vidia shares closed this Monday at their highest this Monday, October 14th. The tech company was almost on the bricks of dethroning Apple, the most valuable company.
The chipmaker company has been backed up by investors who have been betting on the strong demand for AI chips and its next-generation chips from the current market scenery. The company stock had a 2.4% growth at the end of the day, reaching $138.07.
It is also worth mentioning that in June, Nvidia became the world’s most valuable company for a short period of time. However, it was overtaken by Microsoft, and ever since then, the three tech giants (Apple, Nvidia, and Microsoft) have been competing for the title of the most valuable company in the world.
The most recent gains led Nvidia’s market value to $3.39 trillion, which is just beneath Apple which is valued at $3.52 trillion, and the third place is occupied by Microfot which is valued at $3.12 trillion.
Between more tech giants such as Alphabet, Amazon, or Microsoft, Nvidia has been Wall Street’s winner in the field of innovation and emerging artificial intelligence. The analysts from TD Cowen wrote in a report this Sunday that “We believe the major companies in AI ... face an investment environment characterized by a Prisoner's Dilemma — each is individually incentivized to continue spending, as the costs of not doing so are (potentially) devastating,".
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TD Cowen also talked about Nvidia's target price of $165, also known as the “top picks”, also mentioning the demand for the chipmakers’ last generation of AI chips that is constantly growing.
In August, Nvidia confirmed the delays in the production of their Blackwell chips, which was delayed till the fourth quarter. This led customers to snap already existing chips.
The growth influenced by the quarterly reporting season, led Apple to an almost 2% growth and Microsoft to an almost 0.7%, which made the S&P 500 grow by 0.8% which is close to its own record high.
The S&P 500’s weight is influenced by Apple, Nvidia, and Microsoft which occupy a gift of the index’s day-to-day gains and losses. Even more so, the Taiwan Semiconductor Manufacturing Co that is responsible for the production of Nvidia’s processors is expected to have a 40% growth in the quarterly profit due to the growing demand.
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