The company's strong performance has been driven by the hype around artificial intelligence (AI), with Nvidia seen as well positioned to benefit from the growing demand for high-end computing infrastructure required for AI operations. The company's success has also resulted in a significant increase in the wealth of its CEO, Jensen Huang, whose personal fortune has grown to as much as $42 billion.
Key takeaways:
- Nvidia added $90 billion in market value in Thursday's premarket trades following another set of smashing earnings numbers, with its stock jumping almost 8% to $508.41 apiece.
- The company's second-quarter revenue surged 101% from a year earlier to $13.5 billion, making it the best-performing name of the year on the S&P 500 index.
- The AI hype, fueled by the ChatGPT, has led to a significant increase in the company's stock, pushing its market cap above $1 trillion for the first time ever in May.
- Nvidia's stock rally has also fueled a sizable jump in the wealth of its CEO, Jensen Huang, whose personal fortune grew to as much as $42 billion following the firm's results.