Nvidia Corp. is poised to become only the third U.S. company to fetch a closing market value above $2 trillion, as its recent earnings fueled new appreciation for the company’s positioning and opportunity.
The chip stock
NVDA,
was ahead 4.2% to $818 shortly after Friday’s open. Any finish above $800 would give Nvidia a $2 trillion closing market capitalization.
The company first finished with a $1 trillion market value on June 13, 2023. Were it to close in $2 trillion territory Friday, Nvidia would have the quickest ascent between those two milestones, according to Dow Jones Market Data.
Friday is the 175th trading day since Nvidia reached the $1 trillion mark. For context, it took Apple Inc.
AAPL,
516 trading days and Microsoft Corp.
MSFT,
543 trading days to hit $2 trillion from $1 trillion, Dow Jones Market Data said.
See also: After Nvidia’s latest blowout, here are 20 AI stocks expected to rise as much as 44%
Nvidia shares are up 245% over the past year as the company has seen frenzied interest in its graphics processing units, which have proven essential to companies building out artificial-intelligence applications.
The company’s latest earnings report suggested that robust demand was poised to continue and powered Nvidia to a $277 billion gain in market cap during Thursday’s session. That was the biggest one-day valuation haul for any U.S. company ever.
The stock is currently enjoying its best two-day stretch in about nine months, up 21.3% over the current span. It gained 27.5% during the two-day period that ended May 26, 2023.
This post was originally published on Market Watch
