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Nvidia Corporation reached the $1 trillion market cap on Tuesday, May 30. With this record, it has become the first US-based chip company to ever achieve this valuation.
According to CNBC, shares of Nvidia surged last week after posting its quarterly earnings showing numbers that remarkably thumped consensus estimates. With the exception of Intel Corporation, Nvidia's gains bolstered other chipmakers' results too.
The Santa Clara, California-headquartered tech and software company predicted $11 billion in sales for its second-quarter results of fiscal 2024. Its expected sales were 50% higher than the consensus estimates, which was only $7.15 billion.
Nvidia's sales increase was partly credited to the hysteria over artificial intelligence (AI) technology. Apparently, the higher demand for chips within the tech industry mainly fueled the surge.
Reuters reported that investors were quite surprised by the revenue forecast last week, which exceeded the expectations of analysts. Then again, after breaching the $1 trillion mark for a market cap this week, Nvidia's numbers quickly fell to $990 billion. Thus, it has joined the $1 trillion valuation club for a short time only.
The company's shares need to hold more than $404.86 to maintain the distinction throughout the day. However, by late afternoon of the trading, the stock gave back some of its gains, so Nvidia's valuation fell back to just below the $1 trillion level where it has closed.
Meanwhile, Nvidia Corporation's recent price explosion could be an indication of an overheated market. Other market analysts also suggested that there is still a lot of room for the company to grow further since the AI boom may only just be starting, as per CoinTelegraph.
"Technical traders and AI mania have pushed Nvidia toward the $1 trillion cap and it is not inexpensive," Jim Kelleher, an analyst at Argus Research, commented.
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