Nvidia Stock Hits Record High as AI Chip Demand Skyrockets
Nvidia shares close at a record $138.07, pushing the company's market cap to $3.4 trillion. Insatiable demand for AI chips keeps the tech giant firmly ahead of competitors.
Nvidia shares hit a record high of $138.07 on Monday as Wall Street eagerly awaits earnings updates from major tech companies regarding their AI infrastructure spending. The stock experiences a staggering climb of nearly 180% this year, reflecting the company's dominant position in the AI chip market where it controls an estimated 70% to 95% of the share.
With a market capitalization of $3.4 trillion, Nvidia now stands as the second most valuable U.S. company, trailing only behind Apple. At the helm of this massive growth is CEO Jensen Huang, whose personal net worth reaches an estimated $121.5 billion according to Forbes.
The upward momentum shows no signs of slowing down as Nvidia faces "insane" demand for its next-generation Blackwell chips. Morgan Stanley reports that after meeting with Nvidia executives, the upcoming chips are already completely sold out for the next 12 months ahead of their fourth-quarter rollout.