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NVIDIA Corp (NASDAQ:NVDA) stock has been a runaway freight train since the start of the year, outpacing a large majority of the market. The Jensen Huang-led company now has everyone else in its rearview mirror, as the chipmaker has claimed the title of most valuable public company in the world.
What To Know: Nvidia has pretty clearly been the biggest beneficiary of the AI boom as its chips have seen remarkable demand as tech players race to train and build their own AI models. The stock is hitting all-time highs on Tuesday and is up more than 170% since the start of the year.
Nvidia’s market cap climbed to $3.33 trillion on Tuesday, surpassing tech giant Microsoft Corp (NASDAQ:MSFT), making it the most valuable public company in the world, according to CNBC.
Nvidia overtook Apple Inc (NASDAQ:AAPL) in market cap earlier this month when the stock crossed the $3 trillion market cap level for the first time, buoyed by another strong earnings report in late May and a 10-for-1 stock split in early June.
Nvidia revenues climbed to record levels last quarter, driven by strong growth in data centers, which made up about 86% of the company’s total sales. Nvidia reportedly has about 80% market share for AI chips used in data centers.
Despite Nvidia’s unprecedented market cap surge to date, analysts remain bullish on the road ahead. Wells Fargo maintained Nvidia with an Overweight rating on Tuesday and raised the price target from $125 to $155. Rosenblatt maintained a Buy rating and lifted its price target from $140 to a new Street-high of $200.
Microsoft and Apple have also been beneficiaries of the AI boom, but the impact on the companies’ stock prices pales in comparison to Nvidia. Microsoft shares were up about 19% year-to-date at last check, while Apple shares were up about 11%, according to Benzinga Pro.
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NVDA Price Action: Nvidia shares were up 3.7% at $135.82 at the time of publication, per Benzinga Pro data.
Photo: Shutterstock.
