A man wearing a face mask walks past the Nvidia sign in Taipei, Taiwan.
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Nvidia Nvidia was on track to hit a $1 trillion market cap on Tuesday after premarket trading pushed shares to $409 and signaled Nvidia’s imminent entry into a small club of mostly tech companies.
Nvidia stock must stay above $404.86 to maintain this distinction.
Shares of the chipmaker surged last week after top- and bottom-line figures for quarterly earnings beat consensus estimates by a wide margin. Nvidia’s earnings boosted other chipmakers, but Intel was a notable exception, and partly because estimates were more optimistic than expected.
Notably, Nvidia forecasts $11 billion in sales in the second quarter of 2024 alone.
It’s been a bumper year for chipmakers, parts of the tech sector and Nasdaq, in part because of the artificial intelligence boom and the prospect of a slowdown in Federal Reserve rate hikes. In addition to Nvidia, letter, Yuan and Microsoft Trading was also encouraged last week.
Trillion Dollar Market Cap Club
| the symbol | Name | Market value | YTD% | 2023 East. Revenue (billions) |
|---|---|---|---|---|
| NASA | Apple Inc. | $2.759 trillion | 35.0 | 384,748.7 |
| Microsoft Corporation | Microsoft Corporation | $2.475 trillion | 38.8 | 211,434.1 |
| Alphabet Inc. Class A | $1.587 trillion | 41.2 | 299,810.2 | |
| amazon | Amazon | $1.232 trillion | 43.0 | 559,661.3 |
| Nvidia | Nvidia | $1 trillion (*before IPO) | 166.5 | 30,426.5 |
source: fact set
Nvidia’s projected market cap would place it alongside several other $1 trillion companies, including Apple, Alphabet, Amazon and Microsoft.
–CNBC’s John Melloy and Gina Francolla contributed to this report.