Shares of chipmaker Nvidia soared to an all-time high on strong fourth-quarter and full-year 2023 financial results. The company updated the world record for daily value growth, increasing its price by $277 billion .
As Bloomberg reports, the American developer of graphics processors eclipsed the record of Meta*, whose price increased by $197 billion in early February 2024. The company’s market value is currently $1.97 trillion.
Nvidia shares rose 16% on Thursday. At the close of trading on Friday, the company’s shares were valued at $788. As of Wednesday, its price was below $675.
“Right now the company is printing money. And the prospects for further growth still look strong,” Stacy Rasgon, an analyst at Sanford C. Bernstein, told Bloomberg.
On Wednesday, Nvidia reported that its quarterly net profit for the fourth quarter of 2023 increased eightfold, reaching $12.3 billion, and the chipmaker’s revenue rose 265% to a record $22.1. The company’s success is associated with the demand for processors for artificial intelligence.
*Meta is recognized as an extremist organization whose activities are prohibited in the Russian Federation.
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Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
