Nvidia market cap tops $1T
Nvidia joins Apple, Amazon, Google and Microsoft in $1 trillion-plus club
Nvidia is the number one hardware play in artificial intelligence: Cathie Wood
Ark Invest CEO and CIO Cathie Wood provides insight on the stock's developments on 'Kudlow.'
Nvidia market value topped $1 trillion on Tuesday, making the chipmaker the first in its industry to hit the milestone.
Shares closed at $401.11, a new all-time high, clocking a three session consecutive gain of over 31%, the best three days since November 2002.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 830.03 | -33.99 | -3.93% |
"Nvidia has done a lot of heavy lifting over the years," Ark Invest CEO Cathie Wood told FOX Business last week, "and it is the No. 1 hardware play in AI."
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While there are no "pure play" A.I. stocks, she added that with most publicly traded companies heavily involved in A.I. having other business offerings, Nvidia is now considered the dominant leader in the field.
The company's AI push has helped fuel the boom this year and sent the stock up more than166%.
Nvidia >
Nvidia is deeply involved in AI in a number of areas, as it produces semiconductors, high-end graphics processing units (GPUs) and application programming interfaces (APIs) used in supercomputers and machine learning applications. Both GPUs and APIs are used in the process of training machine-learning models, and require sophisticated semiconductors, or computer chips, to generate the computing power needed to carry out the task of processing vast quantities of data.
"Generative AI drove significant upside in demand for our products, creating opportunities and broad-based global growth across all markets" said Colette Kress, Nvidia chief financial officer and executive vice president on the company's latest earnings call.
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She also added that several prominent tech companies with cloud data storage offerings – including Google Cloud, Oracle Cloud and Microsoft Azure – are seeing "strong demand" from "generative AI pioneers" and deploying Nvidia’s tools to satisfy it.
"Enterprise demand for AI and accelerated computing is strong. We are seeing momentum in verticals such as automotive, financial services and telecom where AI and accelerated computing are quickly becoming integral to customers’ innovation roadmaps and competitive positioning," Kress said.
Nvidia joins other companies that are valued at over a trillion dollars including Apple, Google parent Alphabet, Amazon and Microsoft.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 169.30 | -1.03 | -0.60% |
| GOOGL | ALPHABET INC. | 163.79 | +1.01 | +0.62% |
| AMZN | AMAZON.COM INC. | 178.86 | +3.86 | +2.21% |
| MSFT | MICROSOFT CORP. | 395.12 | +5.79 | +1.49% |
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FOX Business' Eric Revell contributed to this report.