Nvidia Corporation’s remarkable performance shows no sign of slowing down, with the Wall Street microchip darling hitting a new record high on the Nasdaq exchange.
Shares closed Tuesday trades at $487.84 (38,567p) marking a whopping $1.2 trillion market capitalisation.
Year to date, that puts Nvidia shares over 240% higher, a rare feat for a mega-cap company.
But the winds of change have blown in the right direction for Nvidia, with its technology becoming the foundation on which the artificial intelligence (AI) boom is being built.
Nvidia’s second-quarter earnings call last week was a landmark moment, with revenues obliterating Street expectations.
Nvidia’s data centre unit, which makes semiconductors for cloud computing devices and AI applications, delivered $10.32 billion of revenue, some $3 billion more than the market had anticipated.
A collaboration with Google Cloud announced yesterday further added to Nvidia’s new record-high share price.
The duo is working to, in Nvidia’s words, “enable more generative AI startups to build next-generation applications”.
Nvidia’s NVIDIA H100 Tensor Core graphics processing unit will be central to achieving this goal.