Nvidia Climbs Back Toward $1 Trillion Market Valuation. The AI Boom Isn't Over. -- Barrons.com

Dow Jones2023-06-02

By Callum Keown

Nvidia climbed back toward a $1 trillion market value early Friday as the stock regained ground and investors continued to buy into the AI growth story.

The shares climbed more than 5% Thursday, taking the chip maker's market cap to $982.3 billion after it fell to a $934 billion valuation Wednesday. In premarket trading Friday the stock was 1.6% higher at $404.20, just short of the $404.86 level needed for the company to reclaim a $1 trillion valuation.

The company's subsequent fall after its brief entry into the exclusive club coincided with several other AI-exposed stocks declining, including C3.ai.

That raised the possibility the AI frenzy may be calming, however Nvidia's (ticker: NVDA) path back toward the milestone -- reached only by Apple $(AAPL)$, Amazon $(AMZN)$, Alphabet $(GOOGL)$, Microsoft $(MSFT)$, Tesla $(TSLA)$, and Meta Platforms $(META)$ -- suggests that may not be the case.

Those six heavyweights have all closed above $1 trillion market value, Nvidia has not. A 1.8% rise in Friday's trading will change that.

Write to Callum Keown at callum.keown@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 02, 2023 06:51 ET (10:51 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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