Three weeks after Meta set the record in the stock market, the global chip maker NVIDIA is looking to break it. On a pre-market trading the chipmaker’s stock shot up by 15 per cent, where it is now on track to add a whopping $250 billion to its market cap, breaking the $197 billion gain Meta had made. This would make it the biggest single-session increase market value ever.
On Thursday, Nvidia, reported a revenue of $22.1 billion for the fourth quarter that ended on January 28, this year. This marked a 22 per cent jump from its previous quarter and a whopping 265 per cent jump from the previous year. The company’s revenue growth has primarily been propelled by the strong demand for AI chips for servers- particularly its Hopper chips – H100.
Analysts from Morgan Stanley have quickly revised the target prices for the stock. It increased the 12-month target price from $750 to $795. The brokerage in its post-Q4 results wrote- The strength of AI demand continues to be remarkable.
