Nvidia Hits $2 Trillion in Market Value During Intraday Trading

By Jace Dela Cruz

Feb 24, 2024 01:30 AM EST

Nvidia surpassed $2 trillion in market cap during intraday trading on Friday following the release of its rosy earnings report earlier this week.

(Photo : Ethan Miller/Getty Images)
LAS VEGAS, NV - JANUARY 04: An Nvidia logo is shown on a screen during a keynote address by Nvidia Founder, President and CEO Jen-Hsun Huang at CES 2017 at The Venetian Las Vegas on January 4, 2017 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs from January 5-8 and is expected to feature 3,800 exhibitors showing off their latest products and services to more than 165,000 attendees.

Short-Lived $2 Trillion Milestone of Nvidia

According to CNBC, this milestone was short-lived. Despite the initial increase, Nvidia's shares closed up less than 1% on Friday, ending at $788.17 per share. The stock had seen a significant rise of 16% on Thursday.

Nvidia reported a remarkable revenue of $22.10 billion for its fiscal fourth quarter on Wednesday, marking a substantial 265% increase compared to the previous year and surpassing analysts' expectations.

Additionally, the company's net income for the quarter surged by 769% to $12.29 billion, reflecting its strong performance.

Surge in Revenue of Nvidia

The surge in Nvidia's revenue can be attributed to the high demand for artificial intelligence capabilities within the tech sector, which has significantly benefited the company over the past year.

Nvidia specializes in producing high-end graphics processors used in servers to power large-scale AI models. The company expects sales of $24 billion in the current quarter, exceeding the analysts' expectations of $22.17 billion.

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