After ending 2023 as the best S&P 500 performer with a whopping 236% gain, Nvidia continues breaking records and fuelling the AI stock market rally, say analysts AltIndex.com, adding that after reporting better than expected Q4 2024 results the US chipmaker added more than $400-billion to its stock value in just a month.
Ever since revealing how much it expects to profit from the rise of artificial intelligence (AI) last year, Nvidia has been at the frontline of the AI-fuelled stock market rally that has pushed the S&P 500 to historic highs. Each of the chipmaker’s earnings releases has been considered a crucial moment for market momentum and Q4 2024 results, published at the end of February, were no exception.
Nvidia’s fourth-quarter results not only met its bullish outlook from three months ago but outperformed it, promising more of the same in the ongoing quarter. In the three months ending January 29, 2024, Nvidia grossed $22,1-billion – $2-billion more than expected and 265% more than in the same period a year ago. The triple-digit revenue growth has helped the company add hundreds of billions of dollars to its stock value in just a month.
On February 2, the market cap of the US chipmaker amounted to $1,63-trillion. Since then, this figure has increased by over $400-billion, reaching $2,05-trillion last week. The YoY figures are even more impressive. Statistics show the company’s stock value has skyrocketed by almost $1,5-trillion in a year, showing much bigger growth than any company in the GAFAM group.
Nvidia’s stock value growth is quite impressive when compared to other industry giants. Statistics show that the US chipmaker saw approximately 80% bigger stock value growth than most companies in the GAFAM group.
Microsoft was the closest to Nivida when talking about market cap growth, adding almost $1-trillion to its stock value YoY. At the time of writing, Microsoft’s stock value amounted to $2,89-trillion, up from $1,9-trillion a year ago.
Since last February, Amazon, Alphabet and Meta Platforms added roughly $800-billion to their stock values and their market caps reached $1,82-trillion, $1,75-trillion and $1,28-trillion last week. Apple was the smallest gainer in this group adding $380-billion to its stock value.
The latest stock value growth has made Nvidia the third-largest tech company in the world by market cap ahead of Amazon, Alphabet and Meta Platforms and right behind the industry’s giants, Microsoft and Apple.