Nvidia is on track to hit a $1 trillion market cap at the market open Tuesday, buoyed by an AI frenzy and a massive earnings beat.
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is on track to hit a $1 trillion market cap Tuesday, after pre-market trading propelled shares to $409 and signaled Nvidia's imminent entrance into a small club of mostly technology companies.The chipmaker's shares rocketed last week, after postingwith top- and bottom-line numbers that significantly beat consensus estimates. Nvidia's gain buoyed other chipmakers, with the notable exception of Intel, and was also fueled in part by estimates that were more optimistic than expected.
Significantly, Nvidia forecasted $11 billion in sales for the second quarter of 2024 alone. Expected sales were 50% higher than consensus estimates of $7.15 billion.
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