Nvidia adds single-day record $277 billion in stock market value

Nvidia added $277 billion in stock market value on Thursday, the largest one-day gain in history, after the chipmaker’s quarterly report beat expectations which reignited a rally in shares fueled by optimism about artificial intelligence.

Intel (remember them?), peddlers of snail-like hotplates, is currently worth a whole $182 billion in its entirety.

Noel Randewich and Medha Singh for Reuters:
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The company’s stock soared 16.4% to close at $785.38, a record-high close, lifting its market capitalization to $1.96 trillion after its January-quarter report late on Wednesday showed demand for its specialized chips used in AI computing continued to outpace analysts’ already-high expectations.

Nvidia’s one-day increase in stock market value was the largest in Wall Street’s history, easily beating a record $196 billion gain by Meta Platforms on Feb. 2 after the Facebook parent declared its first dividend and posted robust results.

Its gain made Nvidia the U.S. stock market’s third-most valuable company, pulling ahead of Amazon.com and Alphabet after jockeying with the two tech powerhouses in recent weeks.

Microsoft and Apple, valued at $3.06 trillion and $2.85 trillion, respectively, are Wall Street’s two most valuable companies.

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MacDailyNews Take: The AI Gold Rush continues!

(Apple, currently scrambling to play catch up in AI, was up a mere 1.12% for the day).

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