Nvidia’s stock surged to a new record on Thursday as investors reignited interest in artificial intelligence, marking a significant gain after a brief summer slowdown. The stock climbed more than 3% intraday, reaching a high of $140.89, surpassing the previous peak of $140.76 from June 20. By the close, shares settled at $136.93, up about 1% for the day.
This stock movement came in the wake of strong third-quarter earnings from Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chip producer, which reported a 54% profit increase. TSMC, a key supplier for tech giants such as Nvidia, Apple, AMD, and ARM, exceeded earnings expectations, bolstering market confidence in the chip sector.
Earlier in the week, Nvidia shares hit a closing high of $138.07, surpassing its June 18 record of $135.58. The company’s stock has surged 180% year-to-date and has grown over ninefold since early 2023. Major technology firms, including Microsoft, Meta, Google, and Amazon, are purchasing Nvidia’s GPUs in large quantities to power their advanced AI infrastructure. These companies are expected to report their quarterly results by the end of October.
Adding to the momentum, Nvidia recently commented on the overwhelming demand for its new AI GPU, Blackwell, predicting billions in revenue from the product in the upcoming fourth quarter.
Featured Image courtesy of The Japan Times
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