In a significant milestone for the tech industry, Nvidia Corporation has surged to the top of the global stock market, surpassing tech giants Microsoft and Apple to become the most valuable public company worldwide.
With a remarkable 3.5% increase in shares on Tuesday, Nvidia’s market capitalisation now stands at an impressive $3.4 trillion USD, firmly establishing its leadership position.
Market Impact
As investor interest in AI continues to grow, Nvidia’s leading position in AI technology positions it as a key player in this technological revolution. The company’s revenue consistently triples each quarter, and its stock has surged by nearly 174% this year.
Nvidia’s success has had a significant impact on the stock market, with both the S&P 500 and Nasdaq reaching new records. The S&P rose by 0.25%, and the Nasdaq added 0.03%. Nvidia’s performance has been a major driver of these gains, accounting for almost a third of the index’s rise through May.
What’s Next?
Nvidia’s future appears promising, with Wall Street analysts setting an optimistic price target of $160 per share. If achieved, this could elevate Nvidia’s valuation to an unprecedented $4 trillion.
This projection underscores the sustained interest and confidence in Nvidia’s growth trajectory. Financial analyst Sarah Thompson further emphasised this sentiment, stating, “Demand is showing no signs of switching off,” highlighting the ongoing conviction in Nvidia’s future prospects.
