Nvidia stock surge: Market value approaching $1 trillion
Nvidia’s first made inroads with its high-performance chips in the auto industry, and it now provides a range of software, data center and now artificial-intelligence products across sectors.
Its Drive Orin system-on-chip powers many automakers’ driver-assistance and autonomous-driving ambitions, and is increasingly utilized for both those systems and in-cabin features as automakers consolidate their computing architectures.
Likewise, Nvidia’s Omniverse platform — akin to a three-dimensional version of Google Docs that allow teams to work on products simultaneously — has been adopted by automakers to help them design and develop both vehicles and factories. In March, BMW said it would use Omniverse for building and planning across its production network, including at its EV plant in Debrecen, Hungary, scheduled to begin operations in 2025.
Approaching Apple, Google and Microsoft
With the stock surge, Nvidia trails only trillion-dollar-value companies Apple Inc., Google parent Alphabet Inc., Microsoft Corp. and Amazon.com Inc.
The rosy earnings also sparked a rally in the chip sector and for AI-focused firms, lifting stock markets from Japan to Europe. In the U.S., Big Tech companies other than Amazon closed between 0.6 percent and 3.8 percent higher, while Advanced Micro Devices Inc. settled 11 percent higher.
Analysts rushed to raise their price targets on Nvidia stock, with 27 lifting their view on the idea that all roads in AI lead to the company as it dominates the market for chips used to power ChatGPT and many similar services.
Pete Bigelow of Automotive News and Reuters contributed to this report.
#Nvidia #stock #surge #Market #approaching #trillion