Michelle ThompsonThe company’s market worth is approximately $1.92 trillion, barely shy of the $2 trillion milestone.
Nvidia’s stock price rose more than 15% on Thursday, a day after the company reported record quarterly and full-year sales due to rising demand for artificial intelligence (AI).
Nvidia’s stock price rose to $777.71 at 11:08 a.m. EDT, a 15.26% increase from Wednesday’s close of $674.72.
The company’s market capitalization was just shy of $2 trillion, at approximately $1.92 trillion.
On February 14, Nvidia overcame Alphabet to become the third most valuable publicly traded business in the United States, just one day after topping Amazon.
The sharp surge in stock price occurred after the company announced late Wednesday a record revenue of $22.1 billion in the fourth quarter that ended Jan. 28, up 265% from $6.05 billion in the same time the previous year.
Total revenue for the fiscal year 2024 reached a record $60.9 billion, up 126% from nearly $27 billion in fiscal year 2023.
The California-based corporation reported record quarterly data center sales of $18.4 billion, up 409% from the same period the previous year.
Full-year Data Center revenue increased 217% during the same period to a record $47.5 billion, according to the statement.
Meanwhile, net income increased by 769% to about $12.3 billion in the fourth quarter that ended in January, up from around $1.4 billion in the same period the previous year.
While more than 40,000 businesses utilize Nvidia’s graphics processing units (GPUs) for AI, its products are also used by data scientists, application developers, and software engineers who work with generative AI.
