Nvidia Records Tenth Consecutive Week of Record Gains Supported by Artificial Intelligence
For the tenth consecutive week, the increasing demand for artificial intelligence technologies has led Nvidia’s stock to rise,
marking the longest streak of weekly gains in the company’s history.
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The stock price of the renowned chip manufacturer increased by 0.4% in the past week, continuing to set records for 2024.
In contrast, the Philadelphia semiconductor stock index lost 4% of its value this week, facing its largest decline since January.
In a surge that lasted ten weeks, Nvidia’s stock price jumped by approximately 80%,
confirming the continued high confidence from investors due to the significant increase in demand for chips supporting artificial intelligence applications.
It’s noted that Nvidia has topped the list of the most profitable companies in the “Nasdaq 100” index this year,
maintaining its momentum that began in the previous year, 2023. Thanks to this increase in stock price,
Nvidia’s market value reached about $2.2 trillion,
making it the third-largest company in terms of market value, behind Apple and Microsoft.
The next major test for Nvidia’s stock is anticipated on Monday next week,
where the company’s CEO, Jensen Huang,
will deliver a speech at the company’s annual GTC (GPU Technology Conference).
Nvidia Records Tenth Consecutive Week of Record Gains