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Nvidia Tops Meta Record With Over $230 Billion Jump in Value

Nvidia Tops Meta Record With Over $230 Billion Jump in Value
Nvidia headquarters in Santa Clara, California. Photographer: Michaela Vatcheva/Bloomberg

Nvidia Corp. is on track to best Meta Platforms Inc.’s historic stock-market session, just three weeks after the Facebook owner set the record.

Shares in the chipmaker surged 14%, putting it on course to add more than $230 billion to its market capitalization. That would be the biggest single-session increase in market value in history, eclipsing a $197 billion gain made by Meta at the start of the month.

Listen to the Big Take podcast on iHeart, Apple Podcasts, Spotify and the Bloomberg Terminal. Read the transcript.

Top 10 Biggest Single-Day Market Cap Gains | Nvidia's post-earnings rally propels stock to top of the leaderboard

“The company is printing money at this point,” Stacy Rasgon an analyst at Sanford C. Bernstein said. “And the prospect for continued growth from here still seems solid.”

Nvidia shares surged after it reported blowout results that cemented Wall Street bets on the potential for its artificial intelligence technologies. The chipmaker also gave guidance above expectations, driven by AI spending at its biggest customers, including Microsoft Corp. and Meta. A series of estimate-beating results means the shares have been getting cheaper on a price-to-earnings basis.

Read: What Bubble? Nvidia Profits Are Rising Even More Than Its Stock

Nvidia surpassed high expectations, according to Morgan Stanley analyst Joseph Moore. “We had never seen $2 billion+ of upside to quarterly revenue guidance until Nvidia did it a few quarters ago, but it has become routine during the AI surge,” he wrote. “Strength of AI demand continues to be remarkable.”

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