Nvidia Corp (NASDAQ:NVDA, ETR:NVD) were trading at a record high on Thursday, cementing its position as the world's most valuable company and putting clear blue water between it, Microsoft and Apple.
Its share price climbed over 4% on Wednesday to close at a record $154.31, giving Nvidia a $3.77 trillion valuation and reflecting growing investor confidence in its dominance in artificial intelligence, despite ongoing export restrictions to China.
On Thursday, shares of Nvidia reached as high as $156.69.
The company has seen remarkable growth in 2024, driven by soaring demand for its graphics processing units (GPUs), which are essential for powering AI models and data centres.
Revenue jumped 69% year-on-year in its latest quarter, with analysts forecasting a 53% increase for the full fiscal year, taking annual revenue close to $200 billion.
Tensions with China remain a challenge. New US export controls have effectively cut Nvidia off from the Chinese market, forcing a write-down of $4.5 billion in inventory.
Still, CEO Jensen Huang said the company’s other major opportunity lies in robotics, alongside its AI leadership.