Nvidia shares hit a record on Monday, closing at $138.07, as Wall Street anticipates earnings updates from Microsoft, Meta, Google and Amazon on their spending on AI infrastructure.
The stock’s rise has been surprising: it’s up nearly 180% this year, after a rapid rise last year; It is also a reflection of Nvidia’s recognized strength in the AI chip market, of which between 70% and 95% is controlled by the company, according to estimates by Mizuho Securities. In fact, with a market capitalization of $3.4 trillion, Nvidia is now the second most valuable American company, behind only Apple.
At the center of it all is Nvidia CEO Jensen Huang, who is now worth an estimate $121.5 billionaccording to Forbes. The journey also seems to continue. In addition to continued demand for its current chips, Huang said earlier this month that Nvidia is looking at “crazy“Demand for its next-generation Blackwell chips, which are scheduled to launch in the fourth quarter. According to Morgan Stanley, which recently hosted meetings with Huang and other Nvidia executives, the chips are already exhausted over the next 12 months.