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Nvidia’s market value surpasses $2 trillion after record-breaking earnings report

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Nvidia achieved a significant milestone as its market value surpassed $2 trillion, following impressive earnings that fueled enthusiasm around artificial intelligence.

However, the chipmaker’s stock later saw a slight decline, causing its market cap to dip below the $2 trillion mark by the close of the market.

The company experienced an unprecedented increase in market cap a week earlier, adding $273 billion, the largest single-day jump ever recorded for a company.

This surge followed Nvidia’s report of a remarkable 769% annual increase in fourth-quarter profit and a 580% jump in full-year profits compared to the previous year, exceeding analysts’ expectations.

Joining an elite group that includes Apple and Microsoft, Nvidia is only one of a few companies to achieve a $2 trillion market cap.

Earlier this month, Nvidia surpassed Amazon and Alphabet in market value, becoming the third-largest company on Wall Street, trailing only Microsoft and Apple.

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Nvidia’s rapid growth, culminating in its $1 trillion market cap in 2023, has been fueled by the fervor surrounding artificial intelligence, which has been a driving force behind the recent bull market.

The company’s dominance in producing processors for AI systems, particularly in generative AI technology, has solidified its position as a leading player in the AI space.

As Nvidia continues to thrive as a symbol of AI innovation on Wall Street, its success underscores the importance of its contributions to the advancement of artificial intelligence technology.

Source-CNN

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