Written by 12:12 am Science & Technology Views: [tptn_views]

Nvidia briefly surpasses $2 trillion in market cap during intraday trading

Nvidia CEO Jensen Huang speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center in New York City on Nov. 29, 2023.

Slaven Vlasic | Getty Images

Nvidia briefly surpassed $2 trillion in market cap during intraday trading Friday following the corporate’s rosy earnings report Wednesday — nevertheless it was short-lived.

After rising earlier within the day, shares of Nvidia closed up lower than 1% Friday at $788.17 per share. Nvidia stock closed up 16% Thursday.

Nvidia posted $22.10 billion in revenue for its fiscal fourth quarter, a 265% increase from a 12 months ago and above the $20.62 billion expected by analysts polled by LSEG, formerly generally known as Refinitiv. Nvidia reported $12.29 billion in net income through the quarter, up a staggering 769% from $1.41 billion last 12 months.

The company has benefited from the tech sector’s insatiable demand for artificial intelligence capabilities over the past 12 months. Nvidia makes the pricey graphics processors for the servers that power large AI models.

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Nvidia said it expects $24.0 billion in sales in the present quarter, surpassing the $22.17 billion expected by analysts.

“Fundamentally, the conditions are excellent for continued growth,” Nvidia CEO Jensen Huang said through the company’s quarterly call with investors Wednesday.

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