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Nvidia joins the "$1 trillion market capitalization" club

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Nvidia hit a $1 trillion market cap at the market open Tuesday, buoyed by an AI frenzy and a massive earnings beat.




Nvidia hit a $1 trillion market cap at the open Tuesday, joining a small club of mostly technology companies. Nvidia’s shares have to hold above $404.86 to maintain that distinction throughout the day.


The stock rose nearly 6% in late morning trading, hitting a fresh 52-week high.


The chipmaker’s shares rocketed last week after it posted quarterly earnings with top- and bottom-line numbers that significantly beat consensus estimates. Nvidia’s gain buoyed other chipmakers, with the notable exception of Intel, and was also fueled in part by estimates that were more optimistic than expected.


Significantly, Nvidia forecast $11 billion in sales for the second quarter of fiscal 2024 alone. The expected sales were 50% higher than consensus estimates of $7.15 billion.



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19 hours ago, Reputator said:

And after all that blustering about graphics card sales being down.


Oh and after a hilariously cringy datacenter presentation.



GPU sales are bad right now at least on the gaming side of things, markets are betting on AI making these companies literal tons of cash.

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