Helena Lyng Blak
2 weeks ago

NVIDIA Stock Soars After Supernova Quarter

NVIDIA’s climb eclipses its tech peers.
Nvidia logo and sign on headquarters. Blurred foreground with green trees - Santa Clara, California, USA - 2020 — Photo by MichaelVi
Nvidia logo and sign on headquarters. Blurred foreground with green trees - Santa Clara, California, USA - 2020 — Photo by MichaelVi

On Wednesday, May 22, 2024, NVIDIA reported revenue for the first ending ending with April of $26 billion. 

This puts NVIDIA up 18% from the previous quarter and a dazzling 262% up from one year ago. 

“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” said founder and CEO Jensen Huang in a statement, further promising investors that, 

“We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillion-parameter-scale generative AI. Spectrum-X opens a brand-new market for us to bring large-scale AI to Ethernet-only data centers. And NVIDIA NIM is our new software offering that delivers enterprise-grade, optimized generative AI to run on CUDA everywhere — from the cloud to on-prem data centers and RTX AI PCs — through our expansive network of ecosystem partners.”

Additionally, NVIDIA announced a ten-for-one forward stock split of its issued common stock to make stock ownership more accessible to anyone interested in investing, especially the company’s employees. 

The market responded incredibly well to NVIDIA’s announcement. Its stock leaped from $933.95 in the early afternoon to over $1,000 around closing. 

NVIDIA’s steady incline continued into Friday, which saw the stock briefly dip before steadily climbing through the early hours of trading. Overall, NVIDIA’s shares are up just shy of 12% for the week and over 30% for the month. 

NVIDIA stock has rallied 117.91% year-to-date, bringing it to record highs and, according to Barron’s making it worth more than Amazon.com and Tesla combined.

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