Shares of Nvidia (NVDA.US) continue to enjoy a strong, AI-fuelled rally. Company was the best performing S&P 500 member in 2023, rallying almost 240% during the previous year. Upbeat sentiment continues into 2024 with the stock being the best performing S&P 500 member in the year-to-date period as well. Nvidia is trading 46% higher compared to the 2023 close.
While the stock struggles to break above the record highs reached at the beginning of this week, today's 1% gain is enough to make it pass another milestone - surpassing Alphabet (GOOGL.US) in terms of market capitalization. However, this is to a huge extent due to today's weaker performance of Alphabet. Nevertheless, Nvidia became the third largest US company in terms of market capitalization today and is only lagging behind Microsoft (MSFT.US) and Apple (AAPL.US). Nvidia's market capitalization currently stands at around $1.8 trillion, while Microsoft and Apple have a market capitalization of around $3.02 and $2.82 trillion, respectively.
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Source: Bloomberg Finance LP, XTB Research
Nvidia (NVDA.US) is trading around 575% above the October 2022 low as AI-craze continues to fuel strong share price gains on the stock. Source: xStation5
