- Nvidia's shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker's stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street's biggest players.
Nvidia's shares have surged nearly 13% since it forecast second-quarter revenue above Wall Street expectations last week and announced a stock split, which excited investors as they continue to bet on the AI poster child. Nvidia recently traded at 36 times its forward profit estimates, compared with 38 for Advanced Micro Devices and 21 for Intel, according to LSEG data.Nvidia, which has been one of the biggest beneficiaries of the AI boom, reported a five-fold jump in revenue at its data center segment last week as customers line up for their high-performance chips.
"Business is doing incredibly well, there are so many opportunities to keep growing, and the AI theme still has legs. When the song is that catchy, investors want to keep humming it all day long, said Dan Coatsworth, investment analyst at AJ Bell when asked about the stock's rally.
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