Nvidia Corp, the chip designer, witnessed a significant surge in its shares, rising approximately 28% after its stellar outlook revealed the untapped potential of artificial intelligence (AI) in the company’s future. The stock rally, which has already doubled Nvidia’s value in 2023, prompted analysts to reassess their price targets and led to a broader rally in the chip sector and AI-focused firms.
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The market value of Nvidia was set to increase by approximately $210 billion, reaching nearly $970 billion. If achieved, this would mark the largest one-day value gain for a US company, surpassing the record currently held by Apple Inc, which experienced a valuation rise of $190.90 billion on November 10.
Nvidia’s positive earnings report also had a ripple effect across global stock markets, boosting shares of chip companies and AI-focused firms. Alphabet Inc, Microsoft Corp and AMD saw their stocks rise between 2% and 9% as a result.