Nvidia's stock reaches all-time high, could surpass Apple as most valuable company.

From Investing.com: 2024-10-15 01:22:06

Shares of Nvidia soared to an all-time high, inching closer to surpassing Apple as the world’s most valuable company. With strong demand for AI processors, Nvidia’s stock closed at $138.07, propelling its market value to $3.39 trillion. Wall Street analysts remain bullish on Nvidia, predicting continued growth in revenue and market dominance in AI technology.

Despite delays in production of upcoming chips, Nvidia’s current generation of AI processors continue to see robust demand. As quarterly reporting season approaches, Apple and Microsoft also experienced gains, contributing to the S&P 500 reaching record highs. Nvidia, Apple, and Microsoft’s influence on the index highlights their significant weight in the market.

Taiwan Semiconductor Manufacturing Co, responsible for producing Nvidia’s processors, is expected to report a 40% increase in quarterly profit. Analysts project Nvidia’s annual revenue to double to nearly $126 billion, driven by investments in AI data centers. However, concerns linger among investors about a potential slowdown in AI spending impacting the sector’s growth.



Read more at Investing.com: Nvidia notches record close, could unseat Apple as most valuable company By Reuters