NVIDIA on track to beat Meta Platforms record with market cap increase
Investing.com | Author Sam Boughedda
Published Feb 22, 2024 09:49AM ET
NVIDIA on track to beat Meta Platforms record with market cap increase
NVIDIA (NVDA) is on track to beat Meta Platforms' (NASDAQ:META) record stock market session on Thursday after its latest earnings release propelled its share price higher.
The company, which is benefitting significantly from the strong artificial intelligence demand, saw its shares surge more than 12% just after the open on Thursday, adding more than $200 billion to its market cap.
If the gains hold, it would represent the largest single-session gain in market value in history, above the $197 billion rise made by Meta at the start of the month.
Nvidia (NASDAQ:NVDA)'s current market cap sits at over $1.8 trillion.
After the close on Wednesday, the company reported Q4 earnings of $5.16 per share, $0.55 better than the analyst estimate of $4.61. Revenue for the quarter came in at $22.1 billion versus the consensus estimate of $20.55 billion. It also guided to Q1 revenue of $24 billion, versus the consensus of $22 billion.
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