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The
company's market cap has swelled by $740.2 billion this year,
the largest increase worldwide.
It makes Nvidia the third-largest company in the United States,
outranking tech-giants Amazon.com Inc and Alphabet Inc and
behind only Microsoft Corp and Apple Inc.
Globally, it is the fourth-largest, positioned behind Saudi
Aramco.
As of Thursday, the company's market cap stood at $1.96
trillion, compared with $1.52 trillion at the end of January.
Nvidia shares' 58.5% jump in 2024 has been pivotal in the S&P
500's performance, contributing to more than a quarter of the
index's rise this year. Analysts are monitoring whether the
chipmaker will drive further gains.
The S&P 500 index achieved a record high on Thursday, reflecting
a 6.65% increase this year, following a 24% surge in 2023,
primarily driven by a robust rally in the technology sector.
"Leading cloud computing companies plan to boost their capital
expenditures to satisfy demand for artificial intelligence
training and inference, and it appears that virtually all this
spending will fall into Nvidia’s pockets," said Brian Colello, a
strategist at Morningstar.
"We anticipate revenue will rise by a couple of billion each
quarter throughout fiscal 2025 for Nvidia as more chip supply
comes online."
(Reporting By Patturaja Murugaboopathy and Gaurav Dogra in
Bengaluru; editing by Barbara Lewis)
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