May 24, 2023 - Economy & Business
Nvidia continues A.I.-fueled stock rampage
Nvidia's stock soared more than 20% after the chipmaker on Wednesday reported much better than expected quarterly results — and upped its forecast for the year, citing "surging demand."
Why it matters: Nvidia is one of the semiconductor companies considered to be at the center of the hype around artificial intelligence, which has supercharged its shares this year.
Context: It's a rare bit of 2021-vintage euphoria for a market still licking its wounds from an awful 2022.
Zoom in: Even before the latest earnings report it was the best-performing stock in the S&P 500, with a gain of 109% in 2023.
- Now, including today's after hours action, it's up about 160%, at last glance.
- This year's run has catapulted the company into the top five of the S&P 500 — it's now the fifth largest company in the index, by market cap.
- Nvidia's market value is now somewhere over $930 billion, leaving market giants like Berkshire Hathaway ($700 billion), Meta ($639 billion) and Tesla ($580 billion) covered in dust.