Nvidia shares rose more than 4% on Wednesday and closed at a record for the first time since January, as investors gain confidence that the company’s leadership in artificial intelligence won’t be dampened by Chinese export controls.
The stock finished at $154.31, exceeding its prior closing high of $149.43 on Jan. 6.
Nvidia is now worth $3.77 trillion, making it the largest company in the world by market cap, slightly beating out Microsoft, one of its main customers. Apple is third at about $3 trillion.
While Nvidia remains the clear leader in graphics processing units, or GPUs, that are being used to build large language models and run AI workloads, the strength of this year’s rally is surprising given that the company has said it is locked out of the world’s second-biggest economy.
In race to attract data centers, states can forfeit hundreds of millions of dollars in tax revenue to tech companiesOpenAI new recruiting head says company faces ‘unprecedented pressure to grow’Creators say they didn’t know Google uses YouTube to train AISam Altman says Meta offered OpenAI staff $100 million bonuses, as Mark Zuckerberg ramps up AI poaching effortsIn April, the Trump administration issued new rules that cut off sales of the company’s H20 AI processor that had been developed to meet prior restrictions. Nvidia said last month that the change instituted by the U.S. government would cost the company $8 billion in sales, and that it had to write off $4.5 billion in inventory. Now, Nvidia isn’t counting on any sales from China.
“The $50 billion China market is effectively closed to U.S. industry,” Nvidia CEO Jensen Huang said last month.
There’s another forthcoming rule that will expand export restrictions on AI chips, Trump administration officials previously said.
Still, in its earnings report in May, Nvidia reported a 69% increase in year-over-year revenue, powered by a 73% surge in its data center business. For the full fiscal year, analysts are expecting 53% revenue growth to almost $200 billion, according to LSEG.
Nvidia held its annual shareholder meeting on Wednesday. Huang said at the event that, other than AI, robotics is its biggest growth opportunity.
Berkshire shares drop double digits as ‘Buffett premium’ disappears, and some expect more sellingGoldman says ‘TINA trade’ is alive and well, fueled by 401(k) buyingBest stocks: Defense, including these 2 names, may be in secular bull market as global conflicts mountGoldman Sachs says buy these five stocks that are set to rallyWATCH: You can’t mess with the three horsemen — Nvidia, Broadcom and TSMC
Read More Details
Finally We wish PressBee provided you with enough information of ( Bears training camp tickets set to be released next month, team says )
Also on site :
- Country Star’s Surprise Photo Has Fans All Saying the Same Thing
- New Trump directive to dismiss asylum claims for undocumented migrants
- Israeli attacks kill at least 51 as Trump signals progress in Gaza talks