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Nvidia's stock added 4% after Dell, which sells high-end servers
made with Nvidia's processors, gave an upbeat forecast late on
Thursday, pointing to a surge in orders for its AI-optimized
servers.
Dell's shares soared as much as 38% to a record high before
ending the session with a 32% gain.
Friday's rally put Nvidia's market capitalization at $2.06
trillion, making it Wall Street's third most valuable company
behind Microsoft and Apple, at $3.09 trillion and $2.77
trillion, respectively.
Super Micro Computer, another company that sells servers made
with Nvidia's chips, jumped 4.5%.
Other chipmakers exposed to AI rallied to record highs, with
Broadcom and Marvell Technology each up about 8%, while Advanced
Micro Devices climbed over 5%.
The PHLX chip index rallied 4.3% to its own record high, lifting
its 2024 gain to 18%.
Nvidia controls about 80% of the high-end AI chip market, with
customers including ChatGPT creator OpenAI, Microsoft, Alphabet
and Meta Platforms snapping up tight supplies of its components
to compete in the fast-emerging generative AI sector.
The company has recently become Wall Street's most traded stock
by value, day to day, replacing Tesla. Investors exchanged $36
billion worth of Nvidia's stock on average over the past 30
sessions, compared to $21 billion a day for Tesla.
Trading in Nvidia on Friday reached $38 billion worth of shares.
On Feb. 23, the Santa Clara, California-based company added $277
billion in stock market value in just one session, a Wall Street
record, after it forecast a roughly threefold surge in quarterly
revenue.
Nvidia's stock has now risen 66% in 2024 after more than
tripling last year. Last month, its stock market value overtook
Amazon and Alphabet.
A week ago, Nvidia's stock market value edged above $2 trillion
for the first time before receding by the end of the session.
Saudi Aramco has a $2.045 trillion market capitalization,
although over 90% of it is closely held by the government of
Saudi Arabia and less than 2% of its shares are available for
trading by investors, according to LSEG data.
(Reporting by Noel Randewich; Editing by Kirsten Donovan and
Will Dunham)
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