Nvidia’s market value rises $90 billion to a new record in premarket trading after the company reports a stellar earnings report

• Nvidia increased its market value by $90 billion in pre-market trading on Thursday after the company once again reported excellent earnings figures.

• The company’s shares rose nearly 8% to $508.41 apiece, pushing its market capitalization to a new record of $1.25 trillion.

• Nvidia’s revenue rose 101% year-over-year to $13.5 billion in the second quarter.

Nvidia’s market value rose a whopping $90 billion in premarket trading on Thursday after the leading chipmaker announced another series of stellar earnings results.

Shares of the Santa Clara-based company rose about 8% to $508.41 in early trading as investors cheered the impressive results, which boosted the company’s market capitalization by about $90 billion to a new record of $1.256 trillion, Insider calculations show.

On Wednesday, the company announced excellent second-quarter results, with revenue for the period totaling $13.51 billion, up 88 percent from the previous quarter and 101 percent from a year ago.

Nvidia is the year’s best-performing name in the S&P 500 index of US stocks, with a stunning 222% year-to-date rise fueled by the artificial intelligence hype fueled by ChatGPT. The semiconductor company is seen as well-positioned to capitalize on growing demand for high-end computing infrastructure required for AI operations.

Traders have been piling into the chipmaker’s stock this year, along with other Big Tech names like Apple, Meta and Alphabet, thanks to the AI ​​hype that has helped lift the overall stock market this year. The surge pushed Nvidia’s market cap above $1 trillion for the first time in May, allowing the company to join an elite club of highly valued companies like Apple, Microsoft and Amazon.

“The godfather of AI, Jensen, and Nvidia just delivered a robust lead that will be heard around the world. AI demand is limitless,” Wedbush analyst Dan Ives said in a Post on X.

Other market experts also commented on Nvidia’s strong results. “NVDA has once again exceeded expectations,” said Jim Bianco, a 40-year market veteran, in another Post on X“NVDA’s performance pushes the overall S&P up about 0.50% (or about 25 points),” he added.

The rise in Nvidia’s share price has also led to a significant increase in the CEO’s wealth. Jensen Huang’s personal wealth grew to as much as $42 billion after the company’s results were released, according to the Bloomberg Billionaires Index.

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