Nvidia Corp surged 24 per cent on Thursday (May 25) in one of the largest one-day gains in value for a US stock, after its stellar revenue forecast showed that Wall Street has yet to price in the game-changing potential of AI. The surge more than doubled the stock’s value for this year and increased the chip designer’s market capitalisation by about US$184 billion (S$248 billion) to nearly US$939 billion. That makes Nvidia twice as big as the second-largest chip firm, Taiwan’s TSMC. In the United States, it trails only trillion-dollar-value companies Apple Inc, Alphabet Inc, Microsoft Corp and Amazon.com Inc. The rosy earnings also sparked a rally in the chip sector and for AI-focused firms, lifting stock markets from Japan to Europe. In the US, Big Tech companies other than Amazon closed between 0.6 per cent and 3.8 per cent higher, while Advanced Micro Devices Inc settled 11 per cent higher. Analysts rushed to raise their price targets on Nvidia stock, with 27 lifting their view on the idea that all roads in AI lead to the company as it dominates the market for chips used to power ChatGPT and many similar services. The mean price target has more than doubled this… Read full this story
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