Nvidia's stock surges 11% to all-time high, reaching market value of £2 trillion.

From Daily Mail and General Trust PLC: 2024-05-23 17:01:08

Shares in US chip maker Nvidia surged over 11% to an all-time high as revenues rose 262% in the latest quarter, adding over £210 billion in a day and reaching a market value of £2 trillion. The company dominates in AI chip design and saw revenues hit £20 billion, with plans for a ten-for-one stock split and dividend hike. Nvidia’s success is linked to demand for AI products from major tech companies like Amazon, Google, and Microsoft. Founded in 1993, Nvidia’s early bets in PC gaming and graphics processing paid off, but their AI focus has proven most profitable, with a market valuation of $1 trillion last year. They now stand alongside other tech giants in the ‘Magnificent Seven’ club.



Read more at Daily Mail and General Trust PLC: Nvidia stock hits record high as the US chip maker cashes in on the AI craze