The US chipmaker Nvidia continues breaking records after ending 2023 as the best S&P 500 performer, with a whopping 236% gain.
The AI giant’s better-than-expected Q4 results have helped it add more than $400 billion to its stock value in just a month. However, the company’s three-month stock value growth is even more impressive.
According to data presented by Stocklytics.com, Nvidia added more than one trillion dollars to its stock value in the first three months of the year, or 15% more than in the entire 2023.
Ever since revealing how much it expects to profit from the rise of artificial intelligence last year, Nvidia has been at the frontline of the AI-fuelled stock market rally that has pushed the S&P 500 to historic highs. Each of the chipmaker’s earnings releases pushed its stock price further and further, helping it increase its stock value more than six times in less than a year and a half.
In 2023 alone, the US chipmaker added almost $880 billion to its stock value, rising from $359 billion in January to over $1.1 trillion in December. While this is quite an impressive gain, the company managed to outdo it in the first three months of 2024.
Between January and March, Nvidia has added over one trillion dollars to its stock value, or $145 billion more than in the entire last year. Thanks to this recent gain, the market cap of the AI giant skyrocketed to $2.25 trillion, showing a massive 529% increase since December 2022.
Moreover, the 2024 stock price rally has brought Nvidia much bigger gains than any other AI giant achieved. In comparison, Meta added $350 billion to its stock value in the three months of the year, or three times less than Nvidia. Microsoft and Alphabet follow with $337 billion and $125 billion gains, respectively. Statistics show the three companies grew their stock values by a combined $812 billion in Q1, or nearly 20% less than Nvidia alone.
The latest stock value growth has made Nvidia the third-largest tech company in the world by market cap, ahead of Amazon, Alphabet, and Meta Platforms and right behind the industry’s giants, Microsoft and Apple.
However, if the US chipmaker continues growing its stock value at the pace seen in the first three months of the year, it could soon achieve something no other tech company could- dethrone Apple and become the world’s second-largest tech company.
At the time of writing, Apple’s market cap amounted to $2.62 trillion, or $366 billion more than Nvidia’s, a figure this company added to its market cap just a month after releasing the latest earnings report.
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