 2024, 8:16 AM
in News
NVIDIA

NVIDIA

Nvidia achieved a significant milestone as its market valuation soared beyond $2 trillion for the first time, fueled by an optimistic report from Dell Technologies that reignited Wall Street’s AI-driven rally. Dell’s positive forecast, highlighting a surge in orders for AI-optimized servers featuring Nvidia’s processors, sparked a 4% increase in Nvidia’s stock.

The rally extended to other chipmakers, with Super Micro Computer, Broadcom, Marvell Technology, and Advanced Micro Devices all experiencing significant gains. The PHLX chip index also surged to a record high, reflecting investor confidence in the AI market’s growth potential.

Also Read: NVIDIA Launches ‘Chat with RTX’: Local AI Chatbot Harnessing Personal Data

The AI chip market leader, Nvidia, controls approximately 80% of the high-end AI chip sector. Its components are in high demand, with notable customers including OpenAI (the creator of ChatGPT), Microsoft, Alphabet, and Meta Platforms. The company’s components are in high demand as companies compete in the rapidly evolving generative AI sector.

Nvidia’s stock has become the most traded on Wall Street by value, surpassing Tesla, with an average daily trading volume of $36 billion over the past 30 sessions. In a single session on February 23, the company added $277 billion in stock market value, setting a Wall Street record. 

Nvidia’s stock performance has been remarkable in 2024, boasting a 66% increase after more than tripling in value the previous year. Its market value surpassed that of Amazon and Alphabet last month, cementing its position as a tech industry leader.

While Nvidia briefly surpassed $2 trillion in market capitalization a week ago before retracting, it now stands alongside giants like Microsoft and Apple as one of Wall Street’s most valuable companies. Saudi Aramco remains the only company with a higher market capitalization, but the majority of its shares are government-held and not widely available for trading.

Nvidia’s achievement underscores the growing significance of AI technology in driving market growth and investor interest. As the AI sector continues to expand, Nvidia’s innovative solutions and market dominance position it for continued success in the years to come.

Also Read: Nvidia CEO rings alarm on IT jobs, says with AI no one will require Java or C to do coding

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