Nvidia turns US stock exchange into a one-man show

“Money printing machine” Nvidia continues to show great attraction to investors after the company announced business results that exceeded forecasts. At the end of the trading session on February 23, the graphics chip company's stock reached 788.17 USD/share, marking a week of sublime trading.

Previously, at the close of trading on February 22, Nvidia shares increased by 16.4% to a record high of $758.3 per share. As a result, Nvidia's capitalization increased by $277 billion, the strongest daily increase in the history of the US stock market.

Nvidia stock far outperforms other tech rivals on the stock market

Nvidia's market capitalization increase this session far exceeds the $197 billion market capitalization increase in a single session achieved by Meta, Facebook's parent company, in early February. Nvidia is also the third most valuable company in the US, after Microsoft and Apple.

Stacy Rasgon, an analyst at Bernstein Research, said Nvidia is a "money printing machine" at the moment, as the company's prospects for continued growth are also quite solid.

According to the financial quarter business report ending at the end of January, Nvidia achieved revenue of 22.1 billion USD, up 265% over the same period last year, and net profit increased nearly 8 times to 12.3 billion USD.

Since the beginning of the year, Nvidia shares have increased by 58%, helping CEO Jensen Huang become the 21st richest person in the world with a fortune of nearly 70 billion USD - according to Bloomberg Billionaires Index.

"The company is fundamentally well-positioned to continue to grow in 2025 and beyond," Nvidia CEO Jensen Huang told analysts on the earnings call.

Nvidia expects first-quarter 2024 sales to reach $24 billion, exceeding analysts' estimates of $22.17 billion.

The company now controls 80% of the high-end AI chip market and supplies other tech giants like Microsoft and Meta. Nvidia's positive outlook has led analysts to raise their price targets on the stock.

JPMorgan Chase analysts raised their price target on Nvidia shares to $850 per share from $650. Bank of America Global Research raised its price target on Nvidia shares to $925 per share from $800.

The Viet (Source: Synthesis)

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