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's market cap gain this session far exceeds the $197 billion single-session gain that Facebook parent Meta achieved in early February.

Nvidia ended the week on a high note at $788.17 a share, after surging 16% on February 22. At one point, the semiconductor company’s market capitalization surpassed $2 trillion. Nvidia is also the third most valuable company in the United States, behind Microsoft and Apple.

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Nvidia stock is outperforming other US tech giants.

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.

In the fiscal quarter ended in late January, Nvidia posted revenue of $22.1 billion, up 265% year-over-year, and net profit jumped nearly eightfold to $12.3 billion.

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.

(According to CNBC, Bloomberg)

Nvidia admits Huawei is top competitor Nvidia identified Huawei as a top competitor for the first time in several areas, including AI chips, in a filing with the US Securities and Exchange Commission (SEC) on February 22.