Nvidia · CNBC Technology
Nvidia stock closes at record, pushing market cap past $5T
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Nvidia shares closed at a record on Friday for the first time since October, pushing the company's market cap past $5 trillion, as investors piled into the AI chip trade ahead of earnings next week from tech's hyperscalers.
Key facts
- Advanced Micro Devices, which competes with Nvidia and Intel, jumped 14%, while mobile device chipmaker Qualcomm climbed 11%
- The Nasdaq is now up 15% in April, headed for its best month since April 2020
- Nvidia is up more than 14-fold since the end of 2022, driven by soaring demand for artificial intelligence services and models
- Nvidia shares closed at a record on Friday for the first time since October, pushing the company's market cap past $5 trillion, as investors piled into the AI chip trade ahead of earnings next week
Summary
The stock rose 4.3% to close at $208.27. Friday's rally was sparked by better-than-expected earnings late Thursday from chipmaker Intel, which has largely been left out of the AI market until recently. Advanced Micro Devices, which competes with Nvidia and Intel, jumped 14%, while mobile device chipmaker Qualcomm climbed 11%. Investors had been pulling back on large-cap technology stocks as oil prices were skyrocketing due to the Iran war and supply chain disruptions that followed.