Chipmaker Nvidia is expected to catch up with MetaPlatforms Inc. The highest single-day market value increase in U.S. stock market history was set three weeks ago. Nvidia's stock price soared 14%, putting its market value on track to increase by more than $230 billion. This would be the largest single-day increase in market capitalization in history, far exceeding the $197 billion gain recorded by Meta earlier this month.
"The company is like a money printing press right now," Sanford C. said Bernstein analyst Stacy Rasgon.
"The outlook for continued growth from current levels appears solid." Nvidia surged after reporting extremely strong results. The company's results solidified Wall Street's bets on the potential of its artificial intelligence technology.
Nvidia's guidance also exceeded expectations, driven by artificial intelligence spending by major customers such as Microsoft and Meta. A string of earnings beats meant the stock's price-to-earnings ratio was falling. (Global Market Report)