MSFT<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nNvidia’s market capitalization currently hovers around $2.38 trillion, lagging Apple by just about $230 billion and Microsoft by about $645 billion.<\/p>\n
The relentless rise in shares of Nvidia, which controls 80% of the high-end AI chip market, has been instrumental in pushing Wall Street to record levels this year, while giving the company a more than 5% weightage on the benchmark S&P 500 index.<\/p>\n
Nvidia, which is up 95%, and Meta Platforms, which is up 46.6% so far this year, have also outperformed shares of other members of the so-called Magnificient 7, highlighting investors’ insatiable appetite for everything AI.<\/p>\n
“Nvidia’s rally reflects the incredibly strong fundamentals underlying its current business model,” said Richard Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.<\/p>\n
“It is also finding strong speculative support as a favorite among long option buyers who have seen almost a straight upward climb throughout 2024.”<\/p>\n
Meanwhile, Apple, which is grappling with slowing iPhone sales, ceded its position as the most valuable U.S. company to Microsoft for the first time since 2021 in January.<\/p>\n
In recent weeks, Nvidia also replaced Tesla as Wall Street’s most traded stock by value.<\/p>\n
The stock’s 12-month forward price-to-earnings ratio of 36.6 is lower than where it was a year ago despite the stock’s strong run as analysts raised its profit estimates.<\/p>\n
By comparison, Intel’s PE multiple is 30.24 and that of Philadelphia SE Semiconductor Index is 39.6, LSEG data showed.<\/p>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"
Nvidia is nipping at the heels of Apple to become the world’s second-most-valuable company, as investors cannot get enough of the semiconductor maker whose chips power popular artificial intelligence tools such as ChatGPT.<\/p>\n","protected":false},"author":1,"featured_media":2490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"audio","meta":{"footnotes":""},"categories":[4],"tags":[9,14],"class_list":["post-1255","post","type-post","status-publish","format-audio","has-post-thumbnail","hentry","category-post-format","tag-metal","tag-polymer","post_format-post-format-audio"],"_links":{"self":[{"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/1255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1255"}],"version-history":[{"count":2,"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/1255\/revisions"}],"predecessor-version":[{"id":4015,"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/1255\/revisions\/4015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=\/wp\/v2\/media\/2490"}],"wp:attachment":[{"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.goldenpere.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}