Amid investor bets on strong demand for its next-generation Blackwell AI processors, shares of the Santa Clara, California, company gained 2.4% to $138.07.
The Nvidia stock They closed this Monday in all-time highsplacing the manufacturer of artificial intelligence chips (AI) close to dethroning Apple like the most valuable company in the world.
Amid investor bets on strong demand for its next-generation Blackwell AI processors, the Shares of the Santa Clara, California, company gained 2.4% to $138.07.
In June, Nvidia briefly became the most valuable company in the world. It was overtaken by Microsoft and the tech trio’s market capitalizations have been on par for several months.
nvidia
Reuters
Nvidia, one step away from dethroning Apple
The latest earnings have raised Nvidia’s market value to 3.39 trillion dollarsjust below Apple’s 3.5 billion and above Microsoft’s 3.1 billion.
Nvidia has been the biggest winner on Wall Street in a race between Alphabet, Microsoft, Amazon and other big tech companies for dominating emerging AI technology.
“We believe that leading AI companies (…) face an investment environment characterized by a prisoner’s dilemma: each is individually incentivized to continue spending, since the costs of not doing so are (potentially) devastating”TD Cowen analysts wrote in a report on Sunday.
As investors prepare for quarterly earnings season, Apple rose nearly 2% and Microsoft rose 0.9%, helping the S&P 500 index improve 0.8% to its own all-time closing high.
Although Nvidia’s rally propelled the S&P 500 to all-time highs, Investors are concerned that optimism around AI could evaporate if signs emerge of a slowdown in spending on the technology.
Source: Ambito
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