Silicon Valley chipmaking darling NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) has reached a new all-time high on the Nasdaq, signalling that the artificial intelligence-led boom in its share price still has some gas in the tank.
Nvidia, which designs high-spec graphic processing units (GPUs) that most AI models use to train on, is now worth close to $3.5 trillion.
It is currently the second-largest US company by market capitalisation, in front of Microsoft Corp (NASDAQ:MSFT) and behind only Apple Inc (NASDAQ:AAPL, ETR:APC).
Its stratospheric rise to the top of the S&P 500 began in late 2022 when its top-on-the-range GPUs were used to train OpenAI’s groundbreaking ChatGPT large-language model.
Since then, Nvidia hardware has become the hottest commodity in the AI boom- its share price has followed suit.
Between November 2022 and today, its stock price has risen 900%. It is up 230% in the past 12 months alone and 190% year to date.
There could be more gains on the horizon as Nvidia ramps up the rollout of its new flagship GPU ‘Blackwell’.
Tech giants from Microsoft and Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) to Elon Musk’s xAI are expected to buy these cards in high quantities to train their respective LLMs.
It appears that the founder and chief executive of Nvidia Jensen Huang’s status as the ‘Godfather of AI’ is safe for now.
In early trading, the stock was up 2% at $140.71.