(Bloomberg) -- Nvidia Corp.’s surge to an all-time high is the biggest single-session increase in market value in history, besting Meta Platforms Inc.’s historic gain just three weeks ago.
Shares of the chipmaker jumped 16% Thursday, adding about $277 billion in market capitalization and bringing its total market value near $2 trillion. The addition eclipsed the $197 billion gain made by Facebook-parent Meta at the start of the month.
“The company is printing money at this point,” Stacy Rasgon an analyst at Sanford C. Bernstein said. “And the prospect for continued growth from here still seems solid.”
Nvidia shares surged after it reported blowout results that cemented Wall Street bets on the potential for its artificial intelligence technologies. The chipmaker also gave guidance above expectations, driven by AI spending at its biggest customers, including Microsoft Corp. and Meta. A series of estimate-beating results means the shares have been getting cheaper on a price-to-earnings basis.
Read: What Bubble? Nvidia Profits Are Rising Even More Than Its Stock
Nvidia surpassed high expectations, according to Morgan Stanley analyst Joseph Moore. “We had never seen $2 billion+ of upside to quarterly revenue guidance until Nvidia did it a few quarters ago, but it has become routine during the AI surge,” he wrote. “Strength of AI demand continues to be remarkable.”
--With assistance from Siddhartha Mahanta and Carmen Reinicke.
(Updates chart, stock move at market close.)
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