Nvidia stock price rallied to record high yesterday, with valuation topping US$3 trillion while overtaking Apple to become the world’s second most valuable company. Recent surge in Nvidia’s stock price stemmed from the company’s bullish quarterly report and revenue forecast.
For its first quarter, the company recorded a 262% jump in revenue year-on-year, coming in at US$26 billion. In addition, Nvidia’s recent foray into generative AI training has yielded a solid 427% rise in revenue with US$22.6 billion, accounting for 86% of their total revenue. The company commented that their data centre growth is expected to grow exponentially as the demand rises in the future.
(Nvidia Stock Price, Daily Chart, TradingView)
At the same time, Nvidia also announced a 10-for-1 stock split. The stock split, which is expected to be exercised by end of this week will reduce its stock price from over $1,000 to around $100 mark. While stock split does not affect the company, it will open the door for broader range of investors.
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