Nvidia, led by CEO Jensen Huang, unveiled its new “Blackwell” chip at an event in Taipei, Taiwan, ahead of the Computex forum in June. The company’s shares have surged 25% over the past month, nearing a record high as tech giants like Meta, Microsoft, and Alphabet prepare to reveal their AI investment plans.
After a brief downturn in late August and early September, Nvidia’s stock has rebounded, trading at around $132, just shy of its June high of $135.58. This growth has propelled Nvidia past Microsoft, making it the second-most valuable company after Apple.
Nvidia has been a major beneficiary of the AI boom, with companies like Meta, OpenAI, Alphabet, Microsoft, and Oracle investing heavily in Nvidia’s GPUs. The company’s recent earnings report revealed a 122% year-over-year revenue increase and a more than doubled net income of $16.6 billion. Nvidia also provided strong guidance for the current quarter, expecting to ship several billion dollars worth of its new Blackwell AI chip due to high demand.
Mizuho analysts noted Nvidia holds a 95% market share for AI training and inference chips in Data Center applications, setting a $140 price target but cautioning about risks like potential export restrictions to China and geopolitical tensions. CEO Jensen Huang highlighted the “insane” demand for Blackwell, with production ramping up in the fourth quarter and continuing into fiscal 2026.
Nvidia’s stock also benefited from other factors, including a 4% rise on September 23, following a filing indicating Huang had finished selling company stock.
Original Story https://www.cnbc.com/2024/10/09/nvidia-stock-up-25percent-in-a-month-as-stock-closes-in-on-new-record.html
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