Nvidia's rise has contributed to Wall Street's record highs this year, with the company now accounting for more than 5% of the S&P 500 index. The company's stock performance, with a 95% uptick, has outpaced other tech giants. Nvidia's earnings report released on Feb. 21 confirmed the ongoing hype around AI, with CEO Jensen Huang stating that demand for accelerated computing and generative AI is surging worldwide.
Key takeaways:
- Nvidia is reportedly close to overtaking Apple as the world's second-most valuable company, largely due to its dominant position in the high-end AI chip market.
- The company's worth has increased from $1 trillion to over $2 trillion in nine months, overtaking Amazon, Alphabet, and Saudi Aramco.
- Nvidia's rise has contributed to Wall Street reaching record highs this year, with the company now accounting for more than 5% of the S&P 500 index.
- Despite the ongoing hype around AI, Nvidia's earnings report released on Feb. 21 confirmed the real, tangible market value of the technology.