Nvidia stock rises to another record high as the AI trade continues to dominate markets.
(Bloomberg) -- Its business is massive, its profits are booming and everyone already knows Nvidia Corp. is the hottest stock on Wall Street.Most Read from BloombergBlackRock, Citadel Back Texas Stock Exchange in Challenge to NYSEModi Vows to Retain Power Even as Party Loses India MajoritySEC Hedge Fund Fee Disclosure Rule Struck Down by US CourtModi’s Magic Is Fading Fast. Who’s Next for India?‘Mag Seven’ Drive US Stocks Toward All-Time Highs: Markets WrapAnd yet many investors are betting the r
The latest rally in Nvidia comes as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors. Nvidia's stock has surged 145% so far in 2024, with demand for its top-of-the-line processors far outstripping supply as Microsoft, Meta Platforms and Google-owner Alphabet race to build out their AI computing capabilities and dominate the emerging technology. The Silicon Valley chipmaker's stock was last up 4.2% at $1,212.89, giving Nvidia a stock market value of $2.98 trillion.